Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>Shanghai and Jilin became the epicenter of a new wave,  supply chain of raw materials affected due to logistical strains caused by lockdown controls</li>
<li>Semiconductors and consumer electronics in short terms are controllable, thanks to the sufficient inventory but will see slowing down if lock down in Shanghai continues .</li>
<li>Automotive manufacturing and  delivery, especially electrical vehicle will be hit hard as raw material delivery tightens</li>
</ul>


Shanghai and Jilin became the epicenter of a new wave,  supply chain of raw materials affected due to logistical strains caused by lockdown controls
Semiconductors and consumer electronics in short terms are controllable, thanks to the sufficient inventory but will see slowing down if lock down in Shanghai continues .
Automotive manufacturing and  delivery, especially electrical vehicle will be hit hard as raw material delivery tightens


China Pandemic Round 2: Shanghai in Stasis

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion Group Holdings (3393 HK)</a>has filed an application to spin off its subsidiary, Wayon Energy. </li>
<li>The average valuation of its peers including <a href="https://www.smartkarma.com/entities/infineon-technologies-ag-b186d688-4649-4d6c-b335-f0eb2aa73c27" target="_blank" data-smartkarma-citation="entities:28576:1" rel="noopener">Infineon Technologies (IFNNY US)</a> , <a href="https://www.smartkarma.com/entities/stmicroelectronics-nv" target="_blank" data-smartkarma-citation="entities:21227:1" rel="noopener">STMicroelectronics NV (STM IM)</a> and <a href="https://www.smartkarma.com/entities/starpower-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:30089:1" rel="noopener">StarPower Semiconductor (603290 CH)</a> is 27x PER and 4.3x P/S. </li>
<li>Further upside of around 20-50% is expected based on the current data. More details to be provided upon further disclosure. </li>
</ul>



Wasion Group Holdings (3393 HK)has filed an application to spin off its subsidiary, Wayon Energy. 
The average valuation of its peers including Infineon Technologies (IFNNY US) , STMicroelectronics NV (STM IM) and StarPower Semiconductor (603290 CH) is 27x PER and 4.3x P/S. 
Further upside of around 20-50% is expected based on the current data. More details to be provided upon further disclosure. 


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.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/all-winner-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:25392:1" rel="noopener">All Winner Technology (300458 CH)</a> could replace <a href="https://www.smartkarma.com/entities/starpower-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:30089:1" rel="noopener">StarPower Semiconductor (603290 CH)</a> in the CES China Semiconductor Chips Index at the close of trading on 12 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies Lt (688256 CH)</a>'s index weight is currently higher than 10% and the stock will be capped to limit its index weight.   </li>
<li>The forecast add has outperformed the forecast delete over the last year and recent market volatility (and valuations) has narrowed the gap.</li>
</ul>



All Winner Technology (300458 CH) could replace StarPower Semiconductor (603290 CH) in the CES China Semiconductor Chips Index at the close of trading on 12 December.

Cambricon Technologies Lt (688256 CH)'s index weight is currently higher than 10% and the stock will be capped to limit its index weight.   
The forecast add has outperformed the forecast delete over the last year and recent market volatility (and valuations) has narrowed the gap.


CES China Semiconductor Chips Index Rebalance Preview: One Change Likely in Dec

<ul>
<li>There is 1 change for the CNI Semiconductor Chips Index that will be implemented at the close on 13 December.</li>
<li>Passive trackers are estimated to buy 0.9x ADV in <a href="https://www.smartkarma.com/entities/hwatsing-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36700:1" rel="noopener">Hwatsing Technology (688120 CH)</a> and sell 0.5x ADV in <a href="https://www.smartkarma.com/entities/starpower-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:30089:1" rel="noopener">StarPower Semiconductor (603290 CH)</a>. </li>
<li>The add has outperformed the delete, but not by a lot. There could be more outperformance over the next couple of weeks.</li>
</ul>


There is 1 change for the CNI Semiconductor Chips Index that will be implemented at the close on 13 December.
Passive trackers are estimated to buy 0.9x ADV in Hwatsing Technology (688120 CH) and sell 0.5x ADV in StarPower Semiconductor (603290 CH). 
The add has outperformed the delete, but not by a lot. There could be more outperformance over the next couple of weeks.


CNI Semiconductor Chips Index Rebalance: One Change with Big Flow

<ul>
<li>There could be one change for the CNI Semiconductor Chips Index with <a href="https://www.smartkarma.com/entities/hwatsing-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36700:1" rel="noopener">Hwatsing Technology (688120 CH)</a> replacing <a href="https://www.smartkarma.com/entities/starpower-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:30089:1" rel="noopener">StarPower Semiconductor (603290 CH)</a> in December. The change is right at the cusp.</li>
<li>Passive trackers are estimated to buy 0.8x ADV in <a href="https://www.smartkarma.com/entities/hwatsing-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36700:1" rel="noopener">Hwatsing Technology</a> and sell 0.4x ADV in <a href="https://www.smartkarma.com/entities/starpower-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:30089:1" rel="noopener">StarPower Semiconductor</a>. There will be selling in <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-in" target="_blank" data-smartkarma-citation="entities:31062:1" rel="noopener">Semiconductor Manufacturing International Corporation (SMIC)</a> due to capping.</li>
<li>Both stocks have been moving higher over the last few weeks, but the potential inclusion has been outperforming the potential deletion pretty handily.</li>
</ul>


There could be one change for the CNI Semiconductor Chips Index with Hwatsing Technology (688120 CH) replacing StarPower Semiconductor (603290 CH) in December. The change is right at the cusp.
Passive trackers are estimated to buy 0.8x ADV in Hwatsing Technology and sell 0.4x ADV in StarPower Semiconductor. There will be selling in Semiconductor Manufacturing International Corporation (SMIC) due to capping.
Both stocks have been moving higher over the last few weeks, but the potential inclusion has been outperforming the potential deletion pretty handily.


CNI Semiconductor Chips Index Rebalance Preview: Potential Inclusion Outperforming

China

StarPower Semiconductor Ltd. develops and sells semiconductor devices. The Company manufactures and sells rectifier and customized modules, insulated gate bipolar transistors, metal-oxide-semiconductor field-efffect transistors, and other power semiconductor components. StarPower Semiconductor markets its products worldwide.

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StarPower Semiconductor (603290 CH)

China Pandemic Round 2: Shanghai in Stasis

As Shanghai, Jilin and Guangzhou enter into lockdown, China is facing a major economic challenge, some industries are hit harder than others

Evelyn Zhang

Wasion (3393): Spin off Is Happening

Wasion Group Holdings (3393 HK) applies to spin off Wayon Energy, with potential 20-50% upside based on peer valuations. More details pending...

Henry Soediarko

CES China Semiconductor Chips Index Rebalance Preview: One Change Likely in Dec

All Winner Tech could replace StarPower Semi in the index in Dec. Cambricon Tech's index weight will be capped. All Winner has outperformed...

Brian Freitas

CNI Semiconductor Chips Index Rebalance: One Change with Big Flow

Hwatsing replaces StarPower in the index. Trackers will need to buy 0.9x ADV in the adds and sell 0.5x ADV in the delete. SMIC will be capped in...

Brian Freitas

CNI Semiconductor Chips Index Rebalance Preview: Potential Inclusion Outperforming

Hwatsing Tech could replace StarPower Semiconductor in the index. Passive trackers will need to buy 0.8x ADV in Hwatsing and sell 0.4x ADV in...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Pandemic Round 2: Shanghai in Stasis

As Shanghai, Jilin and Guangzhou enter into lockdown, China is facing a major economic challenge, some industries are hit harder than others

Evelyn Zhang

Wasion (3393): Spin off Is Happening

​Wasion Group Holdings (3393 HK) applies to spin off Wayon Energy, with potential 20-50% upside based on peer valuations. More details pending...

Henry Soediarko

CES China Semiconductor Chips Index Rebalance Preview: One Change Likely in Dec

All Winner Tech could replace StarPower Semi in the index in Dec. Cambricon Tech's index weight will be capped. All Winner has outperformed...

Brian Freitas

CNI Semiconductor Chips Index Rebalance: One Change with Big Flow

Hwatsing replaces StarPower in the index. Trackers will need to buy 0.9x ADV in the adds and sell 0.5x ADV in the delete. SMIC will be capped in...

Brian Freitas

CNI Semiconductor Chips Index Rebalance Preview: Potential Inclusion Outperforming

Hwatsing Tech could replace StarPower Semiconductor in the index. Passive trackers will need to buy 0.8x ADV in Hwatsing and sell 0.4x ADV in...

Brian Freitas

Wasion Group Holdings (3393 HK) applies to spin off Wayon Energy, with potential 20-50% upside based on peer valuations. More details pending...