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 Oct 18th which has an aggregated short interest worth USD20.7bn.</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 Ase Industrial, Asia Vital Components, Taishin Financial, Century Iron And Steel Industrial, Quanta Computer, Wistron, Via Technologies, Mediatek.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 18th which has an aggregated short interest worth USD20.7bn.
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 Ase Industrial, Asia Vital Components, Taishin Financial, Century Iron And Steel Industrial, Quanta Computer, Wistron, Via Technologies, Mediatek.


TWSE Short Interest Weekly (Oct 18th): Ase Industrial, Asia Vital Components, Taishin Financial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 18th which has an aggregated holding worth USD1,053.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,488mln. 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 Hon Hai Precision Industry, TSMC, Quanta Computer, Delta Electronics, Fubon Financial, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 18th which has an aggregated holding worth USD1,053.9bn.
We estimate that foreign flows to be inflows of USD1,488mln. 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 Hon Hai Precision Industry, TSMC, Quanta Computer, Delta Electronics, Fubon Financial, United Microelectronics.


TWSE Foreign Holding Weekly (Oct 18th): Hon Hai Precision Industry, TSMC, Quanta Computer

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: +18.7% Premium; Trading Range Sustaining at an Elevated Level</li>
<li>UMC: -1.8% Discount; Good Level to Go Long the Spread</li>
<li>ASE: 0.0% Premium; Good Level to Go Long the Spread</li>
</ul>


TSMC: +18.7% Premium; Trading Range Sustaining at an Elevated Level
UMC: -1.8% Discount; Good Level to Go Long the Spread
ASE: 0.0% Premium; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

<ul>
<li>Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition</li>
<li>Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip</li>
<li>TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators</li>
</ul>


Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition
Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip
TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators


Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>4Q24 Guidance: Sales will be US$26.1-26.9bn, up 13%; GM outlook will be 57-59%; and OPM outlook is 46.5-48.5%</li>
<li>AI revenue contribution will triple and reach mid-teens sales contribution this year. Almost every AI innovator cooperates with TSMC.</li>
<li>APT will grow above the corporate average in the next five years.GM is approaching the corporate average, but it's not the same currently.</li>
</ul>


4Q24 Guidance: Sales will be US$26.1-26.9bn, up 13%; GM outlook will be 57-59%; and OPM outlook is 46.5-48.5%
AI revenue contribution will triple and reach mid-teens sales contribution this year. Almost every AI innovator cooperates with TSMC.
APT will grow above the corporate average in the next five years.GM is approaching the corporate average, but it's not the same currently.


TSMC (2330.TT; TSM.US): 4Q24 Outgrowth; Co-Work with Almost AI Innovators.

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 (Oct 18th): Ase Industrial, Asia Vital Components, Taishin Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ase Industrial, Asia Vital Components, Taishin...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Oct 18th): Hon Hai Precision Industry, TSMC, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision Industry, TSMC, Quanta...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

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

Vincent Fernando, CFA

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q24 Outgrowth; Co-Work with Almost AI Innovators.

TSMC's 4Q24 guidance shows strong sales growth, with AI revenue set to triple and contribute significantly to overall sales. APT expected to...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Oct 18th): Ase Industrial, Asia Vital Components, Taishin Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ase Industrial, Asia Vital Components, Taishin...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Oct 18th): Hon Hai Precision Industry, TSMC, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision Industry, TSMC, Quanta...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

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

Vincent Fernando, CFA

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

​Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q24 Outgrowth; Co-Work with Almost AI Innovators.

​TSMC's 4Q24 guidance shows strong sales growth, with AI revenue set to triple and contribute significantly to overall sales. APT expected to...

Patrick Liao

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

TSMC's 4Q24 guidance shows strong sales growth, with AI revenue set to triple and contribute significantly to overall sales. APT expected to...