Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>We believe TSMC shall decide whether to raise wafer price in one, or two month.</li>
<li>To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.</li>
<li>To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.</li>
</ul>


We believe TSMC shall decide whether to raise wafer price in one, or two month.
To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.
To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.


TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>In this insight, we discuss the potential impact on the semiconductor supply chain if Russia invades Ukraine. Many semiconductor manufacturers rely on Russian and Ukrainian-sourced materials like neon and palladium. </li>
<li>Our guess is that the vast majority of portfolio managers are NOT likely to change their semiconductor stocks allocations in their portfolios due to concerns on the potential Russia/Ukraine conflict.</li>
<li>Palladium is mainly used to make NAND Flash memory, of which Korea and China are major producers, but fewer Taiwanese companies are engaged in this sector.</li>
</ul>


In this insight, we discuss the potential impact on the semiconductor supply chain if Russia invades Ukraine. Many semiconductor manufacturers rely on Russian and Ukrainian-sourced materials like neon and palladium. 
Our guess is that the vast majority of portfolio managers are NOT likely to change their semiconductor stocks allocations in their portfolios due to concerns on the potential Russia/Ukraine conflict.
Palladium is mainly used to make NAND Flash memory, of which Korea and China are major producers, but fewer Taiwanese companies are engaged in this sector.


Potential Semiconductor Supply Chain Crisis if Russia Invades Ukraine?

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>The screening period for the upcoming rebalancing is May 3-31. LG Energy satisfies the 3-month minimum listing requirement, so it becomes eligible to join the Index in this rebalancing.</li>
<li>LG Energy will likely receive an inflow of ₩44.6B, 0.04% of SO. Considering its tight real-world float (less than 6%), it would still be something we don't want to overlook.</li>
<li>What is critical is an estimated outflow size of Celltrion. It would be about the same amount, but relative to its ADTV, it will be -0.26x.</li>
</ul>


The screening period for the upcoming rebalancing is May 3-31. LG Energy satisfies the 3-month minimum listing requirement, so it becomes eligible to join the Index in this rebalancing.
LG Energy will likely receive an inflow of ₩44.6B, 0.04% of SO. Considering its tight real-world float (less than 6%), it would still be something we don't want to overlook.
What is critical is an estimated outflow size of Celltrion. It would be about the same amount, but relative to its ADTV, it will be -0.26x.


FnGuide TIGER Top 10 Rebalancing: LG Energy IN & Celltrion OUT

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Vedant Fashions is looking to raise up to US$420m in its India IPO.</li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal background.</li>
</ul>


Vedant Fashions is looking to raise up to US$420m in its India IPO.
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will run the deal through our ECM framework and talk about the deal background.


Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

<ul>
<li>We have a Negative view on this nearly 3 trillion won rights offering by Samsung Biologics.</li>
<li>The expected price of the rights offering is 599,000 won which is 18.9% below current share price and would represent about 7% shares dilution.</li>
<li>Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at more than 100% higher than Biogen's valuation multiples.</li>
</ul>


We have a Negative view on this nearly 3 trillion won rights offering by Samsung Biologics.
The expected price of the rights offering is 599,000 won which is 18.9% below current share price and would represent about 7% shares dilution.
Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at more than 100% higher than Biogen's valuation multiples.


Samsung Biologics: Rights Offering of 3 Trillion Won to Acquire Remaining Stake in Samsung Bioepsis

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

TSMC has the lowest wafer price among top foundry players, i.e., TSMC, UMC, GF and SMIC. For 28nm, the generic price is ~US$2,500 in TSMC, but it...

Patrick Liao

Potential Semiconductor Supply Chain Crisis if Russia Invades Ukraine?

We discuss the potential impact on the semiconductor supply chain if Russia invades Ukraine. Many semiconductor manufacturers rely on Russian and...

Douglas Kim

FnGuide TIGER Top 10 Rebalancing: LG Energy IN & Celltrion OUT

This post previews the upcoming rebalancing of the FnGuide Top 10 Index (TIGER ETF, KS 292150), whose AUM currently amounts to ₩1T. At this point,...

Sanghyun Park

Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Vedant Fashions is looking to raise up to US$420m in its India IPO. In this note we will talk about the company background and run the deal through...

Sumeet Singh

Samsung Biologics: Rights Offering of 3 Trillion Won to Acquire Remaining Stake in Samsung Bioepsis

Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at...

Douglas Kim

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