Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>LG Innotek sees record 2Q24 results from iPhone 15 sales, while Tesla and Nvidia vie for top spot in autonomous driving tech.</li><li>US bans Chinese EVs, EU examines high taxes, prompting potential semiconductor strategy changes in South Korea and Taiwan post-US election.</li><li>Amkor receives CHIPS Act incentives, Huawei sues MediaTek in China as YMTC anticipates chip demand, India's iVP Semi targets local market. Taiwan diversifies workforce with ASEAN talent.</li></ul>

LG Innotek sees record 2Q24 results from iPhone 15 sales, while Tesla and Nvidia vie for top spot in autonomous driving tech.US bans Chinese EVs, EU examines high taxes, prompting potential semiconductor strategy changes in South Korea and Taiwan post-US election.Amkor receives CHIPS Act incentives, Huawei sues MediaTek in China as YMTC anticipates chip demand, India's iVP Semi targets local market. Taiwan diversifies workforce with ASEAN talent.

Tech Supply Chain Tracker (30-Jul-2024): LG Innotek's record 2Q24 driven by iPhone 15 boom.

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 Jul 26th which has an aggregated holding worth USD924.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,653mln. 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 foreign changes in Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 26th which has an aggregated holding worth USD924.5bn.
We estimate that foreign flows to be outflows of USD1,653mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek.


TWSE Foreign Holding Weekly (Jul 26th): Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek

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: Crashed Then Rebounded to +15.1% Premium; Likely to Break Down Again</li>
<li>UMC: -0.2% Discount; Earnings Imminent; Notable Decrease in ADR Headroom</li>
<li>ASE: Rebounded to +9.2 Premium After Major Breakdown; Likely to Drop Again</li>
</ul>


TSMC: Crashed Then Rebounded to +15.1% Premium; Likely to Break Down Again
UMC: -0.2% Discount; Earnings Imminent; Notable Decrease in ADR Headroom
ASE: Rebounded to +9.2 Premium After Major Breakdown; Likely to Drop Again


Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>A TALE OF TWO SEMI INDUSTRIES: ASE's latest earnings commentary indicates that the performance gap between "leading-edge" technologies and "traditional/mature" semiconductor technologies may be widening.</li>
<li>CAPITAL REQUIREMENT TO KEEP PACE IS RISING: Capacity utilization is starkly different for traditional vs. leading-edge capacity; and capital requirements to keep up in terms of advanced capacity is rising.</li>
<li>ENTRY BARRIERS RISING: We suspect that smaller players could face significant challenges in keeping up with the investments necessary for leading-edge packaging and testing capacity. ASE needs to invest heavily.</li>
</ul>


A TALE OF TWO SEMI INDUSTRIES: ASE's latest earnings commentary indicates that the performance gap between "leading-edge" technologies and "traditional/mature" semiconductor technologies may be widening.
CAPITAL REQUIREMENT TO KEEP PACE IS RISING: Capacity utilization is starkly different for traditional vs. leading-edge capacity; and capital requirements to keep up in terms of advanced capacity is rising.
ENTRY BARRIERS RISING: We suspect that smaller players could face significant challenges in keeping up with the investments necessary for leading-edge packaging and testing capacity. ASE needs to invest heavily.


ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges.</li><li>The revenue for the quarter was notably strong, increasing by 13.6% sequentially in NT or 10.3% in U.S. dollars.</li><li>This substantial growth was fueled by robust demand for the cutting-edge 3- and 5- nanometer technologies, although somewhat offset by smartphone seasonality.</li></ul>

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges.The revenue for the quarter was notably strong, increasing by 13.6% sequentially in NT or 10.3% in U.S. dollars.This substantial growth was fueled by robust demand for the cutting-edge 3- and 5- nanometer technologies, although somewhat offset by smartphone seasonality.

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

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 (30-Jul-2024): LG Innotek's record 2Q24 driven by iPhone 15 boom.

LG Innotek's record results driven by iPhone 15 sales, Tesla and Nvidia battle for autonomous driving, US bans Chinese EVs, EU cautious on taxes,...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Jul 26th): Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Gigabyte Tech, TSMC, Quanta Computer, ASE,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

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

Vincent Fernando, CFA

ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players

ASE's latest earnings show widening gap between leading-edge and traditional semiconductor technologies, with rising capital requirements and...

Vincent Fernando, CFA

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges. The revenue for...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech Supply Chain Tracker (30-Jul-2024): LG Innotek's record 2Q24 driven by iPhone 15 boom.

LG Innotek's record results driven by iPhone 15 sales, Tesla and Nvidia battle for autonomous driving, US bans Chinese EVs, EU cautious on taxes,...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Jul 26th): Gigabyte Tech, TSMC, Quanta Computer, ASE, Mediatek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Gigabyte Tech, TSMC, Quanta Computer, ASE,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC and ASE Premium Trading Range Blow-Outs During Recent Sell-Off

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

Vincent Fernando, CFA

ASE Color Suggests Widening Performance Gap Between Leading-Edge and Mature Semiconductor Players

​ASE's latest earnings show widening gap between leading-edge and traditional semiconductor technologies, with rising capital requirements and...

Vincent Fernando, CFA

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges. The revenue for...

Baptista Research

ASE's latest earnings show widening gap between leading-edge and traditional semiconductor technologies, with rising capital requirements and...