Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>Semiconductors and AI chips have become a geopolitical tool, between the US and China but also between the US and the Rest of the World (Biden’s Jan-25 limitations by country).</li>
<li>This has led to an increase in Chinese R&amp;D in Semiconductors since 2020. In particular 3 areas: AI chips, production equipment, small geometries below 7nm. This article reviews recent announcements.</li>
<li>Rush orders for Nvidia H20 GPU since Jan-25. Loongsoon breakthru AI chip. SMIC starting 5nm production in 2025. SiCarrier announced EUV lithography machine.</li>
</ul>


Semiconductors and AI chips have become a geopolitical tool, between the US and China but also between the US and the Rest of the World (Biden’s Jan-25 limitations by country).
This has led to an increase in Chinese R&amp;D in Semiconductors since 2020. In particular 3 areas: AI chips, production equipment, small geometries below 7nm. This article reviews recent announcements.
Rush orders for Nvidia H20 GPU since Jan-25. Loongsoon breakthru AI chip. SMIC starting 5nm production in 2025. SiCarrier announced EUV lithography machine.


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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +18.9% Premium; Soon at a Good Level to Short the Spread</li>
<li>ASE: +6.5% Premium; Good Level to Short the Spread Given Trading Range Breakdown</li>
<li>ChipMOS: +6.6% Premium; 2% And Higher Good Level to Short the Spread</li>
</ul>


TSMC: +18.9% Premium; Soon at a Good Level to Short the Spread
ASE: +6.5% Premium; Good Level to Short the Spread Given Trading Range Breakdown
ChipMOS: +6.6% Premium; 2% And Higher Good Level to Short the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good Short Levels

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>The logic behind the tariff is not just a slap in the face for a lot of other nations but also net imports over exports. </li>
<li>Companies benefitting from the globalization will suffer, and the ones with domestic-centric businesses with real assets in proximity may be less hurt. </li>
<li>This could accelerate the forming of new trading bloc that may change the current world order. </li>
</ul>


The logic behind the tariff is not just a slap in the face for a lot of other nations but also net imports over exports. 
Companies benefitting from the globalization will suffer, and the ones with domestic-centric businesses with real assets in proximity may be less hurt. 
This could accelerate the forming of new trading bloc that may change the current world order. 


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Act 1 of the US bear market is likely complete, with diverging price signals from stocks, bonds and the dollar.</li>
<li>This will be a rebound bounce to sell into, as we are not going back to previous highs.</li>
<li>Looking at companies servicing high-income consumers is a good hunting ground for shorts.</li>
</ul>


Act 1 of the US bear market is likely complete, with diverging price signals from stocks, bonds and the dollar.
This will be a rebound bounce to sell into, as we are not going back to previous highs.
Looking at companies servicing high-income consumers is a good hunting ground for shorts.


Investors Have that “Oh Sh#t Moment” - Part 2:  Trading Opportunities.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 4th which has an aggregated holding worth USD 888 bn. </li>
<li>We estimate that foreign flows to be outflows of USD1,173mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC (2330 TT), Mediatek (2454 TT).</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 4th which has an aggregated holding worth USD 888 bn. 
We estimate that foreign flows to be outflows of USD1,173mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC (2330 TT), Mediatek (2454 TT).


TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Semiconductors and AI Servers in China

Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...

Nicolas Baratte

Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good Short Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Tariff: New World Order?

Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

Henry Soediarko

Investors Have that “Oh Sh#t Moment” - Part 2: Trading Opportunities.

US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...

Rikki Malik

TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT).

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semiconductors and AI Servers in China

​Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...

Nicolas Baratte

Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good Short Levels

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Tariff: New World Order?

​Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

Henry Soediarko

Investors Have that “Oh Sh#t Moment” - Part 2: Trading Opportunities.

​US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...

Rikki Malik

TWSE Foreign Holding Weekly (Apr 4th): TSMC, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT).

Ke Yan, CFA, FRM

Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...

Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

US bear market Act 1 likely over, rebound is a selling opportunity as previous highs won't be reached. High-income consumer companies are good...