Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: +13.6% Premium; Strong Opportunity to Long the ADR Spread</li>
<li>UMC: +4.3% Premium; Above +1 SD Band; Opportunity to Short the ADR Spread</li>
<li>ASE: +1.5% Premium; Within Historical Range; No Active Trade Signal</li>
</ul>


TSMC: +13.6% Premium; Strong Opportunity to Long the ADR Spread
UMC: +4.3% Premium; Above +1 SD Band; Opportunity to Short the ADR Spread
ASE: +1.5% Premium; Within Historical Range; No Active Trade Signal


Taiwan Dual-Listings Monitor: Rare Opportunities Open Up in TSMC & UMC

<ul>
<li>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

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>Recent spike in oil prices and US yields is not deterring foreigners from buying Asian equities. After buying US$4.8bn of Asian Equities in August, FIIs have bought US$1.8bn in September.</li>
<li>In August FIIs bought Taiwan (US$11bn) and India (US$3.1bn) and sold Korea (-US$8.5bn). In September they have bought Taiwan (US$2bn) and Korea (US$1bn) and have sold India (-US$1.25bn).</li>
<li>We believe foreign buying shall bounce back in tech-heavy Korea and Taiwan. FIIs would likely buy India too, but in smaller measure than North Asia. We are cautious about ASEAN.</li>
</ul>


Recent spike in oil prices and US yields is not deterring foreigners from buying Asian equities. After buying US$4.8bn of Asian Equities in August, FIIs have bought US$1.8bn in September.
In August FIIs bought Taiwan (US$11bn) and India (US$3.1bn) and sold Korea (-US$8.5bn). In September they have bought Taiwan (US$2bn) and Korea (US$1bn) and have sold India (-US$1.25bn).
We believe foreign buying shall bounce back in tech-heavy Korea and Taiwan. FIIs would likely buy India too, but in smaller measure than North Asia. We are cautious about ASEAN.


Asian Equities: Foreigners Are Buying Korea and Taiwan Again; India and Thailand Being Sold

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul><li>Taiwan Semiconductor Manufacturing Company delivered a quarter that reflected strong execution across both demand and profitability metrics, with revenue, margins, and earnings exceeding prior expectations.</li><li>Sequential revenue growth was driven by continued strength in leading-edge technologies, particularly in advanced nodes such as 3-nanometer, which now represents a significant share of wafer revenue.</li><li>Profitability improved meaningfully, supported by higher capacity utilization, cost optimization efforts, and favorable foreign exchange dynamics.</li></ul>

Taiwan Semiconductor Manufacturing Company delivered a quarter that reflected strong execution across both demand and profitability metrics, with revenue, margins, and earnings exceeding prior expectations.Sequential revenue growth was driven by continued strength in leading-edge technologies, particularly in advanced nodes such as 3-nanometer, which now represents a significant share of wafer revenue.Profitability improved meaningfully, supported by higher capacity utilization, cost optimization efforts, and favorable foreign exchange dynamics.

Taiwan Semiconductor: Is Capacity Expansion Enough To Meet Persistent AI Demand?

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.

Price Gauge
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TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Rare Opportunities Open Up in TSMC & UMC

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Asian Equities: Foreigners Are Buying Korea and Taiwan Again; India and Thailand Being Sold

Recent spike in oil prices & US yields is not deterring FIIs from buying Asian equities. After buying US$4.8bn in Aug, FIIs have bought US$1.8bn in...

Manishi Raychaudhuri

Taiwan Semiconductor: Is Capacity Expansion Enough To Meet Persistent AI Demand?

Taiwan Semiconductor Manufacturing Company delivered a quarter that reflected strong execution across both demand and profitability metrics, with...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: Rare Opportunities Open Up in TSMC & UMC

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Asian Equities: Foreigners Are Buying Korea and Taiwan Again; India and Thailand Being Sold

Recent spike in oil prices & US yields is not deterring FIIs from buying Asian equities. After buying US$4.8bn in Aug, FIIs have bought US$1.8bn in...

Manishi Raychaudhuri

Taiwan Semiconductor: Is Capacity Expansion Enough To Meet Persistent AI Demand?

Taiwan Semiconductor Manufacturing Company delivered a quarter that reflected strong execution across both demand and profitability metrics, with...

Baptista Research

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...