Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>UMC expects macro uncertainties and cost headwinds to linger into 2H24. </li>
<li>The P3 project has received strong support from the Singapore government with a US$5 billion Capex. </li>
<li>UMC has seen high interest from customers for its 14nm capacity. </li>
</ul>


UMC expects macro uncertainties and cost headwinds to linger into 2H24. 
The P3 project has received strong support from the Singapore government with a US$5 billion Capex. 
UMC has seen high interest from customers for its 14nm capacity. 


UMC (2303.TT; UMC.US): 2Q14F in Line; Singapore Fab Expansion Received Adds.

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>Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed</li>
<li>What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? </li>
<li>ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)</li>
</ul>


Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed
What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? 
ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)


Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

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 19th which has an aggregated short interest worth USD79.3bn.</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 TSMC, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 19th which has an aggregated short interest worth USD79.3bn.
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 TSMC, Wiwynn, Tatung, Umc, Teco Elec &amp; Mach, Quanta Computer, Wt, Bora Pharma.


TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Muyuan Foodstuff Co Ltd A / Technical Analysis

<ul>
<li>A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.</li>
<li>Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.</li>
<li>ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.</li>
</ul>


A pullback in global equities is underway following steep uptrend violations on MSCI ACWI (ACWI-US) and EURO STOXX 50. Both are 4-5% off their highs; further downside may be limited.
Several 5%-10% pullbacks are to be expected in any given year, particularly after the historic 5-month rallies, so we view this as healthy and normal within the ongoing bull market.
ACWI-US is currently testing important support at $105; if this area were to break, next major supports are $102 and $99; this is where we would be buying.


Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

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

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): 2Q14F in Line; Singapore Fab Expansion Received Adds.

UMC still a bit conservative into 2H24F. The P3 project has received strong support from the Singapore government with a US$5 billion Capex.

Patrick Liao

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach,...

Ke Yan, CFA, FRM

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

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UMC (2303.TT; UMC.US): 2Q14F in Line; Singapore Fab Expansion Received Adds.

UMC still a bit conservative into 2H24F. The P3 project has received strong support from the Singapore government with a US$5 billion Capex.

Patrick Liao

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

​Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 19th): TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach, Quanta Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Wiwynn, Tatung, Umc, Teco Elec & Mach,...

Ke Yan, CFA, FRM

Pullback Underway; Further Downside Limited?; Buys in Defensives and Commodity-Related Sectors

Pullback Underway; Further Downside Limited?; Commodities Testing Resistance; Buys in Global Defensives (Staples, Utilities, Telecomm), Commodity...

Vermilion Research

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 shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...