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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.</li>
<li>Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.</li>
<li>Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.</li>
</ul>


Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.
Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.
Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.


2025 High Conviction: Samsung Electronics

Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

<ul>
<li>The Magnificent Seven has increased by a whopping 111.6% in 2024, outpacing the return of S&amp;P500 at 26.3% during the same period.</li>
<li>The average return of the "Magnificent Seven" over the past month is approximately 3.61% whereas that for S&amp;P500 is approximately 2.33%.</li>
<li>However the Magnificent Seven are quite away from their peak now as the peak-to-present return range from -9.48% to -4.17%.</li>
</ul>


The Magnificent Seven has increased by a whopping 111.6% in 2024, outpacing the return of S&amp;P500 at 26.3% during the same period.
The average return of the "Magnificent Seven" over the past month is approximately 3.61% whereas that for S&amp;P500 is approximately 2.33%.
However the Magnificent Seven are quite away from their peak now as the peak-to-present return range from -9.48% to -4.17%.


When Will the Magnificent Seven Break New High Again?

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>ZTO US: Parcel volume remains strong in first week of Double 11 sales(+)</li>
<li>ZTO US: New single day parcel volume record achieved at start of Double 11 (+)</li>
<li>2618 HK: Cainiao delivery integrated on the JD platform. (/)</li>
</ul>


ZTO US: Parcel volume remains strong in first week of Double 11 sales(+)
ZTO US: New single day parcel volume record achieved at start of Double 11 (+)
2618 HK: Cainiao delivery integrated on the JD platform. (/)


[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

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

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

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

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

2025 High Conviction: Samsung Electronics

Three reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax...

Douglas Kim

When Will the Magnificent Seven Break New High Again?

The Magnificent Seven outperform S&P500 in 2023 with a 111.6% increase, but are now below peak levels. Whether they can break new high again...

Alex Ng

[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

Blue Lotus Research Institute

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

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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

2025 High Conviction: Samsung Electronics

Three reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax...

Douglas Kim

When Will the Magnificent Seven Break New High Again?

​The Magnificent Seven outperform S&P500 in 2023 with a 111.6% increase, but are now below peak levels. Whether they can break new high again...

Alex Ng

[Blue Lotus Daily]:ZTO/2618HK/NIU/603529CH/1585HK/MNSO/300750CH/1211HK/ZLAB/BZ/1810HK/AAPL/NIO/XPEV

​ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

Blue Lotus Research Institute

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

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

The Magnificent Seven outperform S&P500 in 2023 with a 111.6% increase, but are now below peak levels. Whether they can break new high again...

ZTO US sees strong parcel volume during Double 11 sales, while Cainiao delivery integrates with JD platform in 2618 HK.

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.