In today’s briefing:
- TSMC (TSM.US; 2303.TT): ASP Lifting Hasn’t Decided Yet; QCOM Moves Back High-End Smartphone 8 Gen 1
- SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID
- Jiangsu Hengrui Medicine (600276.CH) – Here’s when Hengrui May Recover
TSMC (TSM.US; 2303.TT): ASP Lifting Hasn’t Decided Yet; QCOM Moves Back High-End Smartphone 8 Gen 1
- We think TSMC is still considering 1) at what time and 2) what technologies to further raise wafer price now.
- TSMC’s largest client is Apple. Qualcomm should be the 2nd client because they will ship Snapdragon 8 Gen 1 from TSMC in 4Q22. Nvidia/MediaTek are the 3rd/4th clients.
- TSMC is giving nearly 49% stock ownership to Sony for CMOS Image Sensor (CIS) Fab in Japan. It is mainly to obtain the CIS technology, to our thoughts.
SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID
- SK Bioscience (302440 KS) markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines.
- SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.
- SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.
Jiangsu Hengrui Medicine (600276.CH) – Here’s when Hengrui May Recover
- Entering 2022, Hengrui’s stock price has gone through continuous correction. The market is not that optimistic about the performance of Hengrui in 2021 full year and 2021Q4.
- We analyzed the possible future development trajectory of Hengrui’s performance, which would be up and down due to VBP and NRDL negotiation. Investors could get prepared in advance.
- Due to Hengrui’s “DNA” and development mode, it could have “stable growth” after getting out of the difficult situation, but hard to achieve “explosive growth or significant return”.
Related tickers: Taiwan Semiconductor Sp Adr (TSM.N), Jiangsu Hengrui Medicine (600276.SS)
Before it’s here, it’s on Smartkarma
