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 short interest of TWSE Stocks as of Dec 2nd which has an aggregated short interest worth USD14.6bn.</li>
<li>We tabulate league table 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 analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 2nd which has an aggregated short interest worth USD14.6bn.
We tabulate league table 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 analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.


TWSE Short Interest Weekly (Dec 2nd): Walsin Lihwa, Gold Circuit, Lotus

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 23rd which has an aggregated short interest worth USD12.3bn.</li>
<li>We tabulate league table 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 Eva Airways, Powerchip Semiconductor, AUO Corp, Formosa Plastics, Realtek, Yageo.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 23rd which has an aggregated short interest worth USD12.3bn.
We tabulate league table 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 Eva Airways, Powerchip Semiconductor, AUO Corp, Formosa Plastics, Realtek, Yageo.


TWSE Short Interest Weekly (Sep 23rd): Eva Airways, Powerchip

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Many of Taiwan's banks saw loans rise by 30-46% over the past three years</li>
<li>Well known large names, Fubon, Taishin, Chinatrust are all in this group</li>
<li>With rising rates and higher prices, there is increased credit risk</li>
</ul>


Many of Taiwan's banks saw loans rise by 30-46% over the past three years
Well known large names, Fubon, Taishin, Chinatrust are all in this group
With rising rates and higher prices, there is increased credit risk


Global Bank Equity Specialist, Creative Portfolios

Paul Hollingworth

Global Bank Equity Specialist

Creative Portfolios

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/union-bank-of-taiwan" target="_blank" data-smartkarma-citation="entities:16572:1" rel="noopener">Union Bank Of Taiwan (2838 TT)</a> Union Bank of Taiwan’s operating units include Banking, Trust, Wealth Management, Security Finance, Bills Finance, International Banking Department of the Head Office, Insurance Agency Department, an Offshore Banking Unit (OBU), three overseas representative offices in Hong Kong, Ho Chi Minh City and Hanoi, Vietnam, and 90 domestic branches (including the business department). Within Taiwan, Union Bank of Taiwan operates 49 branches in Greater Taipei, 18 in Taoyuan and Hsinchu, 9 in Taichung and Changhua, 6 in Chiayi and Tainan, and 8 in Kaohsiung and Pingtung.The bank balances its consumer division (59% of Loans) with a focus on mortgages with its corporate business (41% of Loans), backed by CASA funding (81%), mainly from savings accounts.The PH Score™ of Union Bank of Taiwan is favorable given amelioration in Profitability, in Efficiency, in NIM/Spread, in Capital Adequacy, and in Asset Quality. There was though some very slight erosion in some Provisioning and in Liquidity. Relative to closely matched counterparts by size*, 2838 commands better Asset Quality than its counterparts and has a more diversified Income stream by non-Interest Income/Operating Revenues though Profitability, NIM, and Efficiency ratios, while improving, are below the median as testament to the National System more than anything else.<div class="content-highlight">A FV of 6%, a PBV of 0.6x, and an Earnings Yield of 11.5% are not unattractive. These are below thresholds of 10%, 1x, and 10%, respectively. The bank commands strong fundamental momentum and value-quality characteristics as measured the PH Score™. This is not a gung-ho narrative but relatively low-risk and a stolid unglamorous proposition irrespective of political noise.</div> *Taichung Commercial, Wuxi Rural, Far Eastern, Dah sing Financial, O-Bank, Jiangsu Suzhou Rural, Jiangsu Zijin Rural, Jiangsu Zhangjinag Rural, Jiangsu Jiangyin Rural, Jilin Jiutai Rural.

Union Bank Of Taiwan (2838 TT) Union Bank of Taiwan’s operating units include Banking, Trust, Wealth Management, Security Finance, Bills Finance, International Banking Department of the Head Office, Insurance Agency Department, an Offshore Banking Unit (OBU), three overseas representative offices in Hong Kong, Ho Chi Minh City and Hanoi, Vietnam, and 90 domestic branches (including the business department). Within Taiwan, Union Bank of Taiwan operates 49 branches in Greater Taipei, 18 in Taoyuan and Hsinchu, 9 in Taichung and Changhua, 6 in Chiayi and Tainan, and 8 in Kaohsiung and Pingtung.The bank balances its consumer division (59% of Loans) with a focus on mortgages with its corporate business (41% of Loans), backed by CASA funding (81%), mainly from savings accounts.The PH Score™ of Union Bank of Taiwan is favorable given amelioration in Profitability, in Efficiency, in NIM/Spread, in Capital Adequacy, and in Asset Quality. There was though some very slight erosion in some Provisioning and in Liquidity. Relative to closely matched counterparts by size*, 2838 commands better Asset Quality than its counterparts and has a more diversified Income stream by non-Interest Income/Operating Revenues though Profitability, NIM, and Efficiency ratios, while improving, are below the median as testament to the National System more than anything else.A FV of 6%, a PBV of 0.6x, and an Earnings Yield of 11.5% are not unattractive. These are below thresholds of 10%, 1x, and 10%, respectively. The bank commands strong fundamental momentum and value-quality characteristics as measured the PH Score™. This is not a gung-ho narrative but relatively low-risk and a stolid unglamorous proposition irrespective of political noise. *Taichung Commercial, Wuxi Rural, Far Eastern, Dah sing Financial, O-Bank, Jiangsu Suzhou Rural, Jiangsu Zijin Rural, Jiangsu Zhangjinag Rural, Jiangsu Jiangyin Rural, Jilin Jiutai Rural.

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Yuanta Financial Holding Co / Equity Bottom-Up

*Very Solid 1Q21: Yuanta Financial Holding (2885.TT) [Yuanta] reported 1Q21 results of NTD 9.4 bn, increasing NTD 4.9 bn (107.5%) linked quarter. Much of Yuanta’s linked quarter growth can be attributed to strong net interest income growth from both a margin loan and bank loan balance increases; a significant reduction in loss provisioning; and net fee improvement on the back of an ADTV increase on the TAIEX; and*Hidden Yuanta Earnings At Bank: At 21% of Yuanta’s bottom-line, Yunata Bank posted strong core operating results as well – NTD 2.0 bn, increasing NTD 731 mn or 59.2% linked quarter. Reserve cover of NPLs is extraordinary and the best we’ve seen in Asia thus far at 12.1x. By our calculation, Yuanta Bank has over reserved and can release upward of NTD 10.5 bn – representing over one quarter of Yuanta’s quarterly bottom-line.

*Very Solid 1Q21: Yuanta Financial Holding (2885.TT) [Yuanta] reported 1Q21 results of NTD 9.4 bn, increasing NTD 4.9 bn (107.5%) linked quarter. Much of Yuanta’s linked quarter growth can be attributed to strong net interest income growth from both a margin loan and bank loan balance increases; a significant reduction in loss provisioning; and net fee improvement on the back of an ADTV increase on the TAIEX; and*Hidden Yuanta Earnings At Bank: At 21% of Yuanta’s bottom-line, Yunata Bank posted strong core operating results as well – NTD 2.0 bn, increasing NTD 731 mn or 59.2% linked quarter. Reserve cover of NPLs is extraordinary and the best we’ve seen in Asia thus far at 12.1x. By our calculation, Yuanta Bank has over reserved and can release upward of NTD 10.5 bn – representing over one quarter of Yuanta’s quarterly bottom-line.

Yuanta Financial Holding – Firing On All Cylinders

Taiwan

Union Bank of Taiwan accepts various deposits and provides short and medium term loans.  The Bank issues discount notes, invests in government bonds, short-term bills, corporate bonds and financial debentures, issues domestic letter of credit, and conducts savings and trust business.  Union Bank of Taiwan also provides remittance and guarantee services.

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Union Bank of Taiwan (2838 TT)

TWSE Short Interest Weekly (Dec 2nd): Walsin Lihwa, Gold Circuit, Lotus

We analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Gold Circuit, Lotus.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 23rd): Eva Airways, Powerchip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Eva Airways, Powerchip Semiconductor, AUO Corp,...

Ke Yan, CFA, FRM

Taiwan - Fastest Growers at 46%

The fastest growing banks in Taiwan, have seen loans up 30-46% over the past 3 years. There is huge seasoning risk with rising rates and high...

Daniel Tabbush

2838: PH Score™ Signals Outperformance

Taiwan is under pressure with C-19 and increased political noise. We see past the clouds at an undervalued franchise with strong value-quality trends.

Paul Hollingworth

Yuanta Financial Holding – Firing On All Cylinders

YUANTA FINANCIAL: Yuanta reported a QOQ 1Q21 results increase of 107.5%, attributed to strong net interest income growth and a provision reduction....

Thomas J. Monaco

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