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 Aug 30th which has an aggregated short interest worth USD20.7bn.</li>
<li>We tabulate league table 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, Century Iron And Steel Industrial, Bizlink Holding, Jinan Acetate Chemical, Lotus Pharmaceutical.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 30th which has an aggregated short interest worth USD20.7bn.
We tabulate league table 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, Century Iron And Steel Industrial, Bizlink Holding, Jinan Acetate Chemical, Lotus Pharmaceutical.


TWSE Short Interest Weekly (Aug 30th): Ctbc Financial, Century Iron And Steel Industrial

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

<ul>
<li>We spoke to <a href="https://www.smartkarma.com/entities/gogoro-inc" target="_blank" data-smartkarma-citation="entities:35728:1" rel="noopener">Gogoro (GGR US)</a>, a beaten-down and under-covered Taiwan EV play listed in the US -- As part of a hunt for contrarian plays.</li>
<li>The company has faced headwinds recently, with hardware sales relatively weak vs. its local market. The battery swapping business is compelling and steadily growing however.</li>
<li>We find the company fairly valued unless it can show more growth -- We value it as two parts, a EV 2-wheeler hardware business and an infrastructure-like battery swapping business. </li>
</ul>


We spoke to Gogoro (GGR US), a beaten-down and under-covered Taiwan EV play listed in the US -- As part of a hunt for contrarian plays.
The company has faced headwinds recently, with hardware sales relatively weak vs. its local market. The battery swapping business is compelling and steadily growing however.
We find the company fairly valued unless it can show more growth -- We value it as two parts, a EV 2-wheeler hardware business and an infrastructure-like battery swapping business. 


Gogoro: Hunting for a Contrarian EV Buy; Valuing It as a Utility/Infra Business

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jun 16th which has an aggregated short interest worth USD15.6bn.</li>
<li>We tabulate league table 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 Inventec, Quanta Computer, Walsin Lihwa, Asia Vital, Sanyang Motor, Winbond Elec, Synnex Tech Intl.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 16th which has an aggregated short interest worth USD15.6bn.
We tabulate league table 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 Inventec, Quanta Computer, Walsin Lihwa, Asia Vital, Sanyang Motor, Winbond Elec, Synnex Tech Intl.


TWSE Short Interest Weekly (Jun 16th): Inventec, Quanta Computer, Walsin Lihwa, Asia Vital

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the final ADDs/DELs for the TDIV, T50, and T100 Indices for the June 2023 Rebalance.</li>
<li>Across these three indices there will be 18 changes and 15 of them were in line with expectations.</li>
<li>Our updated flow expectations show that there could be US$1.1bn one-way flow in the June 2023 rebalance.</li>
</ul>


In this insight, we take a look at the final ADDs/DELs for the TDIV, T50, and T100 Indices for the June 2023 Rebalance.
Across these three indices there will be 18 changes and 15 of them were in line with expectations.
Our updated flow expectations show that there could be US$1.1bn one-way flow in the June 2023 rebalance.


Quiddity TDIV/50/100 Jun 23 Rebal: 15/18 as Expected; Some Surprises, US$1.1bn+ One Way

Index Rebalance

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2023 Rebalance.</li>
<li>I see one change for the T50 index and four changes for the T100 index.</li>
<li>Even though our standalone flow expectations for the T100 index is insignificant, there is one name with important flow consequences in June 2023.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2023 Rebalance.
I see one change for the T50 index and four changes for the T100 index.
Even though our standalone flow expectations for the T100 index is insignificant, there is one name with important flow consequences in June 2023.


Quiddity Leaderboard T50/​​100 Jun 23: One T50 Change and Four T100 Changes (With TDIV Implications)

Taiwan

Sanyang Motor Co., Ltd. manufactures and markets automobiles, motorcycles, and parts. The Company also provides related technical and consulting services.

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Sanyang Motor (2206 TT)

TWSE Short Interest Weekly (Aug 30th): Ctbc Financial, Century Iron And Steel Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Century Iron And Steel...

Ke Yan, CFA, FRM

Gogoro: Hunting for a Contrarian EV Buy; Valuing It as a Utility/Infra Business

The company has faced headwinds recently, with hardware sales relatively weak vs. its local market. The battery swapping business is compelling and...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 16th): Inventec, Quanta Computer, Walsin Lihwa, Asia Vital

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Quanta Computer, Walsin Lihwa, Asia...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Jun 23 Rebal: 15/18 as Expected; Some Surprises, US$1.1bn+ One Way

The T50 and TDIV standalone changes are significant but the T100 standalone changes are insignificant. The main pick trades suggested in my last...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Jun 23: One T50 Change and Four T100 Changes (With TDIV Implications)

The potential T100 deletion of Tong Hsing Electronic Industries Ltd (6271 TT) could trigger a TDIV deletion and result in more significant index...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Aug 30th): Ctbc Financial, Century Iron And Steel Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Century Iron And Steel...

Ke Yan, CFA, FRM

Gogoro: Hunting for a Contrarian EV Buy; Valuing It as a Utility/Infra Business

The company has faced headwinds recently, with hardware sales relatively weak vs. its local market. The battery swapping business is compelling and...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 16th): Inventec, Quanta Computer, Walsin Lihwa, Asia Vital

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Quanta Computer, Walsin Lihwa, Asia...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Jun 23 Rebal: 15/18 as Expected; Some Surprises, US$1.1bn+ One Way

The T50 and TDIV standalone changes are significant but the T100 standalone changes are insignificant. The main pick trades suggested in my last...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​100 Jun 23: One T50 Change and Four T100 Changes (With TDIV Implications)

The potential T100 deletion of Tong Hsing Electronic Industries Ltd (6271 TT) could trigger a TDIV deletion and result in more significant index...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Jun 23: One T50 Change and Four T100 Changes (With TDIV Implications)