Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum.  Analysts project a 35% one-year return for the sector.</li>
<li>Outflows to Hong Kong ETFs since the start of the Iran War have reversed and remained neutral this month.  Southbound net flows are flat after turning negative in 1Q26.</li>
<li><a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a> has been in the news following its 1H26 earnings report. The company's H shares have gained 30% since their July listing.</li>
</ul>


The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum.  Analysts project a 35% one-year return for the sector.
Outflows to Hong Kong ETFs since the start of the Iran War have reversed and remained neutral this month.  Southbound net flows are flat after turning negative in 1Q26.
Chaozhou Three-Circle (6951 HK) has been in the news following its 1H26 earnings report. The company's H shares have gained 30% since their July listing.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, Taiwanese passive components maker <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> announced its Board had approved the launching of a Tender on <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>. </li>
<li>It turns out YAGEO approached them in October, Shibaura stonewalled for 3mos, required an NDA to meet, and refused to budge. METI Corporate Takeover Guidelines were likely ignored.</li>
<li>This could set off a flurry of activity including competition, an auction, promises of dividends, and who knows what. It will be exciting but it's not C&amp;F.</li>
</ul>


Today, Taiwanese passive components maker Yageo Corporation (2327 TT) announced its Board had approved the launching of a Tender on Shibaura Electronics (6957 JP). 
It turns out YAGEO approached them in October, Shibaura stonewalled for 3mos, required an NDA to meet, and refused to budge. METI Corporate Takeover Guidelines were likely ignored.
This could set off a flurry of activity including competition, an auction, promises of dividends, and who knows what. It will be exciting but it's not C&amp;F.


Taiwan's Yageo (2327 TT) Announces Hostile Tender on Shibaura Electronics (6957 JP) - I Have 🍿🍿

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 Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

<ul>
<li>TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. </li>
<li>Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising </li>
<li>UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. </li>
</ul>


TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. 
Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising 
UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. 


Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
<li>Taiwan Tech Plays Have Soared Since TSMC's Strong Outlook, and SK Hynix Reported a Return to Op Profit</li>
<li>Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron</li>
<li>Key Upcoming Events -- Intel, Microsoft, Mediatek, UMC Results Ahead</li>
</ul>


Taiwan Tech Plays Have Soared Since TSMC's Strong Outlook, and SK Hynix Reported a Return to Op Profit
Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron
Key Upcoming Events -- Intel, Microsoft, Mediatek, UMC Results Ahead


Taiwan Tech Weekly: SK Hynix Boosts Optimism for Memory; Intel, Mediatek, Microsoft, UMC Key Events

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)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)

The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum. Analysts project a 35%...

David Mudd

Taiwan's Yageo (2327 TT) Announces Hostile Tender on Shibaura Electronics (6957 JP) - I Have 🍿🍿

Taiwanese passive electronics maker YAGEO announced a hostile tender offer planned for May for Shibaura Electronics. WOW. 37% premium. 1.9x book....

Travis Lundy

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Taiwan Tech Weekly: SK Hynix Boosts Optimism for Memory; Intel, Mediatek, Microsoft, UMC Key Events

A strong outlook from TSMC and SK Hynix's return to op profit have boosted Taiwan tech; Why Microsoft's Copilot will accelerate demand for DRAM;...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)

The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum. Analysts project a 35%...

David Mudd

Taiwan's Yageo (2327 TT) Announces Hostile Tender on Shibaura Electronics (6957 JP) - I Have 🍿🍿

Taiwanese passive electronics maker YAGEO announced a hostile tender offer planned for May for Shibaura Electronics. WOW. 37% premium. 1.9x book....

Travis Lundy

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

​TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Taiwan Tech Weekly: SK Hynix Boosts Optimism for Memory; Intel, Mediatek, Microsoft, UMC Key Events

​A strong outlook from TSMC and SK Hynix's return to op profit have boosted Taiwan tech; Why Microsoft's Copilot will accelerate demand for DRAM;...

Vincent Fernando, CFA

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

A strong outlook from TSMC and SK Hynix's return to op profit have boosted Taiwan tech; Why Microsoft's Copilot will accelerate demand for DRAM;...