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 short interest of TWSE Stocks as of Jan 12th which has an aggregated short interest worth USD13.4bn.</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, Yang Ming Marine, Gigabyte Tech, Auo, Bora Pharma.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jan 12th which has an aggregated short interest worth USD13.4bn.
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, Yang Ming Marine, Gigabyte Tech, Auo, Bora Pharma.


TWSE Short Interest Weekly (Jan 12th): Evergreen Marine, Yang Ming Marine, Gigabyte Tech, Auo

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>U.S. has announced new bans on PE and VC investment into key Chinese tech industries.</li>
<li>Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.</li>
<li>Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.</li>
</ul>


U.S. has announced new bans on PE and VC investment into key Chinese tech industries.
Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.
Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.


Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

<ul>
<li>Apple will report its earnings on August 3rd, 14:00 PDT. We highlight two potential trades into the Apple earnings event.</li>
<li>Quanta Computer has massively outperformed Apple due to investors latching on to its AI-server growth story. One can consider to Long Apple / Short Quanta into the Apple earnings event.</li>
<li>Hon Hai, Flexium, and Zhen Ding have all lagged Apple's shares yet generate significant revenue from Apple. One can Long a basket of the three into Apple's earnings.</li>
</ul>


Apple will report its earnings on August 3rd, 14:00 PDT. We highlight two potential trades into the Apple earnings event.
Quanta Computer has massively outperformed Apple due to investors latching on to its AI-server growth story. One can consider to Long Apple / Short Quanta into the Apple earnings event.
Hon Hai, Flexium, and Zhen Ding have all lagged Apple's shares yet generate significant revenue from Apple. One can Long a basket of the three into Apple's earnings.


Taiwan Apple Ecosystem Monitor: Two Potential Event Trades into Apple Earnings

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

<ul>
<li>Our aggregate analysis of the 1Q23 earnings season showed a more balanced beat/miss ratio than 4Q22 likely due to already-downgraded forecasts presenting a lower expectations hurdle.</li>
<li>Semiconductor's inventory situation overall appeared to get worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies. Margins fell to the last cycle lows.</li>
<li>Hardware showed small signs of overall inventory improvement. Margins fell further but remained pretty high relative to the previous cycle.</li>
</ul>


Our aggregate analysis of the 1Q23 earnings season showed a more balanced beat/miss ratio than 4Q22 likely due to already-downgraded forecasts presenting a lower expectations hurdle.
Semiconductor's inventory situation overall appeared to get worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies. Margins fell to the last cycle lows.
Hardware showed small signs of overall inventory improvement. Margins fell further but remained pretty high relative to the previous cycle.


Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>This week is relatively in terms of earnings. <a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> will however be reporting on the 18th U.S. time.</li>
<li>Hon Hai sees the PC market bottoming; Separately, we've closed our Long Acer vs. Short Asus and reversed it to Long Asus vs. Short Acer again.</li>
<li>Quant shares have surged post results, dramatically outperforming Apple and other key Apple suppliers.</li>
</ul>


This week is relatively in terms of earnings. Applied Materials (AMAT US) will however be reporting on the 18th U.S. time.
Hon Hai sees the PC market bottoming; Separately, we've closed our Long Acer vs. Short Asus and reversed it to Long Asus vs. Short Acer again.
Quant shares have surged post results, dramatically outperforming Apple and other key Apple suppliers.


Taiwan Tech Weekly: PC Market Bottoming, AMAT, Quanta Outperforms Peers, Samsung Tesla Meeting

Taiwan

Zhen Ding Technology Holding Ltd is a manufacturer of printed circuit board. The Company design, development, manufacture and sale of printed circuit board.

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Zhen Ding Technology Holding (4958 TT)

TWSE Short Interest Weekly (Jan 12th): Evergreen Marine, Yang Ming Marine, Gigabyte Tech, Auo

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Yang Ming Marine, Gigabyte...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

Also, Elan Microelectronics and ChipMOS reported strong results. The two companies represent two Longs to consider, we still see upside.

Vincent Fernando, CFA

Taiwan Apple Ecosystem Monitor: Two Potential Event Trades into Apple Earnings

Apple will report its earnings on August 3rd. We highlight one Long / Short and one Long-Only Basket trade into the event.

Vincent Fernando, CFA

Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle

Semiconductor's inventory situation got worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies....

Vincent Fernando, CFA

Taiwan Tech Weekly: PC Market Bottoming, AMAT, Quanta Outperforms Peers, Samsung Tesla Meeting

Quant shares have surged post results, dramatically outperforming Apple and other key Apple suppliers. WiWynn shares crashed post results despite...

Vincent Fernando, CFA

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