Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Declaring a slower recovery for mature nodes was an outlier, indicating that Vanguard's recovery progress might be slower. </li>
<li>Apple's iPhone is expected to be the focus for N2 production in 4Q15F.  </li>
<li>TSMC's long-term gross margin is set at 53%, signifying a few key points. </li>
</ul>


Declaring a slower recovery for mature nodes was an outlier, indicating that Vanguard's recovery progress might be slower. 
Apple's iPhone is expected to be the focus for N2 production in 4Q15F.  
TSMC's long-term gross margin is set at 53%, signifying a few key points. 


TSMC (2330.TT; TSM.US): 2Q24F Sales in Line, 2024F Is Lowering the Growth Target Below 25% YoY

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>Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.</li>
<li>TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?</li>
<li>Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.</li>
</ul>


Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.
TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?
Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.


Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

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 12th which has an aggregated short interest worth USD81.0bn.</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 Chung-Hsin, Wt, Tatung, Elite Material, Mediatek, Chicony Elec, Ctbc Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 12th which has an aggregated short interest worth USD81.0bn.
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 Chung-Hsin, Wt, Tatung, Elite Material, Mediatek, Chicony Elec, Ctbc Financial.


TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 5th which has an aggregated holding worth USD3,983.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD232mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On Tech, Alchip Tech, Hon Hai, Asia Vital, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 5th which has an aggregated holding worth USD3,983.2bn.
We estimate that foreign flows to be outflows of USD232mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On Tech, Alchip Tech, Hon Hai, Asia Vital, Quanta Computer.


TWSE Foreign Holding Weekly (Apr 5th): TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 29th which has an aggregated short interest worth USD76.9bn.</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 Evergreen Marine, United Integrate, Chicony Elec, Unimicron Tech, Hon Hai, Global Unichip, Asia Vital.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 29th which has an aggregated short interest worth USD76.9bn.
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 Evergreen Marine, United Integrate, Chicony Elec, Unimicron Tech, Hon Hai, Global Unichip, Asia Vital.


TWSE Short Interest Weekly (Mar 29th): Evergreen Marine, United Integrate, Chicony Elec, Unimicron

Taiwan

eMemory Technology, Inc. develops and provides logic non-volatile memory (LogicNVM) technology. The company licenses its intellectual property to semiconductor foundries, integrated devices manufacturers (IDMs), and fabless design houses around the world.

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

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

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

Alchip Technologies Ltd. provides silicon design and manufacturing services. The Company offers a range of system on chip (SoC) design solutions for low power, high performance, and cost considerations. Alchip produces SoC solutions for products including consumer electronics, optical networking, and medical imaging equipment. Alchip serves customers worldwide.

Sino-American Silicon Products Inc. supplies silicon-based products, including silicon lapped wafer, silicon diffusion wafer, silicon ingot, silicon diffused diode chip, and automobile rectifier.  The Company sells its products worldwide.

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

Winbond Electronics Corporation designs, manufactures, and sells integrated circuits (IC) and related products.  The Company sells its products in Taiwan, the United States, and Hong Kong.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

Sanan Optoelectronics Co., Ltd. operates in the business of researching, producing and selling of LED epitaxial wafers and wafers.

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

MKS Instruments, Inc. develops, manufactures, and supplies instruments and components used to control and analyze gases in semiconductor manufacturing and similar industrial manufacturing processes. The Company's products are used to manufacture flat panel displays, magnetic and optical storage devices and media, solar cells, fiber optic cables, and diamond thin films.

Rambus Inc. designs, develops, licenses, and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems, and other electronic systems.  The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating Rambus interface technology.

Lattice Semiconductor Corporation designs, develops, and markets high speed programmable logic devices.  The Company's products provide electronic systems customers with quickly designed, easily configured components.  Lattice markets its products to original equipment manufacturers of communication, computing, industrial, and military systems.

JCET Group Co., Ltd. operates in the semiconductor industry.  The Company's products include discrete devices and integrated circuits.  Through its subsidiaries, Jiangsu Changjiang also manufactures signal lamps used in industrial equipment and anti-theft door systems for consumer use.

Onto Innovation Inc. provides process control solutions and inspection systems. The Company offers solutions which primarily used in the fabrication of semiconductors and other solid-state devices, as well as industrial and scientific applications. Onto Innovation serves customers in the United States.

Novatek Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs).  The Company's products are used in telecommunication, computer peripherals, and LCD (liquid crystal display) drivers.

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Novatek Microelectronics Corp (3034 TT)

TSMC (2330.TT; TSM.US): 2Q24F Sales in Line, 2024F Is Lowering the Growth Target Below 25% YoY

With Apple's iPhone driving N2 production for TSMC in 4Q15F, maintaining a long-term gross margin of 53%. TSMC's long-term gross margin is set at 53%

Patrick Liao

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chung-Hsin, Wt, Tatung, Elite Material,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 5th): TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 29th): Evergreen Marine, United Integrate, Chicony Elec, Unimicron

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, United Integrate, Chicony...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC (2330.TT; TSM.US): 2Q24F Sales in Line, 2024F Is Lowering the Growth Target Below 25% YoY

With Apple's iPhone driving N2 production for TSMC in 4Q15F, maintaining a long-term gross margin of 53%. TSMC's long-term gross margin is set at 53%

Patrick Liao

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

​Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 12th): Chung-Hsin, Wt, Tatung, Elite Material, Mediatek

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Chung-Hsin, Wt, Tatung, Elite Material,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Apr 5th): TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 29th): Evergreen Marine, United Integrate, Chicony Elec, Unimicron

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, United Integrate, Chicony...

Ke Yan, CFA, FRM

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...