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 Jun 16th which has an aggregated short interest worth USD15.6bn.</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 Inventec, Quanta Computer, Walsin Lihwa, Asia Vital, Sanyang Motor, Winbond Elec, Synnex Tech Intl.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 16th which has an aggregated short interest worth USD15.6bn.
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 Inventec, Quanta Computer, Walsin Lihwa, Asia Vital, Sanyang Motor, Winbond Elec, Synnex Tech Intl.


TWSE Short Interest Weekly (Jun 16th): Inventec, Quanta Computer, Walsin Lihwa, Asia Vital

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 3rd which has an aggregated short interest worth USD11.8bn.</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 Silergy, Via Tech, Evergreen Marine, Wiwynn.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 3rd which has an aggregated short interest worth USD11.8bn.
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 Silergy, Via Tech, Evergreen Marine, Wiwynn.


TWSE Short Interest Weekly (Mar 3rd): Silergy, Via Tech, Evergreen Marine, Wiwynn

<ul>
<li>ChipMOS results missed expectations with capacity utilization falling, dragging down profitability.</li>
<li>The company sees 1Q23E as the bottom for its performance, followed by a 2Q23E rebound. However, it says it believes the Memory industry may take longer to recover.</li>
<li>We believe ChipMOS is cheap if one looks through the cycle, and it is relatively unloved by the Street hence the expectations bar is set low.</li>
</ul>


ChipMOS results missed expectations with capacity utilization falling, dragging down profitability.
The company sees 1Q23E as the bottom for its performance, followed by a 2Q23E rebound. However, it says it believes the Memory industry may take longer to recover.
We believe ChipMOS is cheap if one looks through the cycle, and it is relatively unloved by the Street hence the expectations bar is set low.


ChipMOS: Semiconductor Packaging & Testing Signs of Recovery, Cheap Through Cycle

<ul>
<li>We're now two-thirds through the Taiwan Semiconductor earnings season and about one-third through the Taiwan Hardware earnings season.</li>
<li>Semiconductor gross margins declines have been relatively large, and we believe are tracking to be worse than what consensus expected going into the earnings season.</li>
<li>There have been few examples of inventory situations improving for semicondcutor companies; results data released so far indicates a potentially deeper trough than previously expected.</li>
</ul>


We're now two-thirds through the Taiwan Semiconductor earnings season and about one-third through the Taiwan Hardware earnings season.
Semiconductor gross margins declines have been relatively large, and we believe are tracking to be worse than what consensus expected going into the earnings season.
There have been few examples of inventory situations improving for semicondcutor companies; results data released so far indicates a potentially deeper trough than previously expected.


Taiwan Semiconductors Mid-Earnings Season Review: Margins, Inventories Appear Worse Than Expected

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 (Jun 16th): Inventec, Quanta Computer, Walsin Lihwa, Asia Vital

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Quanta Computer, Walsin Lihwa, Asia...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 3rd): Silergy, Via Tech, Evergreen Marine, Wiwynn

We analyzed TWSE short interest report for the past week and highlight short interest changes in Silergy, Via Tech, Evergreen Marine, Wiwynn.

Ke Yan, CFA, FRM

ChipMOS: Semiconductor Packaging & Testing Signs of Recovery, Cheap Through Cycle

The company sees 1Q23E as the bottom for its performance, followed by a 2Q23E rebound. However, it says it believes the Memory industry may take...

Vincent Fernando, CFA

Taiwan Semiconductors Mid-Earnings Season Review: Margins, Inventories Appear Worse Than Expected

Other than comments from some companies saying they expect a 2H23E recovery in their guidance, results data released this season so far indicates a...

Vincent Fernando, CFA

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