In today’s briefing:
- Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range
- TIP Taiwan Technology Dividend Highlight Index Rebalance: 12 Changes & US$4bn Round-Trip Trade
- PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration
- China Consumption Weekly (1 Jul 2024): Douyin, Green Tea, Alibaba, Tencent, Haidilao
- Integral Ad Science Holding Corp.: Does Their Innovative Product Roadmap & AI Investments Make Them A ‘Buy’? – Major Drivers
Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range
- TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%
- UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting
- ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher
TIP Taiwan Technology Dividend Highlight Index Rebalance: 12 Changes & US$4bn Round-Trip Trade
- There are 12 changes for the TIP Taiwan Technology Dividend Highlight Index in June/July. The Fuh Hwa Taiwan Technology Dividend Highlight ETF (00929 TW) has an AUM of US$7.16bn.
- One-Way turnover is estimated at 35% and that will result in a round-trip trade of TWD 134.7bn (US$4.1bn). There are 8 stocks that could have over 5x ADV to trade.
- The ETF started rebalancing their portfolio on Friday and will continue to trade the stock over the next 7 trading days.
PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration
- PC & Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.
- Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.
- Latest Taiwan PC company revenues indicate healthy growth and HPE’s management guided for Enterprise AI orders to accelerate.
China Consumption Weekly (1 Jul 2024): Douyin, Green Tea, Alibaba, Tencent, Haidilao
- Douyin’ GMV increased by 300% YoY in the “June 18” sales season.
- The revenue of a pre-IPO restaurant chain, Green Tea, increased by 55% in 2023.
- Alibaba’s supermarket chain, Freshippo, opened 12 new stores in June.
Integral Ad Science Holding Corp.: Does Their Innovative Product Roadmap & AI Investments Make Them A ‘Buy’? – Major Drivers
- Integral Ad Science (IAS) had a constructive start to 2024 as highlighted in their recent financial performance discussion.
- The company reported that revenue and adjusted EBITDA for the first quarter surpassed previous forecasts, demonstrating a robust economic position and potential upward trajectory in its financial metrics.
- Revenue increased by 8% to $114.5 million, which was above the company’s guidance range of $111 million to $113 million.
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