Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai shares have rallied to new 52-week highs; We update our model and sanity check the company's 2025E gross margin target.</li>
<li>Hon Hai can realize its target higher gross margin as its revenue mix changes between its legacy contract manufacturing and components/ higher value products revenue.</li>
<li>We maintain our 12-month price target of NT$155 per share, 35% above current levels and higher than the entire Street.</li>
</ul>


Hon Hai shares have rallied to new 52-week highs; We update our model and sanity check the company's 2025E gross margin target.
Hon Hai can realize its target higher gross margin as its revenue mix changes between its legacy contract manufacturing and components/ higher value products revenue.
We maintain our 12-month price target of NT$155 per share, 35% above current levels and higher than the entire Street.


Hon Hai: Hits New 52-Week Highs; Sanity Checking Management Guidance Shows Still More Upside

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jun 9th which has an aggregated short interest worth USD14.8bn.</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 Alchip Tech, Mediatek, Gigabyte Tech, Walsin Lihwa, Yageo, Unimicron Tech, Eva Airways, Nanya Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 9th which has an aggregated short interest worth USD14.8bn.
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 Alchip Tech, Mediatek, Gigabyte Tech, Walsin Lihwa, Yageo, Unimicron Tech, Eva Airways, Nanya Tech.


TWSE Short Interest Weekly (Jun 9th): Alchip Tech, Mediatek, Gigabyte Tech, Walsin Lihwa, Yageo

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jun 2nd which has an aggregated short interest worth USD14.5bn.</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 Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo, Global Unichip, Chunghwa Telecom, Eva Airways, Nanya Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jun 2nd which has an aggregated short interest worth USD14.5bn.
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 Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo, Global Unichip, Chunghwa Telecom, Eva Airways, Nanya Tech.


TWSE Short Interest Weekly (Jun 2nd): Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.</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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.
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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.


TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.</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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.
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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.


TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

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)

Hon Hai: Hits New 52-Week Highs; Sanity Checking Management Guidance Shows Still More Upside

We maintain our 12-month price target of NT$155 per share, 35% above current levels and higher than the entire Street. We show how higher margin...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Jun 9th): Alchip Tech, Mediatek, Gigabyte Tech, Walsin Lihwa, Yageo

We analyzed TWSE short interest report for the past week and highlight short interest changes in Alchip Tech, Mediatek, Gigabyte Tech, Walsin...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Jun 2nd): Wistron, Mediatek, Gigabyte Tech, Lite-On Tech, Yageo

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Mediatek, Gigabyte Tech, Lite-On Tech,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay...

Ke Yan, CFA, FRM

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