Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<ul>
<li>Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.</li>
<li>TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.</li>
<li>We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.</li>
</ul>


Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.


From Nvidia Results to See Supply Chain Stories?

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 TWSE Stocks as of Apr 25th which has an aggregated short interest worth USD19.5bn.</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 Nanya Technology, Pharmaessentia, Micro-Star International.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 25th which has an aggregated short interest worth USD19.5bn.
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 Nanya Technology, Pharmaessentia, Micro-Star International.


TWSE Short Interest Weekly (Apr 25th): Nanya Technology, Pharmaessentia, MSI

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 25th which has an aggregated holding worth USD845.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD721mln. 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 TSMC (2330 TT).</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 25th which has an aggregated holding worth USD845.1bn.
We estimate that foreign flows to be inflows of USD721mln. 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 TSMC (2330 TT).


TWSE Foreign Holding Weekly (Apr 25th): TSMC

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

<ul>
<li>We hosted a conference call with Global Unichip (GUC); GUC is 34.8% held by TSMC and a key provider of semiconductor design services to companies aiming to manufacture with TSMC.</li>
<li>GUC's Revenue Prospects are Linked to TSMC's Growth, However the Success of Its Customers' Chips Also a Factor -- Lagged Strong Revenue Growth Likely</li>
<li>Conclusion: GUC a Second-Derivative Play on TSMC's Structural Drivers with Potential to Surprise the Market and Catch Up to TSMC's Share Performance</li>
</ul>


We hosted a conference call with Global Unichip (GUC); GUC is 34.8% held by TSMC and a key provider of semiconductor design services to companies aiming to manufacture with TSMC.
GUC's Revenue Prospects are Linked to TSMC's Growth, However the Success of Its Customers' Chips Also a Factor -- Lagged Strong Revenue Growth Likely
Conclusion: GUC a Second-Derivative Play on TSMC's Structural Drivers with Potential to Surprise the Market and Catch Up to TSMC's Share Performance


TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>Hong Kong's secular bull market continues this year with record buying from mainland investors through the Southbound Connect platform.</li>
<li>
<a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> announced a positive profit alert of of 150% increase in profit for 2024.  The AI, phone and auto segments saw value content increases.
</li>
<li>
<a href="https://www.smartkarma.com/entities/hua-hong-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:7201:1" rel="noopener">Hua Hong Semiconductor (1347 HK)</a> is well-positioned to cater to China's increasing demand for locally designed and produced chips, especially in the EV, smart home appliances and wearables industries.
</li>
</ul>


Hong Kong's secular bull market continues this year with record buying from mainland investors through the Southbound Connect platform.

AAC Technologies Holdings (2018 HK) announced a positive profit alert of of 150% increase in profit for 2024.  The AI, phone and auto segments saw value content increases.


Hua Hong Semiconductor (1347 HK) is well-positioned to cater to China's increasing demand for locally designed and produced chips, especially in the EV, smart home appliances and wearables industries.



BUY/SELL/HOLD: Hong Kong Stock Update (February 20)

Taiwan

Global Unichip Corporation designs and produces a wide variety of silicon chips.

Price Gauge
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Global Unichip (3443 TT)

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

TWSE Short Interest Weekly (Apr 25th): Nanya Technology, Pharmaessentia, MSI

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Nanya Technology, Pharmaessentia, Micro-Star...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 25th): TSMC

We analyzed TWSE foreign holding data for the past week. We estimate that weekly foreign flows to be inflows of USD721m and highlighted foreign...

Ke Yan, CFA, FRM

TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...

Vincent Fernando, CFA

BUY/SELL/HOLD: Hong Kong Stock Update (February 20)

Mainland investors are buying record amounts in HK during secular bull mkt. AAC Tech reported positive earnings surprise and Hua Hong is rapidly...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

TWSE Short Interest Weekly (Apr 25th): Nanya Technology, Pharmaessentia, MSI

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Nanya Technology, Pharmaessentia, Micro-Star...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 25th): TSMC

We analyzed TWSE foreign holding data for the past week. We estimate that weekly foreign flows to be inflows of USD721m and highlighted foreign...

Ke Yan, CFA, FRM

TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

​GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...

Vincent Fernando, CFA

BUY/SELL/HOLD: Hong Kong Stock Update (February 20)

Mainland investors are buying record amounts in HK during secular bull mkt. AAC Tech reported positive earnings surprise and Hua Hong is rapidly...

David Mudd

GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...