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 May 23rd. The aggregated holding was USD1,015.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD826mln. 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 Bizlink, TSMC, Ctbc Financial, Yang Ming Marine, Wistron, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 23rd. The aggregated holding was USD1,015.2bn.
We estimate that foreign flows to be inflows of USD826mln. 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 Bizlink, TSMC, Ctbc Financial, Yang Ming Marine, Wistron, Mediatek.


TWSE Foreign Holding Weekly (May 23rd): Bizlink, TSMC, Ctbc Financial, Yang Ming Marine, Wistron

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 23rd. The aggregated short interest was USD22.5bn.</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 Cathay Financial, Gigabyte Technology, Nanya Technology, Tatung.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 23rd. The aggregated short interest was USD22.5bn.
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 Cathay Financial, Gigabyte Technology, Nanya Technology, Tatung.


TWSE Short Interest Weekly (May 23rd): Cathay Financial, Gigabyte Technology, Nanya Technology

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher</li>
<li>ASE: +6.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread</li>
</ul>


TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher
ASE: +6.0% Premium; Near Level to Go Short the ADR Spread
ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 16th which has an aggregated holding worth USD1,018.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,873mln. We tabulate the league table 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, Evergreen Marine, Yang Ming Marine, Ctbc Financial, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 16th which has an aggregated holding worth USD1,018.6bn.
We estimate that foreign flows to be inflows of USD2,873mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial, Quanta Computer.


TWSE Foreign Holding Weekly (May 16th): TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 16th which has an aggregated short interest worth USD22.6bn.</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 highlight short interest changes in Tatung, Makalot Industrial, Wt Microelectronics, Gold Circuit Electronics.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 16th which has an aggregated short interest worth USD22.6bn.
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 highlight short interest changes in Tatung, Makalot Industrial, Wt Microelectronics, Gold Circuit Electronics.


TWSE Short Interest Weekly (May 16th): Tatung, Makalot Industrial, Wt Microelectronics

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 Foreign Holding Weekly (May 23rd): Bizlink, TSMC, Ctbc Financial, Yang Ming Marine, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Bizlink, TSMC, Ctbc Financial, Yang Ming Marine,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 23rd): Cathay Financial, Gigabyte Technology, Nanya Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Cathay Financial, Gigabyte Technology, Nanya...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

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

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (May 16th): TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Evergreen Marine, Yang Ming Marine, Ctbc...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 16th): Tatung, Makalot Industrial, Wt Microelectronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Tatung, Makalot Industrial, Wt Microelectronics,...

Ke Yan, CFA, FRM

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Market Cap (USDm)

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