Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Silergy foresees the demand will be larger than capacity in 2022. Silergy expects Auto, Sever Mother-board, SSD and others should be showing a strong demand in 2022.</li>
<li>The shipment lead-time is controlled around 5~6 months, which indicated that the demand is strong for 2022~23.</li>
<li>The generation 3rd will be optimized until 2026. Silergy will need some new suppliers for generation 4th in 2023. In 2026, generation 3rd &amp; 4th will dominate Silergy’s revenue. </li>
</ul>


Silergy foresees the demand will be larger than capacity in 2022. Silergy expects Auto, Sever Mother-board, SSD and others should be showing a strong demand in 2022.
The shipment lead-time is controlled around 5~6 months, which indicated that the demand is strong for 2022~23.
The generation 3rd will be optimized until 2026. Silergy will need some new suppliers for generation 4th in 2023. In 2026, generation 3rd &amp; 4th will dominate Silergy’s revenue. 


Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.

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 May 26th which has an aggregated short interest worth USD14.1bn.</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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.
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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.


TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Event-Driven

<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)

Pan-Asia Index Rebalances/Events/Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/Events/Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

<ul>
<li>Today was the review cutoff for the June rebalance of the Yuanta/P-Shares Taiwan Top 50 ETF. We see one potential change at the review.</li>
<li>Passive trackers are estimated to buy nearly 6 days of ADV on <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a> while selling around 1.7 days of ADV on <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>.</li>
<li>Short interest on <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a> has continued to drop as the stock has moved higher; <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>'s short interest has risen as the stock has dropped.</li>
</ul>


Today was the review cutoff for the June rebalance of the Yuanta/P-Shares Taiwan Top 50 ETF. We see one potential change at the review.
Passive trackers are estimated to buy nearly 6 days of ADV on Pegatron Corp (4938 TT) while selling around 1.7 days of ADV on Silergy Corp (6415 TT).
Short interest on Pegatron Corp (4938 TT) has continued to drop as the stock has moved higher; Silergy Corp (6415 TT)'s short interest has risen as the stock has dropped.


Taiwan Top 50 ETF Rebalance: One Change Expected in June

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.</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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.
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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.


TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

China

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Silergy Corp (6415 TT)

Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.

Silergy expects Auto, Sever Mother-board, SSD should be showing a strong demand in 2022. The shipment lead-time is controlled at around 5~6 months,...

Patrick Liao

TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global...

Ke Yan, CFA, FRM

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

Taiwan Top 50 ETF Rebalance: One Change Expected in June

There could be one change for the Yuanta/P-Shares Taiwan Top 50 ETF with Pegatron replacing Silergy. There is decent impact expected on the stocks...

Brian Freitas

TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay...

Ke Yan, CFA, FRM

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.

Silergy expects Auto, Sever Mother-board, SSD should be showing a strong demand in 2022. The shipment lead-time is controlled at around 5~6 months,...

Patrick Liao

TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global...

Ke Yan, CFA, FRM

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

Taiwan Top 50 ETF Rebalance: One Change Expected in June

There could be one change for the Yuanta/P-Shares Taiwan Top 50 ETF with Pegatron replacing Silergy. There is decent impact expected on the stocks...

Brian Freitas

TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay...

Ke Yan, CFA, FRM

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