Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC: on track to ahead of schedule to start its 2nm fabs installations. Production planed for late 2025, revenues early 2026. Side benefits from Samsung closing some Foundry capacity.</li>
<li>SK Hynix: the HBM roadmap is accelerating. HBM3e 12H seeing order surge. HBM3e 16H qualification early 2025.</li>
<li>Samsung: after the Semi profit crash in 3Q, rumors of shutting down some Foundry capacity. SK Hynix HBM news flow suggests that SK Hynix’s lead is increasing.</li>
</ul>


TSMC: on track to ahead of schedule to start its 2nm fabs installations. Production planed for late 2025, revenues early 2026. Side benefits from Samsung closing some Foundry capacity.
SK Hynix: the HBM roadmap is accelerating. HBM3e 12H seeing order surge. HBM3e 16H qualification early 2025.
Samsung: after the Semi profit crash in 3Q, rumors of shutting down some Foundry capacity. SK Hynix HBM news flow suggests that SK Hynix’s lead is increasing.


Tech News This Week: TSMC, SK Hynix, Samsung, AMD, Apple

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>SK Hynix strengthens partnership with TSMC to advance HBM technology and more, enhancing their collaboration in the semiconductor industry.</li><li>Meta is investing in XR ecosystem for future smart devices, as indicated by DIGITIMES Research, indicating a shift towards immersive technology in their product roadmap.</li><li>Super Micro experiences revenue shortfall due to accounting issues and GPU delays, while Intel contemplates splitting its business amidst complex challenges.</li></ul>

SK Hynix strengthens partnership with TSMC to advance HBM technology and more, enhancing their collaboration in the semiconductor industry.Meta is investing in XR ecosystem for future smart devices, as indicated by DIGITIMES Research, indicating a shift towards immersive technology in their product roadmap.Super Micro experiences revenue shortfall due to accounting issues and GPU delays, while Intel contemplates splitting its business amidst complex challenges.

Tech Supply Chain Tracker (07-Nov-2024): HBM + beyond: SK Hynix partners with TSMC

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 short interest of KRX stocks as of Nov 1st which has an aggregated short interest worth USD4.9bn.</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 Hanwha Systems, HPSP, CSWIND.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 1st which has an aggregated short interest worth USD4.9bn.
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 Hanwha Systems, HPSP, CSWIND.


KRX Short Interest Weekly (Nov 1st): Hanwha Systems, HPSP, CSWIND

<ul><li>China overtakes Japan in auto exports despite tariff hurdles, solidifying its dominance in the industry.</li><li>Samsung Display moves up 8.6G IT OLED mass production plan to 2025, aiming for quicker industry advancements.</li><li>Nvidia's Jensen Huang requests early HBM4 delivery from SK Hynix, signaling potential developments in the tech sector.</li></ul>

China overtakes Japan in auto exports despite tariff hurdles, solidifying its dominance in the industry.Samsung Display moves up 8.6G IT OLED mass production plan to 2025, aiming for quicker industry advancements.Nvidia's Jensen Huang requests early HBM4 delivery from SK Hynix, signaling potential developments in the tech sector.

Tech Supply Chain Tracker (06-Nov-2024): China leads in auto exports over Japan despite tariffs.

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>In general, <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)'</a> 3Q24 revenue, GM, OPM, and prepayment are hitting a recent low in 2024.</li>
<li>GlobalWafers stated that the semiconductor industry is generally recovering for AI, but we do not think that AI can represent the entire semiconductor industry.  </li>
<li>Demand for advanced sub-3nm nodes and AI technologies is expected to increase, which will drive fab utilization.</li>
</ul>


In general, Globalwafers (6488 TT)' 3Q24 revenue, GM, OPM, and prepayment are hitting a recent low in 2024.
GlobalWafers stated that the semiconductor industry is generally recovering for AI, but we do not think that AI can represent the entire semiconductor industry.  
Demand for advanced sub-3nm nodes and AI technologies is expected to increase, which will drive fab utilization.


GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Tech News This Week: TSMC, SK Hynix, Samsung, AMD, Apple

Positive: TSMC 2nm, SK Hynix HBM roadmap accelerating. Negative: Samsung to shut down some Foundry capacity, SK Hynix lead in HBM is growing.

Nicolas Baratte

Tech Supply Chain Tracker (07-Nov-2024): HBM + beyond: SK Hynix partners with TSMC

Tech companies like SK Hynix, TSMC, Meta, Intel, and Samsung are making strategic moves in the industry while facing challenges like revenue...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Nov 1st): Hanwha Systems, HPSP, CSWIND

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems, HPSP, CSWIND.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (06-Nov-2024): China leads in auto exports over Japan despite tariffs.

China leads global auto exports while Samsung accelerates OLED production, Nvidia pushes for early delivery, Trump hints at CHIPS Act shutdown,...

Tech Supply Chain Tracker

GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.

Globalwafers' 3Q24 performance hits recent low, but semiconductor industry recovery driven by demand for advanced nodes and AI technologies.

Patrick Liao

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech News This Week: TSMC, SK Hynix, Samsung, AMD, Apple

Positive: ​TSMC 2nm, SK Hynix HBM roadmap accelerating. Negative: Samsung to shut down some Foundry capacity, SK Hynix lead in HBM is growing.

Nicolas Baratte

Tech Supply Chain Tracker (07-Nov-2024): HBM + beyond: SK Hynix partners with TSMC

Tech companies like SK Hynix, TSMC, Meta, Intel, and Samsung are making strategic moves in the industry while facing challenges like revenue...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Nov 1st): Hanwha Systems, HPSP, CSWIND

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems, HPSP, CSWIND.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (06-Nov-2024): China leads in auto exports over Japan despite tariffs.

China leads global auto exports while Samsung accelerates OLED production, Nvidia pushes for early delivery, Trump hints at CHIPS Act shutdown,...

Tech Supply Chain Tracker

GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.

​Globalwafers' 3Q24 performance hits recent low, but semiconductor industry recovery driven by demand for advanced nodes and AI technologies.

Patrick Liao

Positive: TSMC 2nm, SK Hynix HBM roadmap accelerating. Negative: Samsung to shut down some Foundry capacity, SK Hynix lead in HBM is growing.

Globalwafers' 3Q24 performance hits recent low, but semiconductor industry recovery driven by demand for advanced nodes and AI technologies.