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 foreign holdings of TWSE Stocks as of Apr 11th which has an aggregated holding worth USD842.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,406mln. We tabulate the league table 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 Quanta Computer, TSMC, Ctbc Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 11th which has an aggregated holding worth USD842.1bn.
We estimate that foreign flows to be outflows of USD1,406mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Quanta Computer, TSMC, Ctbc Financial.


TWSE Foreign Holding Weekly (Apr 11th): Quanta Computer, TSMC, Ctbc Financial

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.</li>
<li>~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.</li>
<li>There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.</li>
</ul>


PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.
~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.
There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.


PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 4th which has an aggregated holding worth USD 888 bn. </li>
<li>We estimate that foreign flows to be outflows of USD1,173mln. We tabulate the league table 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 (2330 TT), Mediatek (2454 TT).</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 4th which has an aggregated holding worth USD 888 bn. 
We estimate that foreign flows to be outflows of USD1,173mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC (2330 TT), Mediatek (2454 TT).


TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 4th which has an aggregated short of USD 20.5bn. </li>
<li>We tabulate league table for top short by value and short as multiple of ADT.</li>
<li>We highlight short interest changes in Asustek Computer, Alchip Technologies, Yang Ming Marine, Unimicron Technology, King Yuan Electronics, Hiwin Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 4th which has an aggregated short of USD 20.5bn. 
We tabulate league table for top short by value and short as multiple of ADT.
We highlight short interest changes in Asustek Computer, Alchip Technologies, Yang Ming Marine, Unimicron Technology, King Yuan Electronics, Hiwin Technologies.


TWSE Short Interest Weekly (Apr 4th): Asustek Computer, Alchip Technologies, Yang Ming Marine

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table 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 Industry, Quanta Computer, Asustek Computer, Eva Airways.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 28th which has an aggregated holding worth USD902.6bn.
We estimate that foreign flows to be outflows of USD2,403mln. We tabulate the league table 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 Industry, Quanta Computer, Asustek Computer, Eva Airways.


TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

Taiwan

Quanta Computer Inc. manufactures and markets notebook computers and related peripheral equipment.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Quanta Computer (2382 TT)

TWSE Foreign Holding Weekly (Apr 11th): Quanta Computer, TSMC, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, TSMC, Ctbc Financial.

Ke Yan, CFA, FRM

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT).

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 4th): Asustek Computer, Alchip Technologies, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asustek Computer, Alchip Technologies, Yang Ming...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Quanta...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Apr 11th): Quanta Computer, TSMC, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, TSMC, Ctbc Financial.

Ke Yan, CFA, FRM

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

​PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT).

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 4th): Asustek Computer, Alchip Technologies, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asustek Computer, Alchip Technologies, Yang Ming...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Mar 28th): TSMC, Hon Hai Precision, Quanta Computer, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Quanta...

Ke Yan, CFA, FRM

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...