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 foreign holdings of TWSE Stocks as of Sep 26th. The aggregated holding was USD1,269.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD18mln. We tabulate the league tables 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 MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer, Hon Hai Precision, Wistron, Quanta Computer, Mediatek, TSMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 26th. The aggregated holding was USD1,269.4bn.
We estimate that foreign flows to be outflows of USD18mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer, Hon Hai Precision, Wistron, Quanta Computer, Mediatek, TSMC.


TWSE Foreign Holding Weekly (Sep 26th): MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 26th. The aggregated short interest was USD26.4bn.</li>
<li>We tabulate league tables 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 Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC, Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 26th. The aggregated short interest was USD26.4bn.
We tabulate league tables 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 Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC, Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics, TSMC.


TWSE Short Interest Weekly (Sep 26th): Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sunwoda Electronic Co Ltd A / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the not-so-positive aspects of the deal.


Tekscend Photomask IPO - The Negatives - Market Share

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Micron Earnings Call Analysis: AI Memory Tailwinds Getting Stronger as Servers, Smartphone, PC Demand Converge</li>
<li>MediaTek Sharpens Flagship Push, Aiming for 40% Global Market Share... Also, Exploring U.S. Production Set Up</li>
<li>KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals </li>
</ul>


Micron Earnings Call Analysis: AI Memory Tailwinds Getting Stronger as Servers, Smartphone, PC Demand Converge
MediaTek Sharpens Flagship Push, Aiming for 40% Global Market Share... Also, Exploring U.S. Production Set Up
KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals 


Taiwan Tech Weekly: Mediatek Eyes US Manufacturing, 40% Global Mkt Share; Micron Earnings Take-Aways

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TWSE Foreign Holding Weekly (Sep 26th): MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 26th): Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Taiwan Cement (1101 TT),...

Ke Yan, CFA, FRM

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Foreign Holding Weekly (Sep 26th): MediaTek, Hon Hai Precision, TSMC, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek (2454 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 26th): Yageo, Taiwan Cement, Unimicron Technology, Delta Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Taiwan Cement (1101 TT),...

Ke Yan, CFA, FRM

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Tekscend Photomask IPO - The Negatives - Market Share

Tekscend Photomask (429A JP), a manufacturer of semiconductor photomasks, aims to raise around US$830m in its Japan IPO. In this note, we talk...

Sumeet Singh

Taiwan Tech Weekly: Mediatek Eyes US Manufacturing, 40% Global Mkt Share; Micron Earnings Take-Aways

​Micron sees AI memory demand rising, MediaTek targets 40% market share, KYEC's stock surge driven by strong fundamentals.

Vincent Fernando, CFA

Micron sees AI memory demand rising, MediaTek targets 40% market share, KYEC's stock surge driven by strong fundamentals.