IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a>, the world’s largest consumer electronics original design manufacturer, has launched an H Share listing to raise US$580 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:229484" rel="noopener">Huaqin H Share Listing: The Investment Case</a>. </li>
<li>Given my previously discussed bearish investment case and the unattractive AH discount, I would avoid the H Share listing. </li>
</ul>



Huaqin (3296 HK), the world’s largest consumer electronics original design manufacturer, has launched an H Share listing to raise US$580 million.
I discussed the H Share listing in Huaqin H Share Listing: The Investment Case. 
Given my previously discussed bearish investment case and the unattractive AH discount, I would avoid the H Share listing. 


Huaqin H Share Listing (3296 HK): Valuation Insights

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 March 2026 monthly sales, covering our universe of about 150 supply-chain names, show revenue up +46% aggegate sales growth YoY, one of the strongest months of the current cycle.</li>
<li>The strongest pockets are where AI hardware buildout flows: Memory +196%, AI Server ODMs +57%, Electronic Components +60%, TSMC +45%, successive layers of the same AI-capex wave.</li>
<li>The chain is bifurcated. Display, Analog, and PC names are flat; ASIC design-service names are down. One cannot treat the AI supply chain as one block.</li>
</ul>



Taiwan's March 2026 monthly sales, covering our universe of about 150 supply-chain names, show revenue up +46% aggegate sales growth YoY, one of the strongest months of the current cycle.
The strongest pockets are where AI hardware buildout flows: Memory +196%, AI Server ODMs +57%, Electronic Components +60%, TSMC +45%, successive layers of the same AI-capex wave.
The chain is bifurcated. Display, Analog, and PC names are flat; ASIC design-service names are down. One cannot treat the AI supply chain as one block.


Where the AI & Semi Supply Chain Is Actually Flowing: Bottom-Up Read From Taiwan's March Sales Data

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech July sales are somehow below seasonal and below our expectations. If analysts start to factor in 3-4% appreciation on NT$ against US starting July, earnings prospects in 2H16 for semi and tech companies might not be as strong as market estimated earlier. In conclusion, we believe not much sales momentum left over before we see a seasonal semiconductor…

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech July sales are somehow below seasonal and below our expectations. If analysts start to factor in 3-4% appreciation on NT$ against US starting July, earnings prospects in 2H16 for semi and tech companies might not be as strong as market estimated earlier. In conclusion, we believe not much sales momentum left over before we see a seasonal semiconductor…

Insights from Taiwan Semi/Tech July Sales

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 Apr 10th. The aggregated holding was USD1,771.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,294mln. 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, Delta Electronics, Yageo, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 10th. The aggregated holding was USD1,771.1bn.
We estimate that foreign flows to be inflows of USD5,294mln. 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, Delta Electronics, Yageo, Wistron.


TWSE Foreign Holding Weekly (Apr 10th): TSMC, Quanta Computer, Delta Electronics, Yageo, Wistron

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 10th. The aggregated short interest was USD35.6bn.</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 MediaTek, Nanya Technology, CTBC Financial, Winbond Electronics, Elite Material.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 10th. The aggregated short interest was USD35.6bn.
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 MediaTek, Nanya Technology, CTBC Financial, Winbond Electronics, Elite Material.


TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

Taiwan

Wistron Corporation manufactures and markets notebook computers, personal computers, and other related information products.

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Wistron Corp (3231 TT)

Where the AI & Semi Supply Chain Is Actually Flowing: Bottom-Up Read From Taiwan's March Sales Data

Taiwan's March 2026 sales show strong growth in AI hardware sectors, with Memory up 196% and TSMC up 45%. The supply chain is sharply bifurcated,...

Vincent Fernando, CFA

Insights from Taiwan Semi/Tech July Sales

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech...

Andrew Lu

TWSE Foreign Holding Weekly (Apr 10th): TSMC, Quanta Computer, Delta Electronics, Yageo, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Electronics, Yageo,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek, Nanya Technology, CTBC Financial,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Huaqin H Share Listing (3296 HK): Valuation Insights

Huaqin, the world’s largest consumer electronics original design manufacturer, has launched an H Share listing to raise US$580 million. In this...

Arun George

Where the AI & Semi Supply Chain Is Actually Flowing: Bottom-Up Read From Taiwan's March Sales Data

​Taiwan's March 2026 sales show strong growth in AI hardware sectors, with Memory up 196% and TSMC up 45%. The supply chain is sharply bifurcated,...

Vincent Fernando, CFA

Insights from Taiwan Semi/Tech July Sales

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech...

Andrew Lu

TWSE Foreign Holding Weekly (Apr 10th): TSMC, Quanta Computer, Delta Electronics, Yageo, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Delta Electronics, Yageo,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek, Nanya Technology, CTBC Financial,...

Ke Yan, CFA, FRM

Taiwan's March 2026 sales show strong growth in AI hardware sectors, with Memory up 196% and TSMC up 45%. The supply chain is sharply bifurcated,...