Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>Q1’23 revenues of US$630.8 million, up 6.1% YoY and flat sequentially.</li>
<li>Gross margin was 32.1%, up 5.2 points YoY but down 6.1 points sequentially.</li>
<li>HH is playing a blinder through the downturn and likely beyond...</li>
</ul>


Q1’23 revenues of US$630.8 million, up 6.1% YoY and flat sequentially.
Gross margin was 32.1%, up 5.2 points YoY but down 6.1 points sequentially.
HH is playing a blinder through the downturn and likely beyond...


Hua Hong Semi (1347.HK) Q1'23 Revenue US$630.8 Million, Flat QoQ, +6.1% YoY. Q2'23 Flat QoQ

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 short interest of TWSE Stocks as of May 12th which has an aggregated short interest worth USD13.4bn.</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 Wistron, Novatek, Nan Ya Printed.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 12th which has an aggregated short interest worth USD13.4bn.
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 Wistron, Novatek, Nan Ya Printed.


TWSE Short Interest Weekly (May 12th): Wistron, Novatek, Nan Ya Printed

<ul>
<li>Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range</li>
<li>Remains on track for &gt;50% wafer capacity growth between 2021 and 2024</li>
<li>Muted CY'23 outlook sends shares down ~10% by close. Buying opportunity?</li>
</ul>


Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range
Remains on track for &gt;50% wafer capacity growth between 2021 and 2024
Muted CY'23 outlook sends shares down ~10% by close. Buying opportunity?


GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.</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 Evergreen Marine, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 5th which has an aggregated short interest worth USD13.0bn.
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 Evergreen Marine, Mediatek, Wistron, Yang Ming Marine, Unimicron Tech, Largan Precision, Powerchip Semico, Taiwan Mobile.


TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Taiwan

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.

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United Microelectron Sp Adr (UMC US)

Hua Hong Semi (1347.HK) Q1'23 Revenue US$630.8 Million, Flat QoQ, +6.1% YoY. Q2'23 Flat QoQ

Q1’23 revenues of US$630.8 million, up 6.1% YoY and flat sequentially. Gross margin 32.1%, up 5.2 points YoY but down 6.1 points QoQ. HH is playing...

William Keating

TWSE Short Interest Weekly (May 12th): Wistron, Novatek, Nan Ya Printed

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Novatek, Nan Ya Printed.

Ke Yan, CFA, FRM

GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

Q1’23 revenues of $1.84 billion, -12% QoQ and - 5% YoY, within guidance. On track for >50% wafer capacity growth 2021 to 2024. Muted CY'23 outlook...

William Keating

TWSE Short Interest Weekly (May 5th): Evergreen Marine, Mediatek, Wistron, Yang Ming Marine

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Mediatek, Wistron, Yang Ming...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

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