Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>US blocks TSMC from supplying chips to China, opening up opportunities for Samsung and SMIC due to AI funding and capacity</li><li>India's Tessolve acquires German IC design house and ASE expands to Mexico, increasing market presence post-US election</li><li>Taiwan's tech controls under scrutiny amid Huawei chip controversy; TSMC to ramp up US chip production under Trump's potential second term</li></ul>

US blocks TSMC from supplying chips to China, opening up opportunities for Samsung and SMIC due to AI funding and capacityIndia's Tessolve acquires German IC design house and ASE expands to Mexico, increasing market presence post-US electionTaiwan's tech controls under scrutiny amid Huawei chip controversy; TSMC to ramp up US chip production under Trump's potential second term

Tech Supply Chain Tracker (12-Nov-2024): US stops TSMC supply to China; Samsung, SMIC may step in.

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>We believe key to Trump's MAGA agenda is to revamp the US growth model of using trade deficit to fund the economy. Trump needs to cut imports without elicit inflation;</li>
<li>A way to cut inflation is to structurally lower the US cost of living. To do so will affect the lives of millions which means income tax cut is necessary;</li>
<li>To lower income tax without adding trade deficit, Trump needs to scale back government spending. Elon Musk, if making good of its US$2tn cuts plan, will help.</li>
</ul>


We believe key to Trump's MAGA agenda is to revamp the US growth model of using trade deficit to fund the economy. Trump needs to cut imports without elicit inflation;
A way to cut inflation is to structurally lower the US cost of living. To do so will affect the lives of millions which means income tax cut is necessary;
To lower income tax without adding trade deficit, Trump needs to scale back government spending. Elon Musk, if making good of its US$2tn cuts plan, will help.


If Trump Doesn't Launch Trade War in His First Year, Is There Still a Need to Stimulate?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>TSMC and UMC reported large increase in Oct sales: +25%  and +13% MoM. Impressive, but within the big trends: TSMC high growth plateau. UMC slow recovery period.</li>
<li>Semiconductor global sales growth is accelerating slightly: up 19% YoY over the previous 6 months and +23% YoY in Sept. Reflecting both sustained AI growth and a mass-markets bottoming out.</li>
<li>TSMC: valuations are high, not extreme, the stock is not breaking the NT$1,100 barrier. UMC at average valuations, at the bottom of its NT$45-55 trading range, maybe a short-term trade.</li>
</ul>


TSMC and UMC reported large increase in Oct sales: +25%  and +13% MoM. Impressive, but within the big trends: TSMC high growth plateau. UMC slow recovery period.
Semiconductor global sales growth is accelerating slightly: up 19% YoY over the previous 6 months and +23% YoY in Sept. Reflecting both sustained AI growth and a mass-markets bottoming out.
TSMC: valuations are high, not extreme, the stock is not breaking the NT$1,100 barrier. UMC at average valuations, at the bottom of its NT$45-55 trading range, maybe a short-term trade.


TSMC, UMC, Global Semi Monthly Sales: Small Acceleration

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 Nov 8th which has an aggregated holding worth USD1,059.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD77mln. 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 Quanta Computer, Hon Hai Precision Industry, Foxconn Technology, Wistron, TSMC, Mediatek, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 8th which has an aggregated holding worth USD1,059.5bn.
We estimate that foreign flows to be inflows of USD77mln. 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 Quanta Computer, Hon Hai Precision Industry, Foxconn Technology, Wistron, TSMC, Mediatek, United Microelectronics.


TWSE Foreign Holding Weekly (Nov 8th): Quanta Computer, Hon Hai Precision Industry

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 8th which has an aggregated short interest worth USD21.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in TSMC, Ase Industrial, Hon Hai Precision Industry, Wistron, Largan Precision, Delta Electronics, Wt Microelectronics.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 8th which has an aggregated short interest worth USD21.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in TSMC, Ase Industrial, Hon Hai Precision Industry, Wistron, Largan Precision, Delta Electronics, Wt Microelectronics.


TWSE Short Interest Weekly (Nov 8th): TSMC, Ase Industrial, Hon Hai Precision Industry, Wistron

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)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Tech Supply Chain Tracker (12-Nov-2024): US stops TSMC supply to China; Samsung, SMIC may step in.

US blocks TSMC from supplying chips to China, Samsung and SMIC could step in; Tessolve acquires German IC design house, ASE expands to Mexico,...

Tech Supply Chain Tracker

If Trump Doesn't Launch Trade War in His First Year, Is There Still a Need to Stimulate?

Trump's MAGA agenda hinges on cutting imports and lowering cost of living, which can then fund his campaign on immigration and foreign trade....

Blue Lotus Research Institute

TSMC, UMC, Global Semi Monthly Sales: Small Acceleration

TSMC and UMC report strong Oct sales growth, but remain on their bigger trends: TSMC on a high growth plateau, UMC in a slow recovery period.

Nicolas Baratte

TWSE Foreign Holding Weekly (Nov 8th): Quanta Computer, Hon Hai Precision Industry

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, Hon Hai Precision Industry,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 8th): TSMC, Ase Industrial, Hon Hai Precision Industry, Wistron

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Ase Industrial, Hon Hai Precision...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech Supply Chain Tracker (12-Nov-2024): US stops TSMC supply to China; Samsung, SMIC may step in.

US blocks TSMC from supplying chips to China, Samsung and SMIC could step in; Tessolve acquires German IC design house, ASE expands to Mexico,...

Tech Supply Chain Tracker

If Trump Doesn't Launch Trade War in His First Year, Is There Still a Need to Stimulate?

​Trump's MAGA agenda hinges on cutting imports and lowering cost of living, which can then fund his campaign on immigration and foreign trade....

Blue Lotus Research Institute

TSMC, UMC, Global Semi Monthly Sales: Small Acceleration

​TSMC and UMC report strong Oct sales growth, but remain on their bigger trends: TSMC on a high growth plateau, UMC in a slow recovery period.

Nicolas Baratte

TWSE Foreign Holding Weekly (Nov 8th): Quanta Computer, Hon Hai Precision Industry

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Quanta Computer, Hon Hai Precision Industry,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 8th): TSMC, Ase Industrial, Hon Hai Precision Industry, Wistron

We analyzed TWSE short interest report for the past week and highlighted short interest changes in TSMC, Ase Industrial, Hon Hai Precision...

Ke Yan, CFA, FRM

Trump's MAGA agenda hinges on cutting imports and lowering cost of living, which can then fund his campaign on immigration and foreign trade....

TSMC and UMC report strong Oct sales growth, but remain on their bigger trends: TSMC on a high growth plateau, UMC in a slow recovery period.