External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>TSMC recorded in-line 3Q23 results and 4Q revenue guidance implies betterthan-expected FY23E outlook, driven by stabilised demand of smartphone &amp; PC and inventory restocking.</li><li>Auto segment may slow down in 2H23E, but it is set to rebound in 2024 driven by the NEV market.</li><li>Looking ahead, we expect market will react positively to 3Q23 results, demand stabilisation and inventory restocking. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TSMC recorded in-line 3Q23 results and 4Q revenue guidance implies betterthan-expected FY23E outlook, driven by stabilised demand of smartphone &amp; PC and inventory restocking.Auto segment may slow down in 2H23E, but it is set to rebound in 2024 driven by the NEV market.Looking ahead, we expect market will react positively to 3Q23 results, demand stabilisation and inventory restocking. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – Implications of TSMC 3Q23: Cycle Nearing the Bottom

<ul><li>Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 2Q23 but mixed 3Q23 outlook on slower demand recovery and ASP/margin pressure.</li><li>Overall, inventory digestion is below expectation in 2Q23 and demand recovery remains weak in 2H23E.</li><li>That said, we believe the worst is behind with global semi sales of -17% YoY in 2Q23, an improvement vs -21% YoY in 1Q23, and we expect sequential sales recovery will continue into 3Q/4Q23E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 2Q23 but mixed 3Q23 outlook on slower demand recovery and ASP/margin pressure.Overall, inventory digestion is below expectation in 2Q23 and demand recovery remains weak in 2H23E.That said, we believe the worst is behind with global semi sales of -17% YoY in 2Q23, an improvement vs -21% YoY in 1Q23, and we expect sequential sales recovery will continue into 3Q/4Q23E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – Global Foundry 2Q23 Wrap: Prolonged Inventory Correction

<ul><li>Lam Research and KLA reported in-line 2Q23 results but better GPM on improved product mix.</li><li>Looking into 2023, while Lam raised WFE spending on China-related and HBM demand, KLA maintained forecast of 20% YoY decline.</li><li>Both stayed cautious on low UTR in memory market (guidance of 40% to mid-40% YoY decline), but positive on AI demand to boost packaging business in FY23E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lam Research and KLA reported in-line 2Q23 results but better GPM on improved product mix.Looking into 2023, while Lam raised WFE spending on China-related and HBM demand, KLA maintained forecast of 20% YoY decline.Both stayed cautious on low UTR in memory market (guidance of 40% to mid-40% YoY decline), but positive on AI demand to boost packaging business in FY23E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – Implications of Lam Research and KLA 2Q23 results

<ul><li>TSMC unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.</li><li>Mgmt. guided down FY23E revenue to 10% YoY decline from prior low to mid-single digit decline on macro headwinds, slower China recovery and demand weakness.</li><li>As such, we believe market will turn more conservative on 3Q inventory correction and 4Q demand recovery. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TSMC unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.Mgmt. guided down FY23E revenue to 10% YoY decline from prior low to mid-single digit decline on macro headwinds, slower China recovery and demand weakness.As such, we believe market will turn more conservative on 3Q inventory correction and 4Q demand recovery. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – Implications of TSMC 2Q23: Slower 3Q and China Recovery

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

China Technology – Implications of TSMC 3Q23: Cycle Nearing the Bottom

TSMC recorded in-line 3Q23 results and 4Q revenue guidance implies betterthan-expected FY23E outlook, driven by stabilised demand of smartphone &...

CMB International

China Technology – Global Foundry 2Q23 Wrap: Prolonged Inventory Correction

Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 2Q23 but mixed 3Q23 outlook on slower demand recovery and ASP/margin pressure.

CMB International

China Technology – Implications of Lam Research and KLA 2Q23 results

Looking into 2023, while Lam raised WFE spending on China-related and HBM demand, KLA maintained forecast of 20% YoY decline.

CMB International

China Technology – Implications of TSMC 2Q23: Slower 3Q and China Recovery

TSMC unveiled an in-line 2Q23 results but guided slow 3Q recovery due to longer inventory correction and China weakness despite stronger AI demand.

CMB International

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