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 Jan 13th which has an aggregated short interest worth USD12.1bn.</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 Delta Elec, Cathay Financial, Gigabyte Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 13th which has an aggregated short interest worth USD12.1bn.
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 Delta Elec, Cathay Financial, Gigabyte Tech.


TWSE Short Interest Weekly (Jan 13th): Delta Elec, Cathay Financial, Gigabyte Tech

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan's government has passed new major tax subsidies to support semiconductor firms' R&amp;D and capex spending.</li>
<li>TSMC results will be out this afternoon; Interestingly, TSMC's CEO has been buying shares during October, November, and December.</li>
<li>Hon Hai has begun iPhone 15 trial production, and Zhengzhou is back to 100%.</li>
</ul>


Taiwan's government has passed new major tax subsidies to support semiconductor firms' R&amp;D and capex spending.
TSMC results will be out this afternoon; Interestingly, TSMC's CEO has been buying shares during October, November, and December.
Hon Hai has begun iPhone 15 trial production, and Zhengzhou is back to 100%.


Taiwan Tech Weekly: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jan 6th which has an aggregated short interest worth USD12.2bn.</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 Cathay Financial, Walsin Lihwa, China Devt.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 6th which has an aggregated short interest worth USD12.2bn.
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 Cathay Financial, Walsin Lihwa, China Devt.


TWSE Short Interest Weekly (Jan 6th): Cathay Financial, Walsin Lihwa, China Devt

<ul>
<li>TSMC's ADR premium is entering the higher end of its range since early 2022. Earnings coming this week.</li>
<li>UMC's ADR has flipped from a discount to a moderate premium. Earnings are ahead as well.</li>
<li>ASE Technology's ADR premium has reached 6.1%, high even for this usually higher-premium trading pair.</li>
</ul>


TSMC's ADR premium is entering the higher end of its range since early 2022. Earnings coming this week.
UMC's ADR has flipped from a discount to a moderate premium. Earnings are ahead as well.
ASE Technology's ADR premium has reached 6.1%, high even for this usually higher-premium trading pair.


Taiwan Dual-Listings: TSMC Premium Hitting High Territory, ASE Shoots to 6.1%

<ul>
<li>TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.</li>
<li>Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.</li>
<li>Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.</li>
</ul>


TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.
Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.
Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.


Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectron Sp Adr (UMC US)

TWSE Short Interest Weekly (Jan 13th): Delta Elec, Cathay Financial, Gigabyte Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Delta Elec, Cathay Financial, Gigabyte Tech.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

TSMC results will be released this afternoon. Notably, TSMC's CEO has been buying shares over the last three months. Hon Hai begins iPhone 15 trial...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jan 6th): Cathay Financial, Walsin Lihwa, China Devt

We analyzed TWSE short interest report for the past week and highlight short interest changes in Cathay Financial, Walsin Lihwa, China Devt.

Ke Yan, CFA, FRM

Taiwan Dual-Listings: TSMC Premium Hitting High Territory, ASE Shoots to 6.1%

TSMC's ADR premium is entering the higher end of its range since early 2022. TSMC earnings are coming this week as well. UMC's earnings will be...

Vincent Fernando, CFA

Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.

Vincent Fernando, CFA

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