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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.</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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.
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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.


TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uni-president-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14927:1" rel="noopener">Uni President China (220 HK)</a> appeals to value investors with its stable long-term growth, attractive dividends, and diversified consumer staples portfolio, despite severe near-term sector competition.</li>
<li>The intense competition plaguing China's food delivery platforms and F&amp;B sector have impacted investor sentiment and valuations. Expect stock rebound as the dust settles.</li>
<li>Uni-President’s brand loyalty and innovation capabilities should help sustain revenue and profit growth, enabling the company to weather near-term pricing and margin pressures.</li>
</ul>



Uni President China (220 HK) appeals to value investors with its stable long-term growth, attractive dividends, and diversified consumer staples portfolio, despite severe near-term sector competition.
The intense competition plaguing China's food delivery platforms and F&amp;B sector have impacted investor sentiment and valuations. Expect stock rebound as the dust settles.
Uni-President’s brand loyalty and innovation capabilities should help sustain revenue and profit growth, enabling the company to weather near-term pricing and margin pressures.


2026 High Conviction: Uni President China (220 HK): Modest Valuations, Robust Cash Flows

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. 
In this note, we will talk about the lockup dynamics and possible placement.


IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 8th. The aggregated short interest was USD25.3bn.</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 Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial, Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 8th. The aggregated short interest was USD25.3bn.
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 Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial, Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial.


TWSE Short Interest Weekly (Aug 8th): Lite-On Technology, CTBC Financial, Taishin Financial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 1st. The aggregated holding was USD1,155.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD659mln. 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, Quanta Computer, Hon Hai Precision, Taishin Financial, MediaTek, TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 1st. The aggregated holding was USD1,155.3bn.
We estimate that foreign flows to be inflows of USD659mln. 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, Quanta Computer, Hon Hai Precision, Taishin Financial, MediaTek, TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial, Mediatek.


TWSE Foreign Holding Weekly (Aug 1st): TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial

Taiwan

Uni-President Enterprises Corp. manufactures, processes, and markets instant noodles, dairy products, frozen foods, soft drinks, soy sauces, canned pickles, meat products, animal feeds, aquatic feeds, edible oils, bread, cakes, and desserts.  The Company also operates vending machines and food distribution centers in Taiwan.

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Uni President Enterprises (1216 TT)

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

2026 High Conviction: Uni President China (220 HK): Modest Valuations, Robust Cash Flows

Long-Term Upside Potential given Steady growth, Strong Cash Flows and Modest Valuations. Limited downside given Near-term sector pricing pressures...

Devi Subhakesan

IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

IFBH Ltd raised around US$169m from its Hong Kong IPO in June 2025. The lockup on its cornerstone and pre-IPO investors is set to expire soon.

Akshat Shah

TWSE Short Interest Weekly (Aug 8th): Lite-On Technology, CTBC Financial, Taishin Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), CTBC Financial...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 1st): TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT), Hon...

Ke Yan, CFA, FRM

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