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 KRX stocks as of May 2nd which has an aggregated short interest worth USD5.9bn.</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 Daewoo Shipbuilding, Hyundai Heavy Industries, Isupetasys.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 2nd which has an aggregated short interest worth USD5.9bn.
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 Daewoo Shipbuilding, Hyundai Heavy Industries, Isupetasys.


KRX Short Interest Weekly (May 2nd): Daewoo Shipbuilding, Hyundai Heavy Industries, Isupetasys

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>
SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.</li>
<li>
SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.</li>
<li>
Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.</li>
</ul>



SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.

SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.

Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.


Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 2nd which has an aggregated holding worth USD497.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD580mln. We tabulate the league table 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 Daewoo Shipbuilding, Kakao, Samsung Electronics, Hanwha Aerospace.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 2nd which has an aggregated holding worth USD497.4bn.
We estimate that foreign flows to be inflows of USD580mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Daewoo Shipbuilding, Kakao, Samsung Electronics, Hanwha Aerospace.


KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>The USD is moderating, not just against developed market currencies, but also against Asian currencies. Usually, Asian currency revival is a lead indicator of acceleration of FII flows in Asia. </li>
<li>Our analysis of cumulative FII sales as proportion of market cap shows that Korea and Indonesia are oversold. India is almost there, but not quite. HK/China is still under-owned. </li>
<li>Taiwan and Thailand, despite large FII selling over an extended period, are still not oversold. Both markets face risks from the tariff war and could face more FII selling pressure.</li>
</ul>


The USD is moderating, not just against developed market currencies, but also against Asian currencies. Usually, Asian currency revival is a lead indicator of acceleration of FII flows in Asia. 
Our analysis of cumulative FII sales as proportion of market cap shows that Korea and Indonesia are oversold. India is almost there, but not quite. HK/China is still under-owned. 
Taiwan and Thailand, despite large FII selling over an extended period, are still not oversold. Both markets face risks from the tariff war and could face more FII selling pressure.


Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

<ul>
<li>
SK Hynix expects continued AI/server memory strength despite global uncertainty -- Expects 2025E HBM revenue to double YoY.</li>
<li>
PC and smartphone memory demand experienced moderate recovery -- Supported by China stimulus and AI-featured product cycles.</li>
<li>
Continue to view SK Hynix shares in more favorable position vs. Nana Tech shares -- Especially in a scenario of global economic weakness.</li>
</ul>



SK Hynix expects continued AI/server memory strength despite global uncertainty -- Expects 2025E HBM revenue to double YoY.

PC and smartphone memory demand experienced moderate recovery -- Supported by China stimulus and AI-featured product cycles.

Continue to view SK Hynix shares in more favorable position vs. Nana Tech shares -- Especially in a scenario of global economic weakness.


Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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

SK Hynix (000660 KS)

KRX Short Interest Weekly (May 2nd): Daewoo Shipbuilding, Hyundai Heavy Industries, Isupetasys

We analyzed KRX short interest report for the past week and highlighted short interest changes in Daewoo Shipbuilding, Hyundai Heavy Industries,...

Ke Yan, CFA, FRM

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Daewoo Shipbuilding, Kakao, Samsung Electronics,...

Ke Yan, CFA, FRM

Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

US$ continues to moderate, notwithstanding last week’s moderate bounce. We think Asia’s currency tailwind shall continue to drive foreign flows...

Manishi Raychaudhuri

Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (May 2nd): Daewoo Shipbuilding, Hyundai Heavy Industries, Isupetasys

We analyzed KRX short interest report for the past week and highlighted short interest changes in Daewoo Shipbuilding, Hyundai Heavy Industries,...

Ke Yan, CFA, FRM

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

​SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Daewoo Shipbuilding, Kakao, Samsung Electronics,...

Ke Yan, CFA, FRM

Asian Equities: The Currency Tailwind - Where Would FII Flows Gravitate?

US$ continues to moderate, notwithstanding last week’s moderate bounce. We think Asia’s currency tailwind shall continue to drive foreign flows...

Manishi Raychaudhuri

Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

​SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

Vincent Fernando, CFA

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...