Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

<ul>
<li>After <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> N2 technology in 2H25F, A16 technology will be pilot-production in 2H26 and likely unveiled in around 1H27.</li>
<li>TSMC A16 technology will be utilizing best-in-class backside power delivery solution.</li>
<li>Si Photonics co-exists with traditional Substrates packages, linked with fiber.</li>
</ul>


After Taiwan Semiconductor (TSMC) - ADR (TSM US) N2 technology in 2H25F, A16 technology will be pilot-production in 2H26 and likely unveiled in around 1H27.
TSMC A16 technology will be utilizing best-in-class backside power delivery solution.
Si Photonics co-exists with traditional Substrates packages, linked with fiber.


TSMC (2330.TT; TSM.US): A16 Technology Continues to Evolve in 1H27.

<ul>
<li>Inventory levels were at 90 days by the end of 1Q24, returning to a normal level.   </li>
<li>It is expected to see consecutive QoQ growth throughout 2024, with normal orders observed since 2Q24. </li>
<li>Although Chinese mature technology is advancing, current analog capacity still falls short of local demand in China.</li>
</ul>


Inventory levels were at 90 days by the end of 1Q24, returning to a normal level.   
It is expected to see consecutive QoQ growth throughout 2024, with normal orders observed since 2Q24. 
Although Chinese mature technology is advancing, current analog capacity still falls short of local demand in China.


Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

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 10th which has an aggregated short interest worth USD90.4bn.</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 Evergreen Marine, Realtek Semi, Asia Vital, Elite Semiconductor, Fitipower.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 10th which has an aggregated short interest worth USD90.4bn.
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 Evergreen Marine, Realtek Semi, Asia Vital, Elite Semiconductor, Fitipower.


TWSE Short Interest Weekly (May 10th): Evergreen Marine, Realtek Semi, Asia Vital, Elite Semi

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of May 10th which has an aggregated holding worth USD4,060.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,948mln. 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, Yang Ming Marine, Tripod Tech, Lite-On Tech, Chailease, Lotus, Novatek, Alchip Tech, Asia Vital.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 10th which has an aggregated holding worth USD4,060.0bn.
We estimate that foreign flows to be inflows of USD2,948mln. 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, Yang Ming Marine, Tripod Tech, Lite-On Tech, Chailease, Lotus, Novatek, Alchip Tech, Asia Vital.


TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>It's an exciting 1Q24 result that revenue and GM beat the prior guidance.</li>
<li>The 2Q24 outlook appears to be better than 1Q24, with revenue expected to increase by 5% to 7% QoQ and GM by 9% to 11%.</li>
<li>We consider the primary bottleneck is the embargo of EUV machines to China from the Netherlands.</li>
</ul>


It's an exciting 1Q24 result that revenue and GM beat the prior guidance.
The 2Q24 outlook appears to be better than 1Q24, with revenue expected to increase by 5% to 7% QoQ and GM by 9% to 11%.
We consider the primary bottleneck is the embargo of EUV machines to China from the Netherlands.


SMIC (981.HK): 1Q24 Outlook Was Improved, and The 2Q24 Outlook Appears to Be Better than 1Q24.

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 Microelectronics Corp (2303 TT)

TSMC (2330.TT; TSM.US): A16 Technology Continues to Evolve in 1H27.

TSMC to introduce A16 technology with advanced power delivery solution, Si Photonics to co-exist with traditional packages.

Patrick Liao

Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Patrick Liao

TWSE Short Interest Weekly (May 10th): Evergreen Marine, Realtek Semi, Asia Vital, Elite Semi

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Realtek Semi, Asia Vital,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

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

Ke Yan, CFA, FRM

SMIC (981.HK): 1Q24 Outlook Was Improved, and The 2Q24 Outlook Appears to Be Better than 1Q24.

Exciting 1Q24 results show revenue and GM surpassing guidance, with optimistic 2Q24 outlook despite EUV machine embargo impacting China.

Patrick Liao

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

TSMC (2330.TT; TSM.US): A16 Technology Continues to Evolve in 1H27.

​TSMC to introduce A16 technology with advanced power delivery solution, Si Photonics to co-exist with traditional packages.

Patrick Liao

Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

​General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Patrick Liao

TWSE Short Interest Weekly (May 10th): Evergreen Marine, Realtek Semi, Asia Vital, Elite Semi

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Realtek Semi, Asia Vital,...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

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

Ke Yan, CFA, FRM

SMIC (981.HK): 1Q24 Outlook Was Improved, and The 2Q24 Outlook Appears to Be Better than 1Q24.

​Exciting 1Q24 results show revenue and GM surpassing guidance, with optimistic 2Q24 outlook despite EUV machine embargo impacting China.

Patrick Liao

TSMC to introduce A16 technology with advanced power delivery solution, Si Photonics to co-exist with traditional packages.

General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Exciting 1Q24 results show revenue and GM surpassing guidance, with optimistic 2Q24 outlook despite EUV machine embargo impacting China.