Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>According to our valuation analysis, the implied target price of GigaDevice Semiconductor post secondary listing in Hong Kong is 230 HKD. </li>
<li>This is 42% higher than the high end of the IPO price range (HKD162 per share). We have assumed a 25% discount to H shares versus the A shares. </li>
<li>To value GigaDevice Semiconductor, we used four comps including Winbond Electronics (2344 TT), Puya Semiconductor Shanghai (688766 CH), Ingenic Semiconductor Co A (300223 CH), and Shenzhen Techwinsemi.</li>
</ul>


According to our valuation analysis, the implied target price of GigaDevice Semiconductor post secondary listing in Hong Kong is 230 HKD. 
This is 42% higher than the high end of the IPO price range (HKD162 per share). We have assumed a 25% discount to H shares versus the A shares. 
To value GigaDevice Semiconductor, we used four comps including Winbond Electronics (2344 TT), Puya Semiconductor Shanghai (688766 CH), Ingenic Semiconductor Co A (300223 CH), and Shenzhen Techwinsemi.


GigaDevice Semiconductor HK Listing Valuation Analysis

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the March 2026 index rebal event.</li>
<li>We expect four changes for T50 including an addition triggered by a change in listing venue. Separately, some of the T100 expected DELs are also expected DELs for TDIV.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the March 2026 index rebal event.
We expect four changes for T50 including an addition triggered by a change in listing venue. Separately, some of the T100 expected DELs are also expected DELs for TDIV.


Quiddity Leaderboard T50/​​​100 Mar26: Couple of TDIV Deletions Likely as Things Stand

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 foreign holdings of TWSE Stocks as of Jan 2nd. The aggregated holding was USD1,442.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD571mln. 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 Wistron, Hon Hai Precision, Winbond Electronics, King Yuan Electronics, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 2nd. The aggregated holding was USD1,442.0bn.
We estimate that foreign flows to be inflows of USD571mln. 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 Wistron, Hon Hai Precision, Winbond Electronics, King Yuan Electronics, Delta Electronics.


TWSE Foreign Holding Weekly (Jan 2nd): Wistron, Hon Hai Precision, Winbond Electronics

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 26th. The aggregated holding was USD1,387.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD310mln. 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 TSMC, Asustek Computer, E.SUN Financial, Taishin Financial, Taiwan Mobile, TSMC, Asustek Computer, E.Sun Financial, Taishin Financial, Taiwan Mobile.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 26th. The aggregated holding was USD1,387.7bn.
We estimate that foreign flows to be inflows of USD310mln. 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 TSMC, Asustek Computer, E.SUN Financial, Taishin Financial, Taiwan Mobile, TSMC, Asustek Computer, E.Sun Financial, Taishin Financial, Taiwan Mobile.


TWSE Foreign Holding Weekly (Dec 26th): TSMC, Asustek Computer, E.SUN Financial, Taishin Financial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,695mln. 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 TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.
We estimate that foreign flows to be outflows of USD4,695mln. 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 TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.


TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

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.

Price Gauge
52-week Range	0.00 - 0.00
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Winbond Electronics (2344 TT)

GigaDevice Semiconductor HK Listing Valuation Analysis

According to our valuation analysis, the implied target price of GigaDevice Semiconductor post secondary listing in Hong Kong is 230 HKD.

Douglas Kim

Quiddity Leaderboard T50/100 Mar26: Couple of TDIV Deletions Likely as Things Stand

When TDIV members get deleted from the T100 index, they get deleted from the TDIV index too which triggers major index outflows for those stocks....

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jan 2nd): Wistron, Hon Hai Precision, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wistron (3231 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 26th): TSMC, Asustek Computer, E.SUN Financial, Taishin Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Asustek Computer (2357 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GigaDevice Semiconductor HK Listing Valuation Analysis

According to our valuation analysis, the implied target price of GigaDevice Semiconductor post secondary listing in Hong Kong is 230 HKD.

Douglas Kim

Quiddity Leaderboard T50/​​​100 Mar26: Couple of TDIV Deletions Likely as Things Stand

When TDIV members get deleted from the T100 index, they get deleted from the TDIV index too which triggers major index outflows for those stocks....

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jan 2nd): Wistron, Hon Hai Precision, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wistron (3231 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 26th): TSMC, Asustek Computer, E.SUN Financial, Taishin Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Asustek Computer (2357 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Mar26: Couple of TDIV Deletions Likely as Things Stand