Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>' US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.</li>
</ul>



Softbank Group (9984 JP) raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)' US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.


ARM Holdings IPO Trading - Sold Hope, Now for Some Reality

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>India Supply Chain Rising -- Hon Hai is helping Apple launch with India-made iPhone 15's on Day 1. These days, Apple likely wants to diversify away from China even faster.</li>
<li>ARM IPO prices at high end of range, is backed by TSMC, Apple, Nvidia, Samsung, Intel.</li>
<li>We downgrade Mediatek: After rally, beware of Huawei/SMIC chip capabilities causing market to realize Mediatek could lose market share.</li>
</ul>


India Supply Chain Rising -- Hon Hai is helping Apple launch with India-made iPhone 15's on Day 1. These days, Apple likely wants to diversify away from China even faster.
ARM IPO prices at high end of range, is backed by TSMC, Apple, Nvidia, Samsung, Intel.
We downgrade Mediatek: After rally, beware of Huawei/SMIC chip capabilities causing market to realize Mediatek could lose market share.


Taiwan Tech Weekly: Apple Accelerating to India; ARM IPO; Huawei Mediatek Market Risk; Intel AI PCs

<ul>
<li>Mediatek shares rallied recently on high volume and are approaching their 52-week highs. We however warn investors to beware emerging news of Huawei/SMIC's chip capabilities.</li>
<li>Mediatek announced last week its flagship mobile phone chip was preparing for high volume manufacturing with TSMC's most advanced 3-nanometer process node.</li>
<li>However, we believe Huawei's recent Mate 60 chip development could pose a threat to Mediatek's market share outlook. We downgrade our rating from Structural Long to Neutral, target price NT$815.</li>
</ul>


Mediatek shares rallied recently on high volume and are approaching their 52-week highs. We however warn investors to beware emerging news of Huawei/SMIC's chip capabilities.
Mediatek announced last week its flagship mobile phone chip was preparing for high volume manufacturing with TSMC's most advanced 3-nanometer process node.
However, we believe Huawei's recent Mate 60 chip development could pose a threat to Mediatek's market share outlook. We downgrade our rating from Structural Long to Neutral, target price NT$815.


Mediatek Downgrade: After Rally, Beware Emerging News of Huawei/SMIC Chip Capability

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>Semiconductor revenues have enjoyed month over month growth since April</li>
<li>This growth is higher than the industry's long-term average 3.9% growth</li>
<li>It looks as if the industry is starting another of its typical cycles.</li>
</ul>


Semiconductor revenues have enjoyed month over month growth since April
This growth is higher than the industry's long-term average 3.9% growth
It looks as if the industry is starting another of its typical cycles.


SIA: Semiconductors Up for Fourth Consecutive Month

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>The changes at the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a> September rebalance were announced on 4 September. The rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> and HSCI was implemented on the same day.</li>
<li>The changes to the MVIS indices were announced on 8 September and will be implemented at the close on 15 September. The S&amp;P/ASX family will also rebalance on 15 September.</li>
<li>After a month and a half of big inflows to onshore China ETFs, there were small outflows from a lot of ETFs during the week.</li>
</ul>


The changes at the Nikkei 225 September rebalance were announced on 4 September. The rebalance of the HSI, HSCEI, HSTECH and HSCI was implemented on the same day.
The changes to the MVIS indices were announced on 8 September and will be implemented at the close on 15 September. The S&amp;P/ASX family will also rebalance on 15 September.
After a month and a half of big inflows to onshore China ETFs, there were small outflows from a lot of ETFs during the week.


Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, KOSDAQ150, Yuanta ETFs, MVA, MVW, SMH

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

ARM Holdings IPO Trading - Sold Hope, Now for Some Reality

Softbank Group (9984 JP) raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)' US IPO. In this note, we talk about the...

Sumeet Singh

Taiwan Tech Weekly: Apple Accelerating to India; ARM IPO; Huawei Mediatek Market Risk; Intel AI PCs

ARM IPO prices at high end of range, is backed by TSMC, Apple, Nvidia, Samsung, Intel. Apple is likely accelerating plans to shift its supply chain...

Vincent Fernando, CFA

Mediatek Downgrade: After Rally, Beware Emerging News of Huawei/SMIC Chip Capability

We believe Huawei's recent Mate 60 chip development could pose a threat to Mediatek's market share outlook. We downgrade our rating from Structural...

Vincent Fernando, CFA

SIA: Semiconductors Up for Fourth Consecutive Month

The semiconductor industry seems to be starting another cycle, with revenues increasing for the past four months. This Insight compares past...

Jim Handy

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, KOSDAQ150, Yuanta ETFs, MVA, MVW, SMH

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

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