Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

<ul>
<li>TSMC's 2022 outlook is bright, but new drama around Intel's possible orders could define the foundry in 2023</li>
<li>IPhone's 2022 modem is currently equipped with Qualcomm’s design but 2023's will be designed by Apple</li>
<li>TSMC's continuously updated technology roadmap shows it as a tech-leader in the foundry space</li>
</ul>


TSMC's 2022 outlook is bright, but new drama around Intel's possible orders could define the foundry in 2023
IPhone's 2022 modem is currently equipped with Qualcomm’s design but 2023's will be designed by Apple
TSMC's continuously updated technology roadmap shows it as a tech-leader in the foundry space


TSMC (TSM.US, 2330.TT): Bright Outlook in 2022

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>LGD plans to invest $1B to expand OLED module production in Vietnam, signaling a commitment to growth in the technology sector.</li><li>Wolfspeed makes a bold move by firing CEO in response to slowdown in the electric vehicle industry, showing a willingness to adapt to market changes.</li><li>MiTAC introduces AIoT innovations for smarter cities and transportation, demonstrating a focus on advancing technology for the future.</li></ul>

LGD plans to invest $1B to expand OLED module production in Vietnam, signaling a commitment to growth in the technology sector.Wolfspeed makes a bold move by firing CEO in response to slowdown in the electric vehicle industry, showing a willingness to adapt to market changes.MiTAC introduces AIoT innovations for smarter cities and transportation, demonstrating a focus on advancing technology for the future.

Tech Supply Chain Tracker (20-Nov-2024): LGD invests $1B in Vietnam OLED production.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


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.

Event-Driven

<ul>
<li>The market's reaction to Samsung Fire's stake sale seems overhyped. Given past share sales, Life may outperform Fire as this momentum unfolds.</li>
<li>I don’t see SDS merging with Samsung Electronics. It lacks synergy and could stir up PR issues. If Sammy’s stock stalls, Lee Jae-yong might sell more of his SDS stake.</li>
<li>I’m still bullish on Sammy prefs. If the tax reform passes, a special dividend, not a buyback, will be the cleanest way for Samsung to address inheritance tax.</li>
</ul>


The market's reaction to Samsung Fire's stake sale seems overhyped. Given past share sales, Life may outperform Fire as this momentum unfolds.
I don’t see SDS merging with Samsung Electronics. It lacks synergy and could stir up PR issues. If Sammy’s stock stalls, Lee Jae-yong might sell more of his SDS stake.
I’m still bullish on Sammy prefs. If the tax reform passes, a special dividend, not a buyback, will be the cleanest way for Samsung to address inheritance tax.


My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

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 KRX stocks as of Nov 15th which has an aggregated holding worth USD468.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD937mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Naver, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 15th which has an aggregated holding worth USD468.9bn.
We estimate that foreign flows to be outflows of USD937mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Naver, Samsung Electronics.


KRX Foreign Holding Weekly (Nov 15th): Naver, Samsung Electronics

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)

TSMC (TSM.US, 2330.TT): Bright Outlook in 2022

2022 outlook being bright. Intel’s possible orders in 2023. iPhone 2023 will be designed by Apple. TSMC's continuing updated technology roadmap.

Patrick Liao

Tech Supply Chain Tracker (20-Nov-2024): LGD invests $1B in Vietnam OLED production.

Companies such as LGD, MiTAC, Micron, and Foxconn make strategic moves in AI, IoT, and chip production while Samsung and YMTC Zhitai compete in the...

Tech Supply Chain Tracker

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

My Take on the Three Scenarios that Sammy Buyback Stirred up in the Market Today

This post contains my personal view on the three scenarios triggered by Samsung Electronics' buyback that shook the market today.

Sanghyun Park

KRX Foreign Holding Weekly (Nov 15th): Naver, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Naver, Samsung Electronics.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)