External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 3Q23 results but mixed 4Q23 outlook with shipment/ASP pressure and lower GPM given weak broad-based recovery, low UTR, depreciation and higher utility costs.</li><li>Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction.</li><li>Overall, we expect global foundry industry to return to positive growth in 1H24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 3Q23 results but mixed 4Q23 outlook with shipment/ASP pressure and lower GPM given weak broad-based recovery, low UTR, depreciation and higher utility costs.Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction.Overall, we expect global foundry industry to return to positive growth in 1H24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn), alleviating concerns on supply constraints and impact on China sales. Key highlights include: 1) FY4Q24E guidance beat on stronger topline/margin with strong AI demand and robust product pipeline into 2024</li><li>2) China’s sales to drop significantly in 4Q23, largely offset by strong growth in other regions, and new regulation-compliant solutions will be available for China (20-25% of DC sales) in the next few months</li><li>3) mgmt. guided continued chip capacity expansion to meet growth, and expected data center revenue to grow through 2025</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn), alleviating concerns on supply constraints and impact on China sales. Key highlights include: 1) FY4Q24E guidance beat on stronger topline/margin with strong AI demand and robust product pipeline into 20242) China’s sales to drop significantly in 4Q23, largely offset by strong growth in other regions, and new regulation-compliant solutions will be available for China (20-25% of DC sales) in the next few months3) mgmt. guided continued chip capacity expansion to meet growth, and expected data center revenue to grow through 2025Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – NVIDIA FY3Q24: Another Stunning Quarter on Robust AI Demand

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

<ul>
<li>TSMC's N2 technology is currently undergoing verification for a 256Mb SRAM, and it will be implemented in Hsinchu and Kaohsiung, Taiwan.</li>
<li>The TSMC N3 technology capacity was 65kwpm in 3Q23, and the current version is N3B, which were adopted by Apple for the iPhone 15 this year.</li>
<li>Both N3E and N2 only have 20 layers EUV masks.</li>
</ul>


TSMC's N2 technology is currently undergoing verification for a 256Mb SRAM, and it will be implemented in Hsinchu and Kaohsiung, Taiwan.
The TSMC N3 technology capacity was 65kwpm in 3Q23, and the current version is N3B, which were adopted by Apple for the iPhone 15 this year.
Both N3E and N2 only have 20 layers EUV masks.


TSMC (2330.TT; TSM.US): N2 Technology Is Scheduled in 2025F.

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

<ul>
<li>TSMC: 7.4% Premium -- Previous Short Has Worked, Now Wait For Better Levels</li>
<li>ChipMOS: -2.0% Discount -- Good Level to Go Long the Spread</li>
<li>CHT: -1.2% Discount -- Good Level to Go Long the Spread</li>
</ul>


TSMC: 7.4% Premium -- Previous Short Has Worked, Now Wait For Better Levels
ChipMOS: -2.0% Discount -- Good Level to Go Long the Spread
CHT: -1.2% Discount -- Good Level to Go Long the Spread


Taiwan Dual Listings Monitor: TSMC Premium Slumps; CHT & ChipMOS at Rare Opportunity Levels

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 foreign holdings of TWSE Stocks as of Nov 17th which has an aggregated holding worth USD664.7bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD2,654mln and highlight foreign changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 17th which has an aggregated holding worth USD664.7bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD2,654mln and highlight foreign changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta Computer.


TWSE Foreign Holding Weekly (Nov 17th): TSMC, WT, Evergreen Marine, Via Tech, Quanta Computer

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

Technology – Global Foundry 3Q23 Wrap

Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction

CMB International

China Technology – NVIDIA FY3Q24: Another Stunning Quarter on Robust AI Demand

NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn)

CMB International

TSMC (2330.TT; TSM.US): N2 Technology Is Scheduled in 2025F.

TSMC's N2 technology is currently undergoing verification for a 256Mb SRAM. TSMC N3 technology capacity was 65kwpm in 3Q23. The current version is...

Patrick Liao

Taiwan Dual Listings Monitor: TSMC Premium Slumps; CHT & ChipMOS at Rare Opportunity Levels

In this piece we provide our long and short levels for each dual-listing spread. ChipMOS and CHT spreads are at historically rare levels.

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Nov 17th): TSMC, WT, Evergreen Marine, Via Tech, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Wt, Evergreen Marine, Via Tech, Quanta...

Ke Yan, CFA, FRM

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