Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

ASM Pacific Technology / Equity Bottom-Up

<ul>
<li>Revenue of HK$5.27 billion (US$674.8 million), +21.5% YoY and -15.1% QoQ, was at the high end of revenue guidance issued in 1Q22.</li>
<li>Revenue guidance was US$670 million to US$740 million, which was +5.8% YoY and +4.5% QoQ at mid-point in Q2 2022.</li>
<li>Usually, the 1st quarter is the weakest of the year. The booking magnitude might be showing how is the industry customers' confidence now. </li>
</ul>


Revenue of HK$5.27 billion (US$674.8 million), +21.5% YoY and -15.1% QoQ, was at the high end of revenue guidance issued in 1Q22.
Revenue guidance was US$670 million to US$740 million, which was +5.8% YoY and +4.5% QoQ at mid-point in Q2 2022.
Usually, the 1st quarter is the weakest of the year. The booking magnitude might be showing how is the industry customers' confidence now. 


ASMP (522.HK): 1Q22 Results and 2Q22 Forecast- A Warm up in 2022 and It Should Be Another Hike in 3Q

<ul>
<li>Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. It was higher than the prior high-end guidance of $NTD141.5bn.</li>
<li>The 2nd quarter outlook could be slight growth of NTD$148.9bn/49.1% GM, which could be not much growth expected.</li>
<li>The expectation of the 5G deployment could be a bit slower because of COVID-19 impact and slow down in China handset shipment. </li>
</ul>


Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. It was higher than the prior high-end guidance of $NTD141.5bn.
The 2nd quarter outlook could be slight growth of NTD$148.9bn/49.1% GM, which could be not much growth expected.
The expectation of the 5G deployment could be a bit slower because of COVID-19 impact and slow down in China handset shipment. 


MediaTek (2454.TT): 1Q22 Results/​ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

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.

Event-Driven

<ul>
<li>LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.</li>
<li>LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.
LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

Equity Capital Markets

<ul>
<li>SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.</li>
<li>SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.</li>
<li>In this note, we look at valuations for its main segments.</li>
</ul>


SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety &amp; Care.
In this note, we look at valuations for its main segments.


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Samsung Biologics   / Equity Capital Markets

<ul>
<li>Samsung Biologics (207940 KS) has succeeded in a rights offering worth ₩3.2T to the existing shareholders. The subscription rate of the existing shareholders and the ESOP came out at 100.25%.</li>
<li>The size of immediately floatable shares is estimated at 1 million, representing 1.55% of SO and 22.82x ADTV. It is a size that will significantly impact the short-term flow.</li>
<li>There is a sufficient circumstantial probability that the 1M new stocks, currently at a 20% return, will lead to immediate profit realization after listing.</li>
</ul>


Samsung Biologics (207940 KS) has succeeded in a rights offering worth ₩3.2T to the existing shareholders. The subscription rate of the existing shareholders and the ESOP came out at 100.25%.
The size of immediately floatable shares is estimated at 1 million, representing 1.55% of SO and 22.82x ADTV. It is a size that will significantly impact the short-term flow.
There is a sufficient circumstantial probability that the 1M new stocks, currently at a 20% return, will lead to immediate profit realization after listing.


Samsung Biologics: Post-Offering Trading Dynamics on Potential Overhang

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

ASMP (522.HK): 1Q22 Results and 2Q22 Forecast- A Warm up in 2022 and It Should Be Another Hike in 3Q

Revenue guidance was US$670 million to US$740 million, which was +5.8% YoY and +4.5% QoQ. Usually, the 1st quarter is the weakest. The booking...

Patrick Liao

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. The 2nd quarter outlook could be slightly growth of NTD$148.9bn/49.1%...

Patrick Liao

LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.

Sumeet Singh

SK Shieldus IPO - Fairly Valued, at Best

SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note, we talk about...

Sumeet Singh

Samsung Biologics: Post-Offering Trading Dynamics on Potential Overhang

This post discusses Samsung Biologics' post-offering trading dynamics on potential overhang as a little more than 1M new shares, 22x ADTV, will...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASMP (522.HK): 1Q22 Results and 2Q22 Forecast- A Warm up in 2022 and It Should Be Another Hike in 3Q

Revenue guidance was US$670 million to US$740 million, which was +5.8% YoY and +4.5% QoQ. Usually, the 1st quarter is the weakest. The booking...

Patrick Liao

MediaTek (2454.TT): 1Q22 Results/​ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

Mediatek revenue was NTD$142.7bn in 1Q22, which was 32.1% YoY and 10.9% QoQ. The 2nd quarter outlook could be slightly growth of NTD$148.9bn/49.1%...

Patrick Liao

LG Energy IPO Lock-Up - Some Might Be Tempted to Book Profits

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO in Jan 22. Its three-month lockup is set to expire soon.

Sumeet Singh

SK Shieldus IPO - Fairly Valued, at Best

SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO. In this note, we talk about...

Sumeet Singh

Samsung Biologics: Post-Offering Trading Dynamics on Potential Overhang

This post discusses Samsung Biologics' post-offering trading dynamics on potential overhang as a little more than 1M new shares, 22x ADTV, will...

Sanghyun Park

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits