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 24th. The aggregated holding was USD1,996.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,351mln. 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, Hon Hai Precision, Alchip Technologies, Delta Electronics, MediaTek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 24th. The aggregated holding was USD1,996.2bn.
We estimate that foreign flows to be inflows of USD3,351mln. 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, Hon Hai Precision, Alchip Technologies, Delta Electronics, MediaTek.


TWSE Foreign Holding Weekly (Apr 24th): TSMC, Hon Hai Precision, Alchip Technologies

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.

Event-Driven

<ul>
<li>The <a href="https://asia.nikkei.com/business/companies/japan-moves-to-block-makino-machine-tool-takeover-on-security-concerns" target="_blank" rel="noopener">Nikkei reported</a> that the Japanese government has advised MBK to halt its acquisition ‌of <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> on national security grounds.</li>
<li>This event sets a precedent and will increase the risk premium for foreign takeovers of Japanese companies in core business sectors. FEFTA approval can no longer be considered low-risk.</li>
<li>Due to a significant re-rating of peers/index and Makino’s upgraded forecasts since the offer announcement, the share price fall on a deal break is likely to be modest (&lt;10%). </li>
</ul>


The Nikkei reported that the Japanese government has advised MBK to halt its acquisition ‌of Makino Milling Machine Co (6135 JP) on national security grounds.
This event sets a precedent and will increase the risk premium for foreign takeovers of Japanese companies in core business sectors. FEFTA approval can no longer be considered low-risk.
Due to a significant re-rating of peers/index and Makino’s upgraded forecasts since the offer announcement, the share price fall on a deal break is likely to be modest (&lt;10%). 


Makino Milling Machine (6135 JP): Precedent Set as FEFTA Approval Is Rumoured to Be Not Forthcoming

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 17th. The aggregated holding was USD1,852.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD4,200mln. 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, MediaTek, Yageo, Unimicron Technology, Chroma ATE.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 17th. The aggregated holding was USD1,852.6bn.
We estimate that foreign flows to be inflows of USD4,200mln. 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, MediaTek, Yageo, Unimicron Technology, Chroma ATE.


TWSE Foreign Holding Weekly (Apr 17th): TSMC, MediaTek, Yageo, Unimicron Technology, Chroma ATE

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Summary</h2><ul>
<li><em>Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> Watch 2 production built, open market smartphones in emerging countries, and <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics Co Ltd (005930 KS)</a> Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  </em></li>
<li>
<em>On</em>…</li>
</ul>

Summary
Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, Apple Inc (AAPL US) Watch 2 production built, open market smartphones in emerging countries, and Samsung Electronics Co Ltd (005930 KS) Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  

On…


Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

<p><em>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</em>…</p>

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

Taiwan

Yageo Corporation manufactures resistors and related equipment.  The Company also produces thick-film resistors which are used in downstream electronics products, and high power thin-film resistors and chip resistors which are used in aerospace, automobile, and precision electronics industries.  Through its subsidiaries, Yageo also operates a consumer goods importing business.

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Yageo Corporation (2327 TT)

TWSE Foreign Holding Weekly (Apr 24th): TSMC, Hon Hai Precision, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision, Alchip Technologies,...

Ke Yan, CFA, FRM

Makino Milling Machine (6135 JP): Precedent Set as FEFTA Approval Is Rumoured to Be Not Forthcoming

FEFTA-related deal break is rare. Due to a significant re-rating of peers/index and upgraded forecasts since the offer announcement, the share...

Arun George

TWSE Foreign Holding Weekly (Apr 17th): TSMC, MediaTek, Yageo, Unimicron Technology, Chroma ATE

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, MediaTek, Yageo, Unimicron Technology,...

Ke Yan, CFA, FRM

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

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

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