Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>1Q24 sales reached 96% of 4Q23, the recent low of sales, but GM upside 1% QoQ.   </li>
<li>Demand is gradually picking up in 2Q24F, but inventory adjustments for industrial and automotive applications are ongoing.  </li>
<li>Specifically speaking, in 2Q24 we expect to see a revival in demand, with QCOQ and MPS potentially beginning to place orders in Fab 5.</li>
</ul>


1Q24 sales reached 96% of 4Q23, the recent low of sales, but GM upside 1% QoQ.   
Demand is gradually picking up in 2Q24F, but inventory adjustments for industrial and automotive applications are ongoing.  
Specifically speaking, in 2Q24 we expect to see a revival in demand, with QCOQ and MPS potentially beginning to place orders in Fab 5.


Vanguard (5347.TT):  1Q24 Sales Did Reach the Bottom, and 2Q24F Rebounds ~15% QoQ in Sales.

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 26th which has an aggregated holding worth USD3,910.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,975mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in TSMC, Quanta Computer, Evergreen Marine, Eva Airways, Hon Hai, Umc, ASE, Wistron, Asustek Computer, Chunghwa Telecom.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 26th which has an aggregated holding worth USD3,910.9bn.
We estimate that foreign flows to be inflows of USD3,975mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in TSMC, Quanta Computer, Evergreen Marine, Eva Airways, Hon Hai, Umc, ASE, Wistron, Asustek Computer, Chunghwa Telecom.


TWSE Foreign Holding Weekly (Apr 26th): TSMC, Quanta Computer, Evergreen Marine, Eva Airways

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 26th which has an aggregated short interest worth USD85.3bn</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 Umc, Wistron, Wiwynn, Wt, TSMC, Evergreen Marine, Chung-Hsin, Ap Memory Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 26th which has an aggregated short interest worth USD85.3bn
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 Umc, Wistron, Wiwynn, Wt, TSMC, Evergreen Marine, Chung-Hsin, Ap Memory Tech.


TWSE Short Interest Weekly (Apr 26th): Umc, Wistron, Wiwynn, Wt, TSMC, Evergreen Marine, Chung-Hsin

<ul>
<li>In 2Q24F, customer demand has slowed down in the traditional low season, as inventory levels normalize.  </li>
<li>In summary, sales in USD are expected to grow in the mid-teens YoY in 2024F. Smartphone growth will be the strongest driver of this growth. </li>
<li>MediaTek is a leader in the Wi-Fi 7 market and aims to gain significant market share with its diverse product portfolio this year.</li>
</ul>


In 2Q24F, customer demand has slowed down in the traditional low season, as inventory levels normalize.  
In summary, sales in USD are expected to grow in the mid-teens YoY in 2024F. Smartphone growth will be the strongest driver of this growth. 
MediaTek is a leader in the Wi-Fi 7 market and aims to gain significant market share with its diverse product portfolio this year.


MediaTek (2454.TT): 1Q24 Results Beat; 2Q24F Revenue Outlook Shows a Flat to Downward Scenario.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Land Mark Optoelectronics / Equity Bottom-Up

<ul><li>Corporations need to adapt to smarter AI as 6G, the next evolution in mobile communication, is coming soon, bringing faster speeds and advanced technology.</li><li>Taiwan's AI startups showcase cutting-edge B2B solutions at 2024 AI Expo, while Microsoft's third-quarter revenue reaches a record high with the help of AI technology.</li><li>Despite record high SiPh shipments, LMOC had a net loss in 1Q24. Taiwan's biggest curved interactive MiniLED display, 'Wishing Tree,' steals the show at Touch Taiwan 2024.</li></ul>

Corporations need to adapt to smarter AI as 6G, the next evolution in mobile communication, is coming soon, bringing faster speeds and advanced technology.Taiwan's AI startups showcase cutting-edge B2B solutions at 2024 AI Expo, while Microsoft's third-quarter revenue reaches a record high with the help of AI technology.Despite record high SiPh shipments, LMOC had a net loss in 1Q24. Taiwan's biggest curved interactive MiniLED display, 'Wishing Tree,' steals the show at Touch Taiwan 2024.

Tech Supply Chain Tracker (26-Apr-2024): Corporations must adapt to smarter AI.

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Vanguard (5347.TT): 1Q24 Sales Did Reach the Bottom, and 2Q24F Rebounds ~15% QoQ in Sales.

1Q24 sales reached 96% of 4Q23, the recent low of sales. Demand is gradually picking up in 2Q24F, but inventory adjustments for industrial and...

Patrick Liao

TWSE Foreign Holding Weekly (Apr 26th): TSMC, Quanta Computer, Evergreen Marine, Eva Airways

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Evergreen Marine, Eva...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 26th): Umc, Wistron, Wiwynn, Wt, TSMC, Evergreen Marine, Chung-Hsin

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Umc, Wistron, Wiwynn, Wt, TSMC, Evergreen...

Ke Yan, CFA, FRM

MediaTek (2454.TT): 1Q24 Results Beat; 2Q24F Revenue Outlook Shows a Flat to Downward Scenario.

Customer demand has slowed in 2Q24F. Sales in USD are expected to grow in the mid-teens YoY and Smartphone growth will be the strongest driver in...

Patrick Liao

Tech Supply Chain Tracker (26-Apr-2024): Corporations must adapt to smarter AI.

Corporations face the challenge of adapting to smarter AI while preparing for the arrival of 6G technology, promising faster speeds and advanced...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vanguard (5347.TT): 1Q24 Sales Did Reach the Bottom, and 2Q24F Rebounds ~15% QoQ in Sales.

1Q24 sales reached 96% of 4Q23, the recent low of sales. Demand is gradually picking up in 2Q24F, but inventory adjustments for industrial and...

Patrick Liao

TWSE Foreign Holding Weekly (Apr 26th): TSMC, Quanta Computer, Evergreen Marine, Eva Airways

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Evergreen Marine, Eva...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Apr 26th): Umc, Wistron, Wiwynn, Wt, TSMC, Evergreen Marine, Chung-Hsin

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Umc, Wistron, Wiwynn, Wt, TSMC, Evergreen...

Ke Yan, CFA, FRM

MediaTek (2454.TT): 1Q24 Results Beat; 2Q24F Revenue Outlook Shows a Flat to Downward Scenario.

​Customer demand has slowed in 2Q24F. Sales in USD are expected to grow in the mid-teens YoY and Smartphone growth will be the strongest driver in...

Patrick Liao

Tech Supply Chain Tracker (26-Apr-2024): Corporations must adapt to smarter AI.

Corporations face the challenge of adapting to smarter AI while preparing for the arrival of 6G technology, promising faster speeds and advanced...

Tech Supply Chain Tracker

Customer demand has slowed in 2Q24F. Sales in USD are expected to grow in the mid-teens YoY and Smartphone growth will be the strongest driver in...