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 Oct 31st. The aggregated holding was USD1,429.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,180mln. 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 TSMC, Delta Electronics, ASE Industrial, E.SUN Financial, Quanta Computer, Ase Industrial, Quanta Computer, TSMC, Delta Electronics, E.Sun Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 31st. The aggregated holding was USD1,429.4bn.
We estimate that foreign flows to be outflows of USD1,180mln. 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 TSMC, Delta Electronics, ASE Industrial, E.SUN Financial, Quanta Computer, Ase Industrial, Quanta Computer, TSMC, Delta Electronics, E.Sun Financial.


TWSE Foreign Holding Weekly (Oct 31st): TSMC, Delta Electronics, ASE Industrial, E.SUN Financial

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

<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>In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.</li>
<li>Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.</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.
In our prior Int'l Compass (Oct. 16) we discussed how the pullback was testing the uptrend, and we were buyers; this worked out well with indexes back at all-time highs.
Taiwan, China, Korea, and the U.S. remain our only overweights, but India is becoming more attractive as well -- add selective exposure. Many buy ideas highlighted in these countries.


India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>4Q25 Outlook: Revenue is expected to grow by 1% to 2% QoQ.  Both of GM and OPM are projected to increase by 0.70 to 1 percent QoQ.  </li>
<li>Growth continues to be driven by AI and HPC demand, with testing revenue exceeding expectations and offsetting minor shortfalls in packaging due to geopolitical uncertainties.</li>
<li>With 2025 test revenue expected to grow at roughly twice the pace of packaging revenue. Investment priorities are focused on wafer probing capacity for both AI and non-AI devices</li>
</ul>


4Q25 Outlook: Revenue is expected to grow by 1% to 2% QoQ.  Both of GM and OPM are projected to increase by 0.70 to 1 percent QoQ.  
Growth continues to be driven by AI and HPC demand, with testing revenue exceeding expectations and offsetting minor shortfalls in packaging due to geopolitical uncertainties.
With 2025 test revenue expected to grow at roughly twice the pace of packaging revenue. Investment priorities are focused on wafer probing capacity for both AI and non-AI devices


ASEH (3711.TT; ASX.US): 3Q25 ATM Record High; 4Q25 Modest Growth; 2025 ATM Revenue +20% YoY (USD)

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

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.</li>
<li>Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.</li>
<li>UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.</li>
</ul>


UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.
Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.
UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.


UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.</li>
<li>If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.</li>
<li>Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.</li>
</ul>


Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.
If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.
Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.


Nvidia Jensen’s $500bn: What Did He Say Exactly? What Does It Mean for Supply Chain Forecasts?

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)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

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

TWSE Foreign Holding Weekly (Oct 31st): TSMC, Delta Electronics, ASE Industrial, E.SUN Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Delta Electronics (2308 TT), ASE...

Ke Yan, CFA, FRM

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

ASEH (3711.TT; ASX.US): 3Q25 ATM Record High; 4Q25 Modest Growth; 2025 ATM Revenue +20% YoY (USD)

4Q25 revenue to grow by 1-2% QoQ, driven by AI and HPC demand. Testing revenue exceeds expectations, offsetting packaging shortfalls. Investment...

Patrick Liao

UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Vincent Fernando, CFA

Nvidia Jensen’s $500bn: What Did He Say Exactly? What Does It Mean for Supply Chain Forecasts?

Nvidia CEO predicts massive AI growth potential, with orders reaching $500bn and potential for 60% YoY growth till Apr-27

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

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TWSE Foreign Holding Weekly (Oct 31st): TSMC, Delta Electronics, ASE Industrial, E.SUN Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Delta Electronics (2308 TT), ASE...

Ke Yan, CFA, FRM

India Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.

India's $SENSEX Finally Showing Signs of Life; Remain Overweight Taiwan, China, Korea, and the U.S.; Bullish Outlook Intact on $ACWI; Actionable...

Vermilion Research

ASEH (3711.TT; ASX.US): 3Q25 ATM Record High; 4Q25 Modest Growth; 2025 ATM Revenue +20% YoY (USD)

​4Q25 revenue to grow by 1-2% QoQ, driven by AI and HPC demand. Testing revenue exceeds expectations, offsetting packaging shortfalls. Investment...

Patrick Liao

UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

​UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Vincent Fernando, CFA

Nvidia Jensen’s $500bn: What Did He Say Exactly? What Does It Mean for Supply Chain Forecasts?

​Nvidia CEO predicts massive AI growth potential, with orders reaching $500bn and potential for 60% YoY growth till Apr-27

Nicolas Baratte

4Q25 revenue to grow by 1-2% QoQ, driven by AI and HPC demand. Testing revenue exceeds expectations, offsetting packaging shortfalls. Investment...

UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Nvidia CEO predicts massive AI growth potential, with orders reaching $500bn and potential for 60% YoY growth till Apr-27