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

Shenton Research

Shenton 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.

Equity Capital Markets

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.</li>
<li>We look at the company's core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.
We look at the company's core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC is holding about US$1bn of finished Apple processors it cannot package for want of DRAM, and first-half smartphone processor shipments fell 15% year over year.</li>
<li>Memory revenue rose 305% in the first half against 45% for logic; WSTS raised its 2026 industry forecast to US$1.655tn, growth of 108%.</li>
<li>Winbond's customers are pressing for supply contracts running into 2030, SanDisk has sold about two-thirds of its fiscal 2028 output, and Nan Ya PCB approved its largest ever plant.</li>
</ul>


TSMC is holding about US$1bn of finished Apple processors it cannot package for want of DRAM, and first-half smartphone processor shipments fell 15% year over year.
Memory revenue rose 305% in the first half against 45% for logic; WSTS raised its 2026 industry forecast to US$1.655tn, growth of 108%.
Winbond's customers are pressing for supply contracts running into 2030, SanDisk has sold about two-thirds of its fiscal 2028 output, and Nan Ya PCB approved its largest ever plant.


Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

HK/China Equity Long-Short

Osbert Tang, CFA

Viewtrix Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viewtrix-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48923:1" rel="noopener">Viewtrix Technology (3310 HK)</a>, a leading AMOLED DDIC company, is looking to raise HK$997m. Its size is not large, but its scale is rapidly growing.</li>
<li>For the next three years, it will remain in the red, despite a 30% CAGR in revenue. The higher R&amp;D expenses will still weigh negatively on margins.</li>
<li>At 5.4x P/S for FY26, it is almost the highest among comparable peers. While stronger growth is a merit, this appears to have been well priced in. </li>
</ul>



Viewtrix Technology (3310 HK), a leading AMOLED DDIC company, is looking to raise HK$997m. Its size is not large, but its scale is rapidly growing.
For the next three years, it will remain in the red, despite a 30% CAGR in revenue. The higher R&amp;D expenses will still weigh negatively on margins.
At 5.4x P/S for FY26, it is almost the highest among comparable peers. While stronger growth is a merit, this appears to have been well priced in. 


Viewtrix Technology (3310 HK) IPO: More or Less Fairly Priced

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 Jan 2nd. The aggregated short interest was USD28.4bn.</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 MediaTek, Zhen Ding Technology, TECO Electric &amp; Machinery, Yageo, Innolux.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 2nd. The aggregated short interest was USD28.4bn.
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 MediaTek, Zhen Ding Technology, TECO Electric &amp; Machinery, Yageo, Innolux.


TWSE Short Interest Weekly (Jan 2nd): MediaTek, Zhen Ding Technology, TECO Electric & Machinery

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 26th. The aggregated short interest was USD27.8bn.</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, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer, CTBC Financial, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 26th. The aggregated short interest was USD27.8bn.
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, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer, CTBC Financial, Chailease, Zhen Ding Technology, TECO Electric &amp; Machinery, Asustek Computer.


TWSE Short Interest Weekly (Dec 26th): CTBC Financial, Chailease, Zhen Ding Technology

Taiwan

Raydium Semiconductor Corporation is a global IC solution provider of TFT-LCD panels. The company's services include marketing, product development, and sales of panel driver IC, timing control IC, LED driver and power management IC.

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Raydium Semiconductor (3592 TT)

ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

ESWIN Computing has passed the HKEX hearing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Vincent Fernando, CFA

Viewtrix Technology (3310 HK) IPO: More or Less Fairly Priced

Viewtrix is seeking to raise HK$997m, despite remaining in the red for the next three years due to high R&D expenses. Trading at 5.4x P/S for...

Osbert Tang, CFA

TWSE Short Interest Weekly (Jan 2nd): MediaTek, Zhen Ding Technology, TECO Electric & Machinery

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek (2454 TT), Zhen Ding Technology (4958...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 26th): CTBC Financial, Chailease, Zhen Ding Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in CTBC Financial (2891 TT), Chailease (5871 TT),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

ESWIN Computing has passed the HKEX hearing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: DRAM Strands US$1bn of Apple Chips; Customers Now Book 2030 Capacity

​TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Vincent Fernando, CFA

Viewtrix Technology (3310 HK) IPO: More or Less Fairly Priced

​Viewtrix is seeking to raise HK$997m, despite remaining in the red for the next three years due to high R&D expenses. Trading at 5.4x P/S for...

Osbert Tang, CFA

TWSE Short Interest Weekly (Jan 2nd): MediaTek, Zhen Ding Technology, TECO Electric & Machinery

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek (2454 TT), Zhen Ding Technology (4958...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 26th): CTBC Financial, Chailease, Zhen Ding Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in CTBC Financial (2891 TT), Chailease (5871 TT),...

Ke Yan, CFA, FRM

TSMC faces DRAM shortage, smartphone processor shipments drop, memory revenue surges, industry forecast raised, Winbond and SanDisk see strong...

Viewtrix is seeking to raise HK$997m, despite remaining in the red for the next three years due to high R&D expenses. Trading at 5.4x P/S for...