Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.</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 Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.
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 Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.


TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.</p>

The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.

May Semiconductor Revenues Break a Record Once Again

<p>WSTS has forecast for both 2021 and 2022 semiconductor revenues to break records.  While three years of strong back-to-back revenue growth has occurred in the past, there are reasons, which we explain here, to take this forecast with a good measure of skepticism.</p>

WSTS has forecast for both 2021 and 2022 semiconductor revenues to break records.  While three years of strong back-to-back revenue growth has occurred in the past, there are reasons, which we explain here, to take this forecast with a good measure of skepticism.

WSTS Forecast: Record Semiconductor Revenues in Both 2021 & 2022

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

CXMT Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/changxin-memory-technologies-inc" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT (1726722D CH)</a> aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.</li>
<li>It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China's DRAM market and high competitiveness built on its technological strength. </li>
<li>At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers. </li>
</ul>



CXMT (1726722D CH) aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.
It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China's DRAM market and high competitiveness built on its technological strength. 
At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers. 


CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.</li>
<li>A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.</li>
<li>Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.</li>
</ul>


Taiwan's memory leaders tumbled after China's GigaDevice warned prices had peaked, and a US class action accused Samsung, SK Hynix and Micron of colluding to inflate DRAM prices.
A report that Meta will resell spare AI compute sparked a global chip selloff, with the Philadelphia Semiconductor Index down 6.27%, though Nomura called the shortage far from over.
Even so, pricing power spread to passives and timing chips, silicon-wafer and component makers led Taiwan's gainers, and Korea pledged another US$290bn into memory fabs.


Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

Taiwan

Winbond Electronics Corporation designs, manufactures, and sells integrated circuits (IC) and related products.  The Company sells its products in Taiwan, the United States, and Hong Kong.

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Winbond Electronics (2344 TT)

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

May Semiconductor Revenues Break a Record Once Again

Even the semiconductors that are not in a dire shortage are in tight supply, driving prices and revenues to extraordinary heights. This Insight...

Jim Handy

WSTS Forecast: Record Semiconductor Revenues in Both 2021 & 2022

The semiconductor industry's statistics body, WSTS, released a very bullish Spring forecast, predicting revenues to break records in both 2021 and...

Jim Handy

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...

Osbert Tang, CFA

Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

May Semiconductor Revenues Break a Record Once Again

Even the semiconductors that are not in a dire shortage are in tight supply, driving prices and revenues to extraordinary heights. This Insight...

Jim Handy

WSTS Forecast: Record Semiconductor Revenues in Both 2021 & 2022

The semiconductor industry's statistics body, WSTS, released a very bullish Spring forecast, predicting revenues to break records in both 2021 and...

Jim Handy

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

​CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...

Osbert Tang, CFA

Taiwan Tech Weekly: Memory's Big Run Wobbles, But Other Supply Chain Shortages Keep Broadening

​Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...

Vincent Fernando, CFA

CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...

Taiwan's memory leaders face challenges, global chip selloff triggered by Meta's AI compute resell plan, but pricing power extends to other chip...