2221 enters the final day of April having given back some of a strong monthly run, with a week that tested whether recent buyers are still committed.
The month-to-date picture is striking. The stock climbed 17.5% in TWD terms over the past four weeks, closing Wednesday at NT$36.90. The week reversed part of that gain — down 5.1% from last Friday — yet Wednesday alone added 2.5%, suggesting the pullback has not been a one-way move. The tension between a strong monthly trend and a soft week is the defining setup heading into May.
Short interest is no meaningful part of this story. Bearish positioning remains negligible at roughly 0.34% of the free float, unchanged across the past two weeks after a small trim from 0.41% in mid-April. The borrow market is as loose as it gets — availability is effectively uncapped, with more than enough supply for any incremental short seller. Cost to borrow has been easing steadily: it fell 21% on the week and 27% on the month to 4.79%, the lowest level in over a year. The short score has also drifted down over the past fortnight, slipping from 29.3 to 28.4. Taken together, this points to declining bearish conviction rather than any meaningful build-up of pressure.
Ownership tells the more interesting structural story. The Huang family collectively controls well over 60% of the company — founding shareholder Shih Feng Huang alone holds 40.75% of total shares. Three other Huang-surnamed individuals account for a further 24% between them. That concentration means the freely tradeable float is tight by design. UBS Asset Management holds a small institutional position at 0.46%, but there is essentially no active institutional churn in the register — every holder reported zero change at the last update. On a stock this closely held, price moves can be amplified in either direction simply because the float is shallow.
The ORTEX factor scores offer limited colour at this price level. The dividend score ranks at 66 — historically respectable — but the last confirmed cash dividend was paid in July 2022, so that score likely reflects prior-year payouts rather than an imminent distribution. The short-score percentile rank of 79 reflects how high the score has historically been relative to peers, though the absolute level at 28.4 is modest. The sector score of 50 is neutral. No recent analyst coverage is available for this name, which is typical for a small, family-controlled Taiwanese industrial manufacturer with limited institutional float.
Peer performance this week was sharply divergent. Close peer 6705 shed 25% on the week — the steepest move in the group — while 2070 gained 15%. That kind of dispersion across correlated names points to stock-specific moves rather than a broad sector theme, and underscores how idiosyncratic 2221's own 5% retreat looks against the backdrop. Earnings reactions have historically been contained: the last four announcements each produced a first-day move of less than 1.2%, with a mix of slight negatives on the day followed by more varied five-day outcomes.
What to watch: whether the stock can hold the NT$36–37 range as the week closes, and whether the gradual easing in cost to borrow continues — a metric that has halved from its two-year highs and could signal a further shift in how lenders are pricing the stock.
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