Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> outlook for 1Q24F is likely to show a slightly negative QoQ revenue trend. However, we anticipate a positive direction from 2Q24F onwards.  </li>
<li>We have a relatively high conviction for 2024F compared to 2023, indicating upside potential for the Memory and Logic sectors.</li>
<li>The supply of 12" raw wafers remains constrained among the top market players, and overcoming this constraint won't be easy.  </li>
</ul>


The Globalwafers (6488 TT) outlook for 1Q24F is likely to show a slightly negative QoQ revenue trend. However, we anticipate a positive direction from 2Q24F onwards.  
We have a relatively high conviction for 2024F compared to 2023, indicating upside potential for the Memory and Logic sectors.
The supply of 12" raw wafers remains constrained among the top market players, and overcoming this constraint won't be easy.  


GlobalWafers (6488.TT): 1Q24F Outlook Could Be a Bit Downside, but 2Q24F Could Be Picking Upward.

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

<ul><li>I continue to believe events in Ukraine, Israel, and China have broader implications than are appreciated by markets today.</li><li>For now, my takeaways are simple (from most to least confident): own defense stocks and broad reshoring winners, and don’t get caught off-guard by tail events.</li><li>Some notable additions (all long): Chemring (UK-based defense company that Upslope previously owned and re-added), North West Co (Canadian specialty retailer), nVent Electric (electrical connection/protection supplier), and Intel (leading semiconductor device manufacturer). Upslope also exited Man Group (UK-based alt. asset manager).</li></ul>

I continue to believe events in Ukraine, Israel, and China have broader implications than are appreciated by markets today.For now, my takeaways are simple (from most to least confident): own defense stocks and broad reshoring winners, and don’t get caught off-guard by tail events.Some notable additions (all long): Chemring (UK-based defense company that Upslope previously owned and re-added), North West Co (Canadian specialty retailer), nVent Electric (electrical connection/protection supplier), and Intel (leading semiconductor device manufacturer). Upslope also exited Man Group (UK-based alt. asset manager).

Upslope's Quarterly Investor Letter: 2023-Q4 Update

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Samsung Electronics / Equity Capital Markets

<ul>
<li>KEB Hana Bank, on behalf of the Lee family, is looking to raise up to US$1.6bn via selling 0.5% of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> </li>
<li>The deal appears to be somewhat well flagged, however, the timing could have been much better.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


KEB Hana Bank, on behalf of the Lee family, is looking to raise up to US$1.6bn via selling 0.5% of Samsung Electronics (005930 KS) 
The deal appears to be somewhat well flagged, however, the timing could have been much better.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Samsung Electronics Placement - Somewhat Well Flagged but Could Have Timed It Better

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Macroeconomics

<ul>
<li>Vietnam’s GDP expanded by 5.05% in 2023, lower than the government’s official target of 6.5%</li>
<li>Chinese President Xi Jinping's first visit to Vietnam in six years aims to strengthen ties between the two communist nations.</li>
<li>China and the US vying for cooperation with Vietnam in developing rare earth minerals essential for energy transition.</li>
</ul>


Vietnam’s GDP expanded by 5.05% in 2023, lower than the government’s official target of 6.5%
Chinese President Xi Jinping's first visit to Vietnam in six years aims to strengthen ties between the two communist nations.
China and the US vying for cooperation with Vietnam in developing rare earth minerals essential for energy transition.


Vietnam: Resilient Economic Growth Driven by Friend-Shoring & Bamboo Diplomacy

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

Thematic (Sector/Industry)

<ul>
<li>Nanya 12/23 revenues NT$ 3,162 million, +10% MoM, +31.73% YoY. UMC 12/23 revenues NT$ 16,979,226. -9.6% MoM, -18.9%  YoY. Samsung Q423 Sales Flat,  Op Profit +16% QoQ</li>
<li>Quintaurius, a RISC-V collaboration between Bosch, Infineon, Nordic, NXP &amp; Qualcomm, launched in Germany</li>
<li>Intel takes delivery of the first ASML High-NA EUV tool. It's a great photo opportunity but that's about as far as it goes</li>
</ul>


Nanya 12/23 revenues NT$ 3,162 million, +10% MoM, +31.73% YoY. UMC 12/23 revenues NT$ 16,979,226. -9.6% MoM, -18.9%  YoY. Samsung Q423 Sales Flat,  Op Profit +16% QoQ
Quintaurius, a RISC-V collaboration between Bosch, Infineon, Nordic, NXP &amp; Qualcomm, launched in Germany
Intel takes delivery of the first ASML High-NA EUV tool. It's a great photo opportunity but that's about as far as it goes


Semiconductor Events Deserving Your Attention @9/1/2024

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

GlobalWafers (6488.TT): 1Q24F Outlook Could Be a Bit Downside, but 2Q24F Could Be Picking Upward.

Globalwafers' 1Q24F outlook may have a slight decline in revenue, and a positive trend is expected from 2Q24F. Overcoming the constraint in the...

Patrick Liao

Upslope's Quarterly Investor Letter: 2023-Q4 Update

I continue to believe events in Ukraine, Israel, and China have broader implications than are appreciated by markets today. For now, my takeaways...

Upslope Capital Management

Samsung Electronics Placement - Somewhat Well Flagged but Could Have Timed It Better

KEB Hana Bank, on behalf of the Lee family, is looking to raise up to US$1.6bn via selling 0.5% of Samsung Electronics (005930 KS)

Sumeet Singh

Vietnam: Resilient Economic Growth Driven by Friend-Shoring & Bamboo Diplomacy

Vietnam's government expects robust growth in 2024 despite GDP growth in 2023 falling short of the target, China and the US seek closer ties with...

Mint Finance

Semiconductor Events Deserving Your Attention @9/1/2024

Quintaurius, a RISC-V collaboration between Bosch, Infineon, Nordic, NXP & Qualcomm, launches. Intel gets first ASML High-NA EUV tool. Great photo...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GlobalWafers (6488.TT): 1Q24F Outlook Could Be a Bit Downside, but 2Q24F Could Be Picking Upward.

​Globalwafers' 1Q24F outlook may have a slight decline in revenue, and a positive trend is expected from 2Q24F. Overcoming the constraint in the...

Patrick Liao

Upslope's Quarterly Investor Letter: 2023-Q4 Update

I continue to believe events in Ukraine, Israel, and China have broader implications than are appreciated by markets today. For now, my takeaways...

Upslope Capital Management

Samsung Electronics Placement - Somewhat Well Flagged but Could Have Timed It Better

KEB Hana Bank, on behalf of the Lee family, is looking to raise up to US$1.6bn via selling 0.5% of Samsung Electronics (005930 KS)

Sumeet Singh

Vietnam: Resilient Economic Growth Driven by Friend-Shoring & Bamboo Diplomacy

​Vietnam's government expects robust growth in 2024 despite GDP growth in 2023 falling short of the target, China and the US seek closer ties with...

Mint Finance

Semiconductor Events Deserving Your Attention @9/1/2024

Quintaurius, a RISC-V collaboration between Bosch, Infineon, Nordic, NXP & Qualcomm, launches. Intel gets first ASML High-NA EUV tool. Great photo...

William Keating

Globalwafers' 1Q24F outlook may have a slight decline in revenue, and a positive trend is expected from 2Q24F. Overcoming the constraint in the...

Vietnam's government expects robust growth in 2024 despite GDP growth in 2023 falling short of the target, China and the US seek closer ties with...