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 Sep 6th which has an aggregated short interest worth USD19.8bn.</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 TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux, Formosa Petrochemical, Ctbc Financial, Shin Kong Financial, Alchip Technologies.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 6th which has an aggregated short interest worth USD19.8bn.
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 TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux, Formosa Petrochemical, Ctbc Financial, Shin Kong Financial, Alchip Technologies.


TWSE Short Interest Weekly (Sep 6th): TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux

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>Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance</li>
<li>Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending</li>
<li>Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag</li>
</ul>


Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance
Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending
Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag


Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 30th which has an aggregated holding worth USD966.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,127mln. 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 foreign holding changes in Mega Financial Holding, TSMC, Ctbc Financial Holding, Quanta Computer, Hon Hai Precision Industry.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 30th which has an aggregated holding worth USD966.3bn.
We estimate that foreign flows to be outflows of USD1,127mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign holding changes in Mega Financial Holding, TSMC, Ctbc Financial Holding, Quanta Computer, Hon Hai Precision Industry.


TWSE Foreign Holding Weekly (Aug 30th): Mega Financial Holding, TSMC

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 30th 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 Ctbc Financial, Century Iron And Steel Industrial, Bizlink Holding, Jinan Acetate Chemical, Lotus Pharmaceutical.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 30th 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 Ctbc Financial, Century Iron And Steel Industrial, Bizlink Holding, Jinan Acetate Chemical, Lotus Pharmaceutical.


TWSE Short Interest Weekly (Aug 30th): Ctbc Financial, Century Iron And Steel Industrial

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Company's 2Q24 overall performance exceeded expectations, and 3Q and 4Q are expected to be flat and to grow by 10-20% per quarter, respectively.</li>
<li>With expectations of continued improvement in ASP and cost structure, overall gross profit margin is expected to continue to grow.</li>
<li>Gen4 (12") is mainly applied in EV, AI server, and new energy sectors, as these applications have higher specification requirements.</li>
</ul>


Company's 2Q24 overall performance exceeded expectations, and 3Q and 4Q are expected to be flat and to grow by 10-20% per quarter, respectively.
With expectations of continued improvement in ASP and cost structure, overall gross profit margin is expected to continue to grow.
Gen4 (12") is mainly applied in EV, AI server, and new energy sectors, as these applications have higher specification requirements.


Silergy (6415.TT): 2024 Can Be Operating Trough, and Revenue in 2025 Is Expected to Grow by 20-30%.

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 (Sep 6th): TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Cathay Financial, Visual Photonics...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 30th): Mega Financial Holding, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Mega Financial Holding, Taiwan Semiconductor...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 30th): Ctbc Financial, Century Iron And Steel Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Century Iron And Steel...

Ke Yan, CFA, FRM

Silergy (6415.TT): 2024 Can Be Operating Trough, and Revenue in 2025 Is Expected to Grow by 20-30%.

Company's strong 2Q24 performance surpasses expectations, with flat 3Q and 10-20% growth in 4Q; Gen4 mainly used in EV, AI server, and new energy...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TWSE Short Interest Weekly (Sep 6th): TSMC, Cathay Financial, Visual Photonics Epitaxy, Innolux

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Cathay Financial, Visual Photonics...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 30th): Mega Financial Holding, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Mega Financial Holding, Taiwan Semiconductor...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 30th): Ctbc Financial, Century Iron And Steel Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ctbc Financial Holding, Century Iron And Steel...

Ke Yan, CFA, FRM

Silergy (6415.TT): 2024 Can Be Operating Trough, and Revenue in 2025 Is Expected to Grow by 20-30%.

​Company's strong 2Q24 performance surpasses expectations, with flat 3Q and 10-20% growth in 4Q; Gen4 mainly used in EV, AI server, and new energy...

Patrick Liao

Company's strong 2Q24 performance surpasses expectations, with flat 3Q and 10-20% growth in 4Q; Gen4 mainly used in EV, AI server, and new energy...