Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>On December 8th, GUC reached its daily limit at the closing price, but the company did not consistently demonstrate an agreeable attitude.</li>
<li>The "AI" is an explicit knowledge for today, while GUC is a company of project based. </li>
<li>GUC's monthly revenue decreased by 22.15% YoY in November 2023.</li>
</ul>


On December 8th, GUC reached its daily limit at the closing price, but the company did not consistently demonstrate an agreeable attitude.
The "AI" is an explicit knowledge for today, while GUC is a company of project based. 
GUC's monthly revenue decreased by 22.15% YoY in November 2023.


GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> has rebounded from the bottom of the cycle, and it will be able to reach more than 20% YoY in 2024F.</li>
<li>The demand for 4G and 5G Smartphone SoC will be split around 55/45 by shipment volume, with <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> being the primary supplier for MediaTek.</li>
<li>The MediaTek Dimensity 6000 series will be the new flagship product line in 2024F.</li>
</ul>



Mediatek Inc (2454 TT) has rebounded from the bottom of the cycle, and it will be able to reach more than 20% YoY in 2024F.
The demand for 4G and 5G Smartphone SoC will be split around 55/45 by shipment volume, with Taiwan Semiconductor (TSMC) (2330 TT) being the primary supplier for MediaTek.
The MediaTek Dimensity 6000 series will be the new flagship product line in 2024F.


MediaTek (2454.TT): Rebounding from Cycle Bottom.

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 1st which has an aggregated holding worth USD684.7bn.</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 USD1,077mln and highlight foreign changes in TSMC, Mediatek, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 1st which has an aggregated holding worth USD684.7bn.
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 USD1,077mln and highlight foreign changes in TSMC, Mediatek, Umc.


TWSE Foreign Holding Weekly (Dec 1st): TSMC, Mediatek, Umc

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>Although it is still early to determine the extent of the utilization rate that could be reached in UMC for 2Q24F, there is a greater chance for a rebound.</li>
<li>UMC's high-end technology, specifically 28nm, has a utilization rate of over 80% in 4Q23F. </li>
<li>MediaTek is UMC's largest client, dominating in WiFi, TV SoC, Bluetooth, and other areas.</li>
</ul>


Although it is still early to determine the extent of the utilization rate that could be reached in UMC for 2Q24F, there is a greater chance for a rebound.
UMC's high-end technology, specifically 28nm, has a utilization rate of over 80% in 4Q23F. 
MediaTek is UMC's largest client, dominating in WiFi, TV SoC, Bluetooth, and other areas.


UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 24th which has an aggregated holding worth USD675.5bn.</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 USD1,213mln and highlight foreign changes in TSMC, Mediatek, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 24th which has an aggregated holding worth USD675.5bn.
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 USD1,213mln and highlight foreign changes in TSMC, Mediatek, Wistron.


TWSE Foreign Holding Weekly (Nov 24th): TSMC, Mediatek, Wistron

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)

GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....

Patrick Liao

MediaTek (2454.TT): Rebounding from Cycle Bottom.

MediaTek has reached the bottom of the cycle. The demand for 4G and 5G Smartphone SoC will be split around 55/45 by shipment volume. Dimensity 6000...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 1st): TSMC, Mediatek, Umc

We analyzed TWSE foreign holding data for the past week and we highlighted foreign holding changes in TSMC, Mediatek, Umc.

Ke Yan, CFA, FRM

UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

UMC's 28nm has a utilization rate of over 80% in 4Q23F. It is early to determine the utilization rate could be reached in 2Q24F, there is a greater...

Patrick Liao

TWSE Foreign Holding Weekly (Nov 24th): TSMC, Mediatek, Wistron

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Mediatek, Wistron.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

​GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....

Patrick Liao

MediaTek (2454.TT): Rebounding from Cycle Bottom.

MediaTek has reached the bottom of the cycle. The demand for 4G and 5G Smartphone SoC will be split around 55/45 by shipment volume. Dimensity 6000...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 1st): TSMC, Mediatek, Umc

We analyzed TWSE foreign holding data for the past week and we highlighted foreign holding changes in TSMC, Mediatek, Umc.

Ke Yan, CFA, FRM

UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

UMC's 28nm has a utilization rate of over 80% in 4Q23F. It is early to determine the utilization rate could be reached in 2Q24F, there is a greater...

Patrick Liao

TWSE Foreign Holding Weekly (Nov 24th): TSMC, Mediatek, Wistron

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Mediatek, Wistron.

Ke Yan, CFA, FRM

GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....