Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)'s</a> 3Q24 is expected to experience a quarter-on-quarter increase of about 5%.  </li>
<li>MediaTek is currently developing new processors based on Arm architecture and natively supporting the Microsoft Windows operating system.</li>
<li>It is believed that MediaTek will tape out with TSMC 3nm technology, targeting the 1H25 market.</li>
</ul>



Mediatek Inc (2454 TT)'s 3Q24 is expected to experience a quarter-on-quarter increase of about 5%.  
MediaTek is currently developing new processors based on Arm architecture and natively supporting the Microsoft Windows operating system.
It is believed that MediaTek will tape out with TSMC 3nm technology, targeting the 1H25 market.


MediaTek (2454.TT): 2Q24 Guidance Is Achievable; to Take Advantage of the AI PC Replacement Trend.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>The yearly growth target could approach 25% YoY in 2024.</li>
<li>TSMC's CoWoS demand continues to rise, with capacity expected to increase by approximately another 5% in 2024.</li>
<li>TSMC's stock price has risen by 55% in Taiwan and by 66.3% in US markets this year. We believe it has the potential to continue increasing further.</li>
</ul>


The yearly growth target could approach 25% YoY in 2024.
TSMC's CoWoS demand continues to rise, with capacity expected to increase by approximately another 5% in 2024.
TSMC's stock price has risen by 55% in Taiwan and by 66.3% in US markets this year. We believe it has the potential to continue increasing further.


TSMC (2330.TT; TSM.US): CoWoS Demand Continues to Increase in 2024.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>The Palliser/<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is an unconvincing trade. Avoid being long Keisei vs <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> except in short-term impact events. Avoid the drift trade also.</li>
<li>On the subject of activism, keep an eye on <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a>'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.</li>
<li>A <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. </li>
</ul>


The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. 


Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>The <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> ETF tracks the Technology Select Sector Index and has an AUM of over US$70bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> has broken through the US$3tn market cap barrier and is very close to <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> in terms of free float market cap.</li>
<li>If <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a> ranks higher than <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a> on free float market cap at the close on Friday, there could be huge inflows to <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a> and outflows from <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple</a> a week later.</li>
</ul>


The Technology Select Sector SPDR (XLK US) ETF tracks the Technology Select Sector Index and has an AUM of over US$70bn.

NVIDIA Corp (NVDA US) has broken through the US$3tn market cap barrier and is very close to Apple (AAPL US) in terms of free float market cap.
If NVIDIA ranks higher than Apple on free float market cap at the close on Friday, there could be huge inflows to NVIDIA and outflows from Apple a week later.


Technology Select Sector Index (XLK US): NVIDIA Could Flip Places with Apple; HUGE Flows

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 12 June, SK Telecom (017670 KS) confirmed that its affiliate Sapeon plans to merge with its competitor Rebellions by end of this year.</li>
<li>Sapeon and Rebellions' largest global competitor is Nvidia. A key aim of the merger is to challenge Nvidia and try to take away its global dominance in AI chips.</li>
<li>If the combined Sapeon and Rebellion can take away just 1% market share resulting in 1% of Nvidia's market cap, this would suggest valuation of US$31 billion.</li>
</ul>


On 12 June, SK Telecom (017670 KS) confirmed that its affiliate Sapeon plans to merge with its competitor Rebellions by end of this year.
Sapeon and Rebellions' largest global competitor is Nvidia. A key aim of the merger is to challenge Nvidia and try to take away its global dominance in AI chips.
If the combined Sapeon and Rebellion can take away just 1% market share resulting in 1% of Nvidia's market cap, this would suggest valuation of US$31 billion.


Proposed Merger Between Rebellions and Sapeon - To Challenge Nvidia

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NVIDIA Corp (NVDA US)

MediaTek (2454.TT): 2Q24 Guidance Is Achievable; to Take Advantage of the AI PC Replacement Trend.

MediaTek anticipates a 5% increase in 3Q24, developing new processors for Windows OS and planning to use TSMC 3nm technology in 1H25.

Patrick Liao

TSMC (2330.TT; TSM.US): CoWoS Demand Continues to Increase in 2024.

TSMC's strong growth outlook for 2024, driven by increasing CoWoS demand and impressive stock price performance, suggests continued success ahead.

Patrick Liao

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Technology Select Sector Index (XLK US): NVIDIA Could Flip Places with Apple; HUGE Flows

The XLK ETF has an AUM of US$70bn. Quarter-end diversification requirement rules could set off huge passive flows of over US$10bn for NVIDIA and...

Brian Freitas

Proposed Merger Between Rebellions and Sapeon - To Challenge Nvidia

On 12 June, SK Telecom confirmed that its affiliate Sapeon plans to merge with Rebellions by end of this year. A key aim of the merger is to take...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MediaTek (2454.TT): 2Q24 Guidance Is Achievable; to Take Advantage of the AI PC Replacement Trend.

​MediaTek anticipates a 5% increase in 3Q24, developing new processors for Windows OS and planning to use TSMC 3nm technology in 1H25.

Patrick Liao

TSMC (2330.TT; TSM.US): CoWoS Demand Continues to Increase in 2024.

​TSMC's strong growth outlook for 2024, driven by increasing CoWoS demand and impressive stock price performance, suggests continued success ahead.

Patrick Liao

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Technology Select Sector Index (XLK US): NVIDIA Could Flip Places with Apple; HUGE Flows

The XLK ETF has an AUM of US$70bn. Quarter-end diversification requirement rules could set off huge passive flows of over US$10bn for NVIDIA and...

Brian Freitas

Proposed Merger Between Rebellions and Sapeon - To Challenge Nvidia

On 12 June, SK Telecom confirmed that its affiliate Sapeon plans to merge with Rebellions by end of this year. A key aim of the merger is to take...

Douglas Kim

MediaTek anticipates a 5% increase in 3Q24, developing new processors for Windows OS and planning to use TSMC 3nm technology in 1H25.

TSMC's strong growth outlook for 2024, driven by increasing CoWoS demand and impressive stock price performance, suggests continued success ahead.