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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.</li>
<li>The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.
The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.


A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power, CCB, China Life, Minimax.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power, CCB, China Life, Minimax.


HK Short Interest Weekly: Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>The SIA commented today on the impact to US semiconductor makers of sanctions against Russia</li>
<li>Russia accounts for negligible consumption of technology products, so embargos should not materially impact chip sales</li>
<li>The SIA believes that there are sufficient alternate sources of supply that the absence of Russian raw materials should not pose an immediate risk</li>
</ul>


The SIA commented today on the impact to US semiconductor makers of sanctions against Russia
Russia accounts for negligible consumption of technology products, so embargos should not materially impact chip sales
The SIA believes that there are sufficient alternate sources of supply that the absence of Russian raw materials should not pose an immediate risk


<ul>
<li>November semiconductor revenues set a record for the highest shipment month in the history of the industry</li>
<li>Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history</li>
<li>There is plenty of room for this to continue, barring a global economic meltdown</li>
</ul>


November semiconductor revenues set a record for the highest shipment month in the history of the industry
Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history
There is plenty of room for this to continue, barring a global economic meltdown


November Semiconductors Once Again Set Records

<ul>
<li>2022 is likely to be a very good year for semiconductors, with 6% revenue growth following outstanding 2021 growth of ~22%.</li>
<li>Demand is solid, and shortages are driving prices higher.  Since revenues are demand times price, all signs are positive.</li>
<li>The factors that caused the last collapse, in 2019, are not in place this time, indicating that a downturn is very unlikely.</li>
</ul>


2022 is likely to be a very good year for semiconductors, with 6% revenue growth following outstanding 2021 growth of ~22%.
Demand is solid, and shortages are driving prices higher.  Since revenues are demand times price, all signs are positive.
The factors that caused the last collapse, in 2019, are not in place this time, indicating that a downturn is very unlikely.


2022 High Conviction - Modest Semiconductor Growth

China

Semiconductor Manufacturing International Corporation operates as a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

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SMIC (Semiconductor Manufacturing International Corp) (981 HK)

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Hua Hong Semi, Knowledge Atlas, Ntes, China Resources Land, Weichai Power

We analyzed the latest HK SFC report for aggregate short position as of Jul 17th and highlight short interest changes in Hua Hong Semi (1347 HK),...

Ke Yan, CFA, FRM

Ukraine Invasion's Semiconductor Impact

How will the chip market be impacted by sanctions against Russia? The SIA expects a negligible demand decrease and no short-term impact tot he...

Jim Handy

November Semiconductors Once Again Set Records

The semiconductor market once again set records in November, with 2021 revenues and unit shipments out-stripping all prior record years in its...

Jim Handy

2022 High Conviction - Modest Semiconductor Growth

Can today's semiconductor revenue growth continue, or will the market undergo another collapse? Objective Analysis calls for 6% growth, and shows...

Jim Handy

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52-week Range

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