Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<h2>Summary</h2><ul>
<li>
TSMC misses 1Q17 sales guidance: Due to a stronger than expected NT$ appreciation to US$1 vs. NT$31.16, TSMC reports 1Q17 sales of NT$233.9bn (down 11% q/q, up 15% y/y), 2% short of earlier sales guidance of NT$236-239bn and Bloomberg consensus of NT$237.5bn (-9% q/q, up 17% y/y).
</li>
<li>
Will likely miss mid-point margin guidance too: Given NT$ appreciation is much stronger than TSMC's expectation and 1% appreciation should have 0.6ppts impacts on gross/operating margin, we expect TSMC likely…</li>
</ul>

Summary

TSMC misses 1Q17 sales guidance: Due to a stronger than expected NT$ appreciation to US$1 vs. NT$31.16, TSMC reports 1Q17 sales of NT$233.9bn (down 11% q/q, up 15% y/y), 2% short of earlier sales guidance of NT$236-239bn and Bloomberg consensus of NT$237.5bn (-9% q/q, up 17% y/y).


Will likely miss mid-point margin guidance too: Given NT$ appreciation is much stronger than TSMC's expectation and 1% appreciation should have 0.6ppts impacts on gross/operating margin, we expect TSMC likely…


TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q Consensus as Well

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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 116.7% as of Sep 15th.</li>
<li>The average A-H premium changed by 2.3ppt week on week, led by energy, real estate, industrials and offset by communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield, Remegen Co Ltd.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 116.7% as of Sep 15th.
The average A-H premium changed by 2.3ppt week on week, led by energy, real estate, industrials and offset by communication services, information technology.
We highlight weekly changes in A-H premium for Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield, Remegen Co Ltd.


A-H Premium Weekly (Sep 15th): Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield

China

Hua Hong Semiconductor Limited manufactures semiconductors on 200mm wafers for specialty applications. The Company's products are used in the consumer electronic, communication, computing and industrial, and automotive industries.

Price Gauge
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Hua Hong Semiconductor (1347 HK)

TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q Consensus as Well

Summary TSMC misses 1Q17 sales guidance: Due to a stronger than expected NT$ appreciation to US$1 vs. NT$31.16, TSMC reports 1Q17 sales of...

Andrew Lu

A-H Premium Weekly (Sep 15th): Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec Oilfield

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Postal Savings, Sinopec Corp, Shanghai Fudan, Sinopec...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)