Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.</li>
<li>Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.</li>
<li>We believe that now is a good time to invest in Silergy.</li>
</ul>


A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.
Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.
We believe that now is a good time to invest in Silergy.


Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>It's a greater chance that there will be an upward pickup in 2024F revenue for <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>, but the magnitude is hard to predict in 1H24.  </li>
<li>It is expected the revenue to decline by approximately -5% in 1Q24F.</li>
<li>However, the demand for CoWoS at a corporate level is expected to increase by about 10% in 2024F .</li>
</ul>


It's a greater chance that there will be an upward pickup in 2024F revenue for King Yuan Electronics Co, Ltd. (2449 TT), but the magnitude is hard to predict in 1H24.  
It is expected the revenue to decline by approximately -5% in 1Q24F.
However, the demand for CoWoS at a corporate level is expected to increase by about 10% in 2024F .


KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

<ul>
<li>For the upcoming revenue outlook, MediaTek Inc (2454 TT) is likely to reach an upside of around 10% QoQ in 1Q24F.</li>
<li>MediaTek plans to release 12 million units of the Dimensity 9000 series in 2024F.</li>
<li>Mediatek's target markets include China, India, and Southeast Asia, with China remaining the primary market of focus.</li>
</ul>


For the upcoming revenue outlook, MediaTek Inc (2454 TT) is likely to reach an upside of around 10% QoQ in 1Q24F.
MediaTek plans to release 12 million units of the Dimensity 9000 series in 2024F.
Mediatek's target markets include China, India, and Southeast Asia, with China remaining the primary market of focus.


MediaTek (2454.TT): The Revenue Is Likely Upside Around 10% QoQ in 1Q24F.

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 Dec 22nd which has an aggregated holding worth USD701.2bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD679mln and highlight foreign changes in TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn, Cheng Shin, Novatek, Walsin Lihwa, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 22nd which has an aggregated holding worth USD701.2bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD679mln and highlight foreign changes in TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn, Cheng Shin, Novatek, Walsin Lihwa, Umc.


TWSE Foreign Holding Weekly (Dec 22nd): TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.</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 Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.
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 Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.


TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

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)

Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

Patrick Liao

MediaTek (2454.TT): The Revenue Is Likely Upside Around 10% QoQ in 1Q24F.

MediaTek expects a 10% QoQ growth in 1Q24F and plans to release 12 million units of Dimensity 9000 series in 2024F. MediaTek's growth is targeting...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 22nd): TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Yang Ming Marine, Quanta Computer, Bora...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

​Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

​KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

Patrick Liao

MediaTek (2454.TT): The Revenue Is Likely Upside Around 10% QoQ in 1Q24F.

​MediaTek expects a 10% QoQ growth in 1Q24F and plans to release 12 million units of Dimensity 9000 series in 2024F. MediaTek's growth is targeting...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 22nd): TSMC, Yang Ming Marine, Quanta Computer, Bora Pharma, Wiwynn

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Yang Ming Marine, Quanta Computer, Bora...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai,...

Ke Yan, CFA, FRM

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

KYEC is projected to have a potentially positive growth in 2024, with a predicted decline in 1Q24F. However, there is expected to be an increase...

MediaTek expects a 10% QoQ growth in 1Q24F and plans to release 12 million units of Dimensity 9000 series in 2024F. MediaTek's growth is targeting...