In today’s briefing:
- Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged
- Nikkei 225 Index Rebalance Preview (Mar 2024): Ranking, Capping, Funding & Other Changes
- Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider
- Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers
- UMC (2303.TT): We Estimate The Outlook Is Down a Bit to Lower QoQ in 4Q23F
- MediaTek (2454.TT): Smartphone Is Turning a Bit Stronger
- [Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus
Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged
- Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).
- The deal scores well on our framework given the company’s strong recent performance and decent long term track record
- In this note, we will talk about the deal dynamics.
Nikkei 225 Index Rebalance Preview (Mar 2024): Ranking, Capping, Funding & Other Changes
- The review period for the Nikkei 225 (NKY INDEX) March rebalance ends end January. There could be three changes at the rebalance with sector balance in focus.
- Depending on the changes, passive trackers will need to buy between 6-28x ADV (11-50% of real float) on the inclusions and sell between 2.8-44x ADV on the deletions.
- Fast Retailing (9983 JP) could be capped at 11% of the index weight and there will be buying in Nitori Holdings (9843 JP) due to the stepwise addition.
Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider
- The Brand-Spanking New (9 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.
- We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.
- The last 9 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%.
Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers
- TSMC and ASML will report results this week. We may get additional detail about the scope of AI-related demand as a medium-term driver for the semiconductor industry.
- Many Taiwan AI plays were top losers last week. Separately, the U.S. is expected to announce new tech restrictions for China this week.
- SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek’s flagship Dimensity chips. Mediatek was a top gainer last week.
UMC (2303.TT): We Estimate The Outlook Is Down a Bit to Lower QoQ in 4Q23F
- The 4Q23F outlook is still coming down, but it’s not as worse as we originally expected.
- Samsung is staying a very stable demand for 28nm capacity in UMC.
- Based on our estimates, the wafer ASP is clearly increasing from 2Q22 to 4Q23F, despite a decline in demand from 4Q22 until now.
MediaTek (2454.TT): Smartphone Is Turning a Bit Stronger
- We change our stance to be a bit bullish for Mediatek Inc (2454 TT).
- In 4Q23F, MediaTek’s outlook is getting a bit stronger upside.
- The Smartphone market is turning positive, but it’s too early to claim a fully rebound.
[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus
- The trade remains Long Nifty with a watch on earnings.
- Infosys Ltd (INFO IN) reported a beat on revenues and a miss on EPS, heading into seasonally weak quarters is the pain now consensus?
- Other names discussed include Delta Corp Ltd (DELTA IN), HDFC Asset Management Co Ltd (HDFCAMC IN) and Avenue Supermarts Ltd (DMART IN).
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