Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)'s</a> updated revenue outlook for 1Q24F suggests that it could be relatively flat QoQ..</li>
<li>UMC's Asian clients, particularly <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, are experiencing increased demand in 1Q24F.</li>
<li>On the other hand, European and American clients are more bearish in 1Q24F and have not shown signs of improvement yet.</li>
</ul>


The United Microelectronics Corp (2303 TT)'s updated revenue outlook for 1Q24F suggests that it could be relatively flat QoQ..
UMC's Asian clients, particularly Mediatek Inc (2454 TT) and Novatek Microelectronics Corp (3034 TT), are experiencing increased demand in 1Q24F.
On the other hand, European and American clients are more bearish in 1Q24F and have not shown signs of improvement yet.


UMC (2303.TT; UMC.US): 1Q24F Outlook Could Be Flat QoQ; Asian Clients Show Optimism.

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 TWSE Stocks as of Jan 12th which has an aggregated holding worth USD701.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD273mln. 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 Asia Vital, Alchip Tech, Wistron, Quanta Computer, Global Unichip, Hon Hai, Delta Elec, Yang Ming Marine.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 12th which has an aggregated holding worth USD701.3bn.
We estimate that foreign flows to be inflows of USD273mln. 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 Asia Vital, Alchip Tech, Wistron, Quanta Computer, Global Unichip, Hon Hai, Delta Elec, Yang Ming Marine.


TWSE Foreign Holding Weekly (Jan 12th): Asia Vital, Alchip Tech, Wistron, Quanta Computer

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 5th which has an aggregated holding worth USD700.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD504mln. 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 Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 5th which has an aggregated holding worth USD700.2bn.
We estimate that foreign flows to be outflows of USD504mln. 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 Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC.


TWSE Foreign Holding Weekly (Jan 5th): Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 29th which has an aggregated holding worth USD730.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,532mln. We tabulate the league table for top changes by value for 1W/4W/1Y.</li>
<li>We highlight foreign changes in TSMC, Umc, and Asia Vital.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 29th which has an aggregated holding worth USD730.2bn.
We estimate that foreign flows to be inflows of USD2,532mln. We tabulate the league table for top changes by value for 1W/4W/1Y.
We highlight foreign changes in TSMC, Umc, and Asia Vital.


TWSE Foreign Holding Weekly (Dec 29th): Foreign Insti Increased Holdings

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>Himax shares have performed relatively well during December but have still significantly underperformed other fabless Media IC names over the last six months.</li>
<li>Comparing results data across all names, Himax has exhibited relative strength in Display IC revenue thanks to its strong position supplying automakers with automotive display technology.</li>
<li>Himax will be speaking at Nomura's CES 2024 event and presenting its new edge AI camera products; This creates potential for positive news flow within two weeks.</li>
</ul>


Himax shares have performed relatively well during December but have still significantly underperformed other fabless Media IC names over the last six months.
Comparing results data across all names, Himax has exhibited relative strength in Display IC revenue thanks to its strong position supplying automakers with automotive display technology.
Himax will be speaking at Nomura's CES 2024 event and presenting its new edge AI camera products; This creates potential for positive news flow within two weeks.


Media IC Monitor: Himax Showing Relative Display Strength Thanks to Auto Exposure; CES Event Ahead

Taiwan

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)

UMC (2303.TT; UMC.US): 1Q24F Outlook Could Be Flat QoQ; Asian Clients Show Optimism.

UMC's updated revenue outlook for 1Q24F suggests flat growth compared to 4Q23, with increased demand from Asian clients but bearish sentiment from...

Patrick Liao

TWSE Foreign Holding Weekly (Jan 12th): Asia Vital, Alchip Tech, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Asia Vital, Alchip Tech, Wistron, Quanta...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jan 5th): Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Faraday Tech, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 29th): Foreign Insti Increased Holdings

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Umc, and Asia Vital.

Ke Yan, CFA, FRM

Media IC Monitor: Himax Showing Relative Display Strength Thanks to Auto Exposure; CES Event Ahead

We analyze reported data from Taiwan Media IC Designers, comparing relative revenue performance of Display, Mobile, Power, and other chip subsegments.

Vincent Fernando, CFA

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52-week Range

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UMC (2303.TT; UMC.US): 1Q24F Outlook Could Be Flat QoQ; Asian Clients Show Optimism.

​UMC's updated revenue outlook for 1Q24F suggests flat growth compared to 4Q23, with increased demand from Asian clients but bearish sentiment from...

Patrick Liao

TWSE Foreign Holding Weekly (Jan 12th): Asia Vital, Alchip Tech, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Asia Vital, Alchip Tech, Wistron, Quanta...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Jan 5th): Faraday Tech, Asustek Computer, Mediatek, Wistron, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Faraday Tech, Asustek Computer, Mediatek,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Dec 29th): Foreign Insti Increased Holdings

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Umc, and Asia Vital.

Ke Yan, CFA, FRM

Media IC Monitor: Himax Showing Relative Display Strength Thanks to Auto Exposure; CES Event Ahead

We analyze reported data from Taiwan Media IC Designers, comparing relative revenue performance of Display, Mobile, Power, and other chip subsegments.

Vincent Fernando, CFA

UMC's updated revenue outlook for 1Q24F suggests flat growth compared to 4Q23, with increased demand from Asian clients but bearish sentiment from...