External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Will Semiconductor   Shan / Equity Bottom-Up

<ul><li>Willsemi reported 3Q24 results, and we attended its earnings call.</li><li>The company achieved a record quarterly revenue of RMB6.8bn (up 9.5% YoY/5.7% QoQ), 2%/4% lower than our estimate/consensus.</li><li>Mgmt. attributed the growth to consumer demand recovery, increasing product penetration in high-end smartphone market and autonomous driving applications. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Willsemi reported 3Q24 results, and we attended its earnings call.The company achieved a record quarterly revenue of RMB6.8bn (up 9.5% YoY/5.7% QoQ), 2%/4% lower than our estimate/consensus.Mgmt. attributed the growth to consumer demand recovery, increasing product penetration in high-end smartphone market and autonomous driving applications. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Willsemi (603501 CH) - 3Q Results in Line with Gradual Recovery

<ul><li>Willsemi released 1H24 results. Revenue increased by 36.5% YoY to RMB12bn, while net profit grew 790% YoY from a low base in 1H23 (RMB153mn) to RMB1.37bn in 1H24.</li><li>On a quarterly basis, the company achieved a record revenue at RMB6.4bn in 2Q24 (42.5% YoY/14.2% QoQ, in line with consensus estimate).</li><li>Q2 net profit was RMB809mn, up 45.1% QoQ (2Q23 was in net loss). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Willsemi released 1H24 results. Revenue increased by 36.5% YoY to RMB12bn, while net profit grew 790% YoY from a low base in 1H23 (RMB153mn) to RMB1.37bn in 1H24.On a quarterly basis, the company achieved a record revenue at RMB6.4bn in 2Q24 (42.5% YoY/14.2% QoQ, in line with consensus estimate).Q2 net profit was RMB809mn, up 45.1% QoQ (2Q23 was in net loss). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Willsemi (603501 CH) - Solid 1H24 Results with Continued Recovery in CIS Business

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</li>
<li>Last week saw NORTHBOUND net SELL RMB 11.8bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.</li>
<li>It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought. </li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 11.8bn of A-shares. NORTHBOUND bought utilities and raw materials and sold everything else, especially consumer names. Appliances remain on the sell side.
It is notable that net flows as a percentage of value traded are clearly "short gamma", which is to say, sector underperformers are being sold, not bought. 


Mainland Connect NORTHBOUND Flows (To 28 June 2024): BIG Consumer Name Selling Again

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>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>The <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> outlook for 3Q24 could see a 5-10% quarter-on-quarter growth at present.  </li>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>  is currently the second-largest client of KYEC, and its business is rapidly expanding.</li>
<li>
<a href="https://www.smartkarma.com/entities/stmicroelectronics-nv-b981e30b-2a53-4f3d-b1cb-adaac140121c" target="_blank" data-smartkarma-citation="entities:33346:1" rel="noopener">STMicroelectronics NV (STM US)</a> and <a href="https://www.smartkarma.com/entities/will-semiconductor-co-ltd-shan" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">Will Semiconductor Shan (603501 CH)</a> are currently the third and fourth largest clients, respectively.</li>
</ul>


The King Yuan Electronics Co, Ltd. (2449 TT) outlook for 3Q24 could see a 5-10% quarter-on-quarter growth at present.  

NVIDIA Corp (NVDA US)  is currently the second-largest client of KYEC, and its business is rapidly expanding.

STMicroelectronics NV (STM US) and Will Semiconductor Shan (603501 CH) are currently the third and fourth largest clients, respectively.


KYEC (2449.TT): AI Highly Growth Potential may exceed Expectation.

China

Will Semiconductor Co.,Ltd. Shanghai manufactures image sensor products and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. Will Semiconductor Shanghai markets its products worldwide.

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Will Semiconductor Shan (603501 CH)

Willsemi (603501 CH) - 3Q Results in Line with Gradual Recovery

The company achieved a record quarterly revenue of RMB6.8bn (up 9.5% YoY/5.7% QoQ), 2%/4% lower than our estimate/consensus.

CMB International

Willsemi (603501 CH) - Solid 1H24 Results with Continued Recovery in CIS Business

Willsemi released 1H24 results. Revenue increased by 36.5% YoY to RMB12bn, while net profit grew 790% YoY from a low base in 1H23 (RMB153mn) to...

CMB International

Mainland Connect NORTHBOUND Flows (To 28 June 2024): BIG Consumer Name Selling Again

NORTHBOUND net selling continues. It is dominant in the consumer names. Appliances continue to see weakness. Tech is mixed. Renewables are mixed....

Travis Lundy

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

KYEC (2449.TT): AI Highly Growth Potential may exceed Expectation.

KYEC outlook for 3Q24 shows potential 5-10% growth, with NVDA Corp as second-largest client and expanding business. STMicroelectronics and Will...

Patrick Liao

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Willsemi (603501 CH) - 3Q Results in Line with Gradual Recovery

The company achieved a record quarterly revenue of RMB6.8bn (up 9.5% YoY/5.7% QoQ), 2%/4% lower than our estimate/consensus.

CMB International

Willsemi (603501 CH) - Solid 1H24 Results with Continued Recovery in CIS Business

Willsemi released 1H24 results. Revenue increased by 36.5% YoY to RMB12bn, while net profit grew 790% YoY from a low base in 1H23 (RMB153mn) to...

CMB International

Mainland Connect NORTHBOUND Flows (To 28 June 2024): BIG Consumer Name Selling Again

NORTHBOUND net selling continues. It is dominant in the consumer names. Appliances continue to see weakness. Tech is mixed. Renewables are mixed....

Travis Lundy

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

KYEC (2449.TT): AI Highly Growth Potential may exceed Expectation.

KYEC outlook for 3Q24 shows potential 5-10% growth, with NVDA Corp as second-largest client and expanding business. STMicroelectronics and Will...

Patrick Liao

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...