Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

Novatek Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs).  The Company's products are used in telecommunication, computer peripherals, and LCD (liquid crystal display) drivers.

<ul>
<li>2024 Cash Dividend is NT$28, with payout ratio slightly increased to 83.76%. 2Q25 Guidance Revenue: NT$26.5–27.7bn / US$828–866mn (vs. ~US$830mn in 1Q24), Gross Margin is 37–40% and OPM is 18.5–21.5%.</li>
<li>100% of sales and cost are denominated in USD. A 1% appreciation of the  TWD implies a 0.2% decrease in net income.</li>
<li>2H25 Outlook: Visibility remains low, and tariffs continue to be the key uncertainty.</li>
</ul>


2024 Cash Dividend is NT$28, with payout ratio slightly increased to 83.76%. 2Q25 Guidance Revenue: NT$26.5–27.7bn / US$828–866mn (vs. ~US$830mn in 1Q24), Gross Margin is 37–40% and OPM is 18.5–21.5%.
100% of sales and cost are denominated in USD. A 1% appreciation of the  TWD implies a 0.2% decrease in net income.
2H25 Outlook: Visibility remains low, and tariffs continue to be the key uncertainty.


Novatek (3034.TT): US Tariffs Remain the Key Uncertainty.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Advanced Micro Devices / Equity Bottom-Up

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

<ul>
<li>AMD yesterday reported Q1 2025 revenues of $7.4 billion, up 36% YoY, down 3% QoQ and $300 million above the guided midpoint. Non-GAAP Gross margin was 50%, precisely as guided</li>
<li>AMD forecasted current quarter revenues of $7.4 billion, flat sequentially, together with gross margin of 43% incorporating the impact of an $800 million charge related to the latest China restrictions</li>
<li>Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct Accelerators. That comes in 2026.</li>
</ul>


AMD yesterday reported Q1 2025 revenues of $7.4 billion, up 36% YoY, down 3% QoQ and $300 million above the guided midpoint. Non-GAAP Gross margin was 50%, precisely as guided
AMD forecasted current quarter revenues of $7.4 billion, flat sequentially, together with gross margin of 43% incorporating the impact of an $800 million charge related to the latest China restrictions
Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct Accelerators. That comes in 2026.


AMD Q1 2025 Earnings Review. Firing On All Cylinders

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

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

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

Vanguard Intl Semiconductor / Equity Bottom-Up

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

<ul>
<li>2Q25 outlook: Wafer shipments are expected to grow +3~5% QoQ, ASP is expected to increase +0~2% QoQ and Gross margin is projected at 27~29%.</li>
<li>2Q25 by platform: PMIC to see significant growth; discrete to grow in low single digits; DDIC to remain flat.</li>
<li>The 2024 annual dividend policy is maintained at NT$4.5 per share.</li>
</ul>


2Q25 outlook: Wafer shipments are expected to grow +3~5% QoQ, ASP is expected to increase +0~2% QoQ and Gross margin is projected at 27~29%.
2Q25 by platform: PMIC to see significant growth; discrete to grow in low single digits; DDIC to remain flat.
The 2024 annual dividend policy is maintained at NT$4.5 per share.


Vanguard (5347.TT): 2Q25 Outlooks Largely in Line; Exchange Rates and Tariffs Remain Uncertain…

<ul>
<li>
TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread</li>
<li>
UMC: -1.8% Discount; Also Near a Level to Go Long the Spread</li>
<li>
CHT: -2.2% Discount; Good Level to Go Long the Spread</li>
</ul>



TSMC: +15% Premium; Trading Near Level to Go Long the ADR Spread

UMC: -1.8% Discount; Also Near a Level to Go Long the Spread

CHT: -2.2% Discount; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

Insights on Tech Hardware and Semiconductors

Tech Hardware and Semiconductor Research
Insights on Tech Hardware and Semiconductors

Novatek (3034.TT): US Tariffs Remain the Key Uncertainty.

2024 payout ratio 83.76%. 2Q25 Revenue guidance NT$26.5–27.7bn / US$828–866mn, Gross Margin 37–40%, OPM 18.5–21.5%. Sales and cost in USD, 1% TWD...

Patrick Liao

AMD Q1 2025 Earnings Review. Firing On All Cylinders

Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct...

William Keating

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Vanguard (5347.TT): 2Q25 Outlooks Largely in Line; Exchange Rates and Tariffs Remain Uncertain…

2Q25 outlook: Wafer shipments to grow, ASP to increase, gross margin projected; PMIC to see significant growth, dividend policy maintained at...

Patrick Liao

Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Novatek (3034.TT): US Tariffs Remain the Key Uncertainty.

​2024 payout ratio 83.76%. 2Q25 Revenue guidance NT$26.5–27.7bn / US$828–866mn, Gross Margin 37–40%, OPM 18.5–21.5%. Sales and cost in USD, 1% TWD...

Patrick Liao

AMD Q1 2025 Earnings Review. Firing On All Cylinders

Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct...

William Keating

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Vanguard (5347.TT): 2Q25 Outlooks Largely in Line; Exchange Rates and Tariffs Remain Uncertain…

​2Q25 outlook: Wafer shipments to grow, ASP to increase, gross margin projected; PMIC to see significant growth, dividend policy maintained at...

Patrick Liao

Taiwan Dual-Listings Monitor: Market Volatility Has Opened Up Multiple Spread Trading Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

2024 payout ratio 83.76%. 2Q25 Revenue guidance NT$26.5–27.7bn / US$828–866mn, Gross Margin 37–40%, OPM 18.5–21.5%. Sales and cost in USD, 1% TWD...

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

2Q25 outlook: Wafer shipments to grow, ASP to increase, gross margin projected; PMIC to see significant growth, dividend policy maintained at...