Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. .    </li>
<li>The capex for 2024F has been increased by 10% for further investments in the testing business, targeting turnkey or testing customers. </li>
<li>All product lines expected to grow in 2H24F, with APT outperforming corporate average. UTR growth expected in 2H24F, reaching above 70%. </li>
</ul>


Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. .    
The capex for 2024F has been increased by 10% for further investments in the testing business, targeting turnkey or testing customers. 
All product lines expected to grow in 2H24F, with APT outperforming corporate average. UTR growth expected in 2H24F, reaching above 70%. 


ASEH (3711.TT; ASX.US): 1Q24F Results Were Better, and the Outlook for 2024F Was Very Positive.

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.

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>1810HK/LI:Tesla cuts prices of all series by 14,000yuan to compete with Xiaomi SU7 and LI L6,with the fomer facing long time of delivery and the latter had a mediocre start(//-)</li>
<li>LI US: LI cuts price for all series, might be due to difficulty to achieve delivery targets (/)</li>
<li>LKNCY US: New products fail to bring meaningful incremental DAU growth, bodes ill for 2Q24 sales(-)</li>
</ul>


1810HK/LI:Tesla cuts prices of all series by 14,000yuan to compete with Xiaomi SU7 and LI L6,with the fomer facing long time of delivery and the latter had a mediocre start(//-)
LI US: LI cuts price for all series, might be due to difficulty to achieve delivery targets (/)
LKNCY US: New products fail to bring meaningful incremental DAU growth, bodes ill for 2Q24 sales(-)


[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

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 foreign holdings of TWSE Stocks as of Apr 19th which has an aggregated holding worth USD3,728.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD18,944mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc, Alchip Tech, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 19th which has an aggregated holding worth USD3,728.3bn.
We estimate that foreign flows to be outflows of USD18,944mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc, Alchip Tech, Wistron.


TWSE Foreign Holding Weekly (Apr 19th): Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc

<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

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

eMemory Technology, Inc. develops and provides logic non-volatile memory (LogicNVM) technology. The company licenses its intellectual property to semiconductor foundries, integrated devices manufacturers (IDMs), and fabless design houses around the world.

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

Global Unichip Corporation designs and produces a wide variety of silicon chips.

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.

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

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)

ASEH (3711.TT; ASX.US): 1Q24F Results Were Better, and the Outlook for 2024F Was Very Positive.

Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. All product...

Patrick Liao

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

[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

Blue Lotus Research Institute

TWSE Foreign Holding Weekly (Apr 19th): Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC,...

Ke Yan, CFA, FRM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASEH (3711.TT; ASX.US): 1Q24F Results Were Better, and the Outlook for 2024F Was Very Positive.

Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. All product...

Patrick Liao

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

[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

​Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

Blue Lotus Research Institute

TWSE Foreign Holding Weekly (Apr 19th): Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC, Mediatek, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wt, Hon Hai, Wiwynn, Tatung, Lotes, TSMC,...

Ke Yan, CFA, FRM

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

Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...