Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.</li>
<li>Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.</li>
<li>Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.</li>
</ul>


TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.
Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.
Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.


Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

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 Mar 24th which has an aggregated short interest worth USD12.2bn.</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 Global Unichip, Nan Ya Printed, Asia Vital, Evergreen Marine, Teco Elec &amp; Mach, Yulon Motor, Fitipower, Unimicron Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 24th which has an aggregated short interest worth USD12.2bn.
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 Global Unichip, Nan Ya Printed, Asia Vital, Evergreen Marine, Teco Elec &amp; Mach, Yulon Motor, Fitipower, Unimicron Tech.


TWSE Short Interest Weekly (Mar 24th): Global Unichip, Nan Ya, Asia Vital, Evergreen Marine

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.</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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.
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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.


TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 10th which has an aggregated short interest worth USD11.5bn.</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 Evergreen Marine, Unimicron Tech, Novatek.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 10th which has an aggregated short interest worth USD11.5bn.
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 Evergreen Marine, Unimicron Tech, Novatek.


TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai's Zhengzhou problems appear to be easing; Nevertheless, the company is expanding in India and Vietnam regardless.</li>
<li>We believe the company's EV platform business and EV milestones will drive the shares in 2023E.</li>
<li>We have developed a financial model for Hon Hai and are establishing a 12-month price target of NT$155 per share, 55% above current levels. This is higher than the Street.</li>
</ul>


Hon Hai's Zhengzhou problems appear to be easing; Nevertheless, the company is expanding in India and Vietnam regardless.
We believe the company's EV platform business and EV milestones will drive the shares in 2023E.
We have developed a financial model for Hon Hai and are establishing a 12-month price target of NT$155 per share, 55% above current levels. This is higher than the Street.


Hon Hai: EV Growth Will Come Into Focus in 2023E, Can Hit NT$155 Per Share

Taiwan

Yulon Motor Co., Ltd. designs, manufactures, and sells motor vehicles and parts. The Company produces automobiles and trucks in a joint venture with Nissan Motor Company and operates dealerships throughout Taiwan.

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Yulon Motor Company (2201 TT)

Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 24th): Global Unichip, Nan Ya, Asia Vital, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Global Unichip, Nan Ya Printed, Asia Vital,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Yulon Motor, Nuvoton Tech, Airtac.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Unimicron Tech, Novatek.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 24th): Global Unichip, Nan Ya, Asia Vital, Evergreen Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Global Unichip, Nan Ya Printed, Asia Vital,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

We analyzed TWSE short interest report for the past week and highlight short interest changes in Yageo, Yulon Motor, Nuvoton Tech, Airtac.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Unimicron Tech, Novatek.

Ke Yan, CFA, FRM

Hon Hai: EV Growth Will Come Into Focus in 2023E, Can Hit NT$155 Per Share

We have developed a financial model for Hon Hai and are establishing a 12-month price target of NT$155 per share, 55% above current levels. This is...

Vincent Fernando, CFA