Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 19th. The aggregated short interest was USD27.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer, Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 19th. The aggregated short interest was USD27.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer, Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer.


TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.</li>
<li>KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.</li>
<li>Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.</li>
</ul>


TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.


Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,163.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD428mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,163.6bn.
We estimate that foreign flows to be inflows of USD428mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,166.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD427mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,166.6bn.
We estimate that foreign flows to be inflows of USD427mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>’s tender offer from a JIC alliance is at JPY5,920. Today’s update notes that JIC has satisfied the regulatory precondition. </li>
<li>The tender offer is expected to commence in mid-February. The Board will continue to recommend it because it remains attractive. </li>
<li>Deal fatigue (announced in December 2023) and Ibiden's derating will nudge shareholders to accept. At the last close and for an end-of-March payment, the gross/annualised spread was 0.7%/3.9%.</li>
</ul>



Shinko Electric Industries (6967 JP)’s tender offer from a JIC alliance is at JPY5,920. Today’s update notes that JIC has satisfied the regulatory precondition. 
The tender offer is expected to commence in mid-February. The Board will continue to recommend it because it remains attractive. 
Deal fatigue (announced in December 2023) and Ibiden's derating will nudge shareholders to accept. At the last close and for an end-of-March payment, the gross/annualised spread was 0.7%/3.9%.


Shinko Electric (6967 JP): JIC’s Tender Offer on the Home Stretch

Taiwan

Nan Ya Printed Circuit Board Corporation manufactures and markets printed circuit boards (PCBs) and integrated circuit (IC) substrates.

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Nan Ya Printed Circuit Board (8046 TT)

TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Winbond Electronics (2344 TT),...

Ke Yan, CFA, FRM

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): JIC’s Tender Offer on the Home Stretch

The precondition is satisfied, and the tender offer is from 18 February to 18 March (20 business days). Deal fatigue and the derating of Ibiden...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Winbond Electronics (2344 TT),...

Ke Yan, CFA, FRM

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

​TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

Shinko Electric (6967 JP): JIC’s Tender Offer on the Home Stretch

The precondition is satisfied, and the tender offer is from 18 February to 18 March (20 business days). Deal fatigue and the derating of Ibiden...

Arun George

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...