Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>'s revenue outlook for 1Q24F is expected to show a decline of around negative high single digits QoQ.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> aims to receive x86 CPU technology from TSMC 3nm in 1H24F.</li>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> plans to utilize 3nm technology for manufacturing smartphone SoCs in 2H24F, which will narrow the gap with <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>.  </li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT)'s revenue outlook for 1Q24F is expected to show a decline of around negative high single digits QoQ.

Intel Corp (INTC US) aims to receive x86 CPU technology from TSMC 3nm in 1H24F.

Mediatek Inc (2454 TT) plans to utilize 3nm technology for manufacturing smartphone SoCs in 2H24F, which will narrow the gap with Qualcomm Inc (QCOM US).  


TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

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

uPI Semiconductor Corp / Equity Bottom-Up

<ul>
<li>UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.</li>
<li>UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.</li>
<li>UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.</li>
</ul>


UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.
UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.
UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.


Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

<ul>
<li>Relative Value Trade in Micron Has Worked Since Our Last Piece; Results Blow Away Expectations</li>
<li>Memory Pricing Improvement Continues, Management Expects Pricing Increases Through Calendar Year 2024 and 2025</li>
<li>We Remain Structurally Long Memory; Now See Relative Value in SK Hynix</li>
</ul>


Relative Value Trade in Micron Has Worked Since Our Last Piece; Results Blow Away Expectations
Memory Pricing Improvement Continues, Management Expects Pricing Increases Through Calendar Year 2024 and 2025
We Remain Structurally Long Memory; Now See Relative Value in SK Hynix


Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade

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

Event-Driven

<ul>
<li>The KRX has preliminarily approved <a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a>'s listing transfer from the KOSDAQ Market to the KOSPI Market.</li>
<li>
<a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a> has announced that its stock will start trading on the KOSPI Market from the open on 2 January.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/temc-inc" target="_blank" data-smartkarma-citation="entities:36608:1" rel="noopener">Temc (425040 KS)</a> to replace <a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a> in the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the close on 28 December.</li>
</ul>


The KRX has preliminarily approved Posco DX (022100 KS)'s listing transfer from the KOSDAQ Market to the KOSPI Market.

Posco DX (022100 KS) has announced that its stock will start trading on the KOSPI Market from the open on 2 January.
We expect Temc (425040 KS) to replace Posco DX (022100 KS) in the KOSDAQ 150 Index (KOSDQ150 INDEX) at the close on 28 December.


KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%</li>
<li>Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish</li>
<li>We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center</li>
</ul>


Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%
Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish
We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center


2024 High Conviction: Low Semiconductor Growth

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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

Samsung Electronics (SMSN LI)

TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...

Patrick Liao

Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade

We expect memory volume growth and rising memory chip prices to continue through both calendar years 2024 & 2025. Our Micron relative trade has...

Vincent Fernando, CFA

KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer

Posco DX (022100 KS) is up 14% today. There could be another week of trading on the KOSDAQ market before the listing transfer to the KOSPI market....

Brian Freitas

2024 High Conviction: Low Semiconductor Growth

2024 semiconductor revenue growth will be muted despite forecasts predicting strong growth. This post explains why the year will not see another...

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

​TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...

Patrick Liao

Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

UPI's clients include most of the world's leading tech companies for chip distribution and AI products. UPI shares have lagged the strong...

Vincent Fernando, CFA

Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade

We expect memory volume growth and rising memory chip prices to continue through both calendar years 2024 & 2025. Our Micron relative trade has...

Vincent Fernando, CFA

KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer

Posco DX (022100 KS) is up 14% today. There could be another week of trading on the KOSDAQ market before the listing transfer to the KOSPI market....

Brian Freitas

2024 High Conviction: Low Semiconductor Growth

2024 semiconductor revenue growth will be muted despite forecasts predicting strong growth. This post explains why the year will not see another...

Jim Handy

TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...