Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 10th. The aggregated short interest was USD35.6bn.</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 MediaTek, Nanya Technology, CTBC Financial, Winbond Electronics, Elite Material.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 10th. The aggregated short interest was USD35.6bn.
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 MediaTek, Nanya Technology, CTBC Financial, Winbond Electronics, Elite Material.


TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<p><em>Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in</em>…</p>

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 2nd. The aggregated holding was USD1,593.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD6,083mln. 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, Delta Electronics, MediaTek, Hon Hai Precision, Asia Vital Components.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 2nd. The aggregated holding was USD1,593.4bn.
We estimate that foreign flows to be outflows of USD6,083mln. 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, Delta Electronics, MediaTek, Hon Hai Precision, Asia Vital Components.


TWSE Foreign Holding Weekly (Apr 2nd): TSMC, Delta Electronics, MediaTek, Hon Hai Precision

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 3rd. The aggregated short interest was USD32.4bn.</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 CTBC Financial, Compeq Manufacturing, Cathay Financial, WinWay Technology, Nan Ya Plastics.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 3rd. The aggregated short interest was USD32.4bn.
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 CTBC Financial, Compeq Manufacturing, Cathay Financial, WinWay Technology, Nan Ya Plastics.


TWSE Short Interest Weekly (Apr 3rd): CTBC Financial, Compeq Manufacturing, Cathay Financial

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.

Equity Capital Markets

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40954:1" rel="noopener">Huaqin Technology (603296 CH)</a>, the world’s largest consumer electronics original design manufacturer, is pre-marketing an H-Share listing to raise around US$1 billion.   </li>
<li>Huaqin ranked as the largest consumer electronics ODM globally in 2024, with 22.5% market share.</li>
<li>The investment case is bearish as Huaqin’s rapid growth has come at the cost of margins and cash generation. Also, the valuation is unattractive compared to peer multiples. </li>
</ul>



Huaqin Technology (603296 CH), the world’s largest consumer electronics original design manufacturer, is pre-marketing an H-Share listing to raise around US$1 billion.   
Huaqin ranked as the largest consumer electronics ODM globally in 2024, with 22.5% market share.
The investment case is bearish as Huaqin’s rapid growth has come at the cost of margins and cash generation. Also, the valuation is unattractive compared to peer multiples. 


Huaqin H Share Listing: The Investment Case

Taiwan

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

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Quanta Computer (2382 TT)

TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek, Nanya Technology, CTBC Financial,...

Ke Yan, CFA, FRM

Points from Taiwan Semi/Tech 2Q Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways...

Andrew Lu

TWSE Foreign Holding Weekly (Apr 2nd): TSMC, Delta Electronics, MediaTek, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Delta Electronics, MediaTek, Hon Hai...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 3rd): CTBC Financial, Compeq Manufacturing, Cathay Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in CTBC Financial, Compeq Manufacturing, Cathay...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek, Nanya Technology, CTBC Financial,...

Ke Yan, CFA, FRM

Points from Taiwan Semi/Tech 2Q Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways...

Andrew Lu

TWSE Foreign Holding Weekly (Apr 2nd): TSMC, Delta Electronics, MediaTek, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Delta Electronics, MediaTek, Hon Hai...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 3rd): CTBC Financial, Compeq Manufacturing, Cathay Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in CTBC Financial, Compeq Manufacturing, Cathay...

Ke Yan, CFA, FRM

Huaqin H Share Listing: The Investment Case

Huaqin, the world’s largest consumer electronics original design manufacturer, is pre-marketing an H-Share listing to raise around US$1 billion. In...

Arun George