Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years</li>
<li>The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe</li>
<li>Intel's share price is down &gt;10% in the two days since the new financial model was launched. </li>
</ul>


Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years
The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe
Intel's share price is down &gt;10% in the two days since the new financial model was launched. 


Intel's New Segment Reporting. Transparency Or Obfuscation?

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC Q2 2024 outlook is expected to increase by approximately 5% QoQ, with 2024 projected Capex to see a slight uptick. </li>
<li>Intel is expected to adopt <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC</a> N3B technology in 2Q24F, while we anticipate that MediaTek will transition to N3E by the end of 3Q24F.  </li>
<li>Intel has received financial assistance of US$8 billion through the US Chips and Science Act, and TSMC is also projected to receive around US$5 billion.</li>
</ul>


TSMC Q2 2024 outlook is expected to increase by approximately 5% QoQ, with 2024 projected Capex to see a slight uptick. 
Intel is expected to adopt TSMC N3B technology in 2Q24F, while we anticipate that MediaTek will transition to N3E by the end of 3Q24F.  
Intel has received financial assistance of US$8 billion through the US Chips and Science Act, and TSMC is also projected to receive around US$5 billion.


TSMC (2330.TT; TSM.US): 2Q24F Preview; TSMC Is Anticipated to Receive ~US$5Bn from the US Chip Act.

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>The utilization rate for Vanguard in 1Q24F is at a recent low of 50-53%, indicating that the utilization rate is expected to increase from 2Q24 onwards.  </li>
<li>Vanguard should consider building a new 12" Fab in Singapore, aligning with our potential acquisition of Taiwan Semiconductor (TSMC) - ADR (TSM US)'s 40nm and above business.</li>
<li>In conclusion, the future outlook appears promising for the coming 3~4 years.  </li>
</ul>


The utilization rate for Vanguard in 1Q24F is at a recent low of 50-53%, indicating that the utilization rate is expected to increase from 2Q24 onwards.  
Vanguard should consider building a new 12" Fab in Singapore, aligning with our potential acquisition of Taiwan Semiconductor (TSMC) - ADR (TSM US)'s 40nm and above business.
In conclusion, the future outlook appears promising for the coming 3~4 years.  


Vanguard (5347.TT): A Consensus View to Build a New 12" Fab in Singapore.

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 Mar 29th which has an aggregated holding worth USD3,994.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,801mln. 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 Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On Tech, Mediatek, Umc, Chicony Elec, Inventec.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 29th which has an aggregated holding worth USD3,994.1bn.
We estimate that foreign flows to be outflows of USD5,801mln. 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 Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On Tech, Mediatek, Umc, Chicony Elec, Inventec.


TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Quanta surged with major server wins from Meta, Alphabet, and Amazon. Nanya Tech results are two weeks ahead and Intel will host a webinar this week about its Foundry business.</li>
<li>Mediatek: Accelerating Momentum in Automotive, Data Center, and AI Memory Solutions </li>
<li>Hon Hai (Foxconn): After the 50% Surge, Where Can It Go From Here? </li>
</ul>


Quanta surged with major server wins from Meta, Alphabet, and Amazon. Nanya Tech results are two weeks ahead and Intel will host a webinar this week about its Foundry business.
Mediatek: Accelerating Momentum in Automotive, Data Center, and AI Memory Solutions 
Hon Hai (Foxconn): After the 50% Surge, Where Can It Go From Here? 


Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

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)

Intel's New Segment Reporting. Transparency Or Obfuscation?

Intel's newly minted Foundry P&L racked up losses of ~$17 billion over the past three years.It's not expected to hit breakeven until '27/'28. Share...

William Keating

TSMC (2330.TT; TSM.US): 2Q24F Preview; TSMC Is Anticipated to Receive ~US$5Bn from the US Chip Act.

TSMC's Q2 2024 outlook to increase by 5%, Intel to adopt TSMC N3B technology, and both companies to receive financial assistance through US Chips...

Patrick Liao

Vanguard (5347.TT): A Consensus View to Build a New 12" Fab in Singapore.

Vanguard's utilization rate is low in 1Q24F but expected to rise in 2Q24, potential new Fab in Singapore and acquisition of TSMC's business point...

Patrick Liao

TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Intel's New Segment Reporting. Transparency Or Obfuscation?

Intel's newly minted Foundry P&L racked up losses of ~$17 billion over the past three years.It's not expected to hit breakeven until '27/'28. Share...

William Keating

TSMC (2330.TT; TSM.US): 2Q24F Preview; TSMC Is Anticipated to Receive ~US$5Bn from the US Chip Act.

​TSMC's Q2 2024 outlook to increase by 5%, Intel to adopt TSMC N3B technology, and both companies to receive financial assistance through US Chips...

Patrick Liao

Vanguard (5347.TT): A Consensus View to Build a New 12" Fab in Singapore.

​Vanguard's utilization rate is low in 1Q24F but expected to rise in 2Q24, potential new Fab in Singapore and acquisition of TSMC's business point...

Patrick Liao

TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

​Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...

Vincent Fernando, CFA

TSMC's Q2 2024 outlook to increase by 5%, Intel to adopt TSMC N3B technology, and both companies to receive financial assistance through US Chips...

Vanguard's utilization rate is low in 1Q24F but expected to rise in 2Q24, potential new Fab in Singapore and acquisition of TSMC's business point...

Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...