In today’s briefing:
- TSMC. Robust Defence Of Process Technology Leadership
- Taiwan Dual Listings Monitor: Sharp Premium Drops Most Recently; Key Levels to Long or Short
- CaiNiao Smart Logistics Pre-IPO Part 3 | Key Comps, Valuation Multiples | 310 Bn CNY Justifiable
- Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022
- Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers
TSMC. Robust Defence Of Process Technology Leadership
- Q323 revenues of $17.28 billion. In US$ terms, this represented a 10.2% increase QoQ, but still down 14.6% YoY.
- TSMC’s forecasted Q423 revenues of $19.2 billion at the midpoint, representing a 10% QoQ increase
- CEO C.C Wei robustly rebuffed Intel’s popular claim to be on track for process technology leadership by 2025
Taiwan Dual Listings Monitor: Sharp Premium Drops Most Recently; Key Levels to Long or Short
- Premiums have generally fallen sharply most recently, likely driven by weaker global markets.
- Key earnings: TSMC reported last week; UMC and ASE to report this week.
- We describe our latest recommended premium/discount levels to Long or Short the spreads.
CaiNiao Smart Logistics Pre-IPO Part 3 | Key Comps, Valuation Multiples | 310 Bn CNY Justifiable
- In this insight we first consider which comparables are the most appropriate for CaiNiao
- We then discuss which valuation multiples make sense, plus some potential pitfalls
- We believe CaiNiao and their bankers could justify a valuation up to 310 bn CNY
Delta Taiwan Vs. Thailand Monitor: Market Cap Metric Breaches Key Level For 1st Time Since Dec 2022
- Delta Thailand shares haven’t recovered from their sharp drop at the end of September, which happened after the parent Delta Taiwan sold a stake in the Thai subsidiary.
- Delta Thailand shares fell to the point that its market cap finally became smaller than Delta Taiwan, for the first time since December 2022.
- Delta Thailand’s market cap should be substantially smaller than its parent Delta Taiwan. We analyze what history tells us the further relative downside for Delta Thailand could be.
Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers
- This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.
- TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.
- Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
