Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>April revenue ~NT$236.02 billion, +20.9% MoM &amp; + 59.6% YoY</li>
<li>It was the company's second highest monthly revenue ever, made all the more remarkable by the fact that it occurred during its seasonally low first half year</li>
<li>Our April YoY Taiwan monthly revenue comps are flashing green across the board with just one exception, Globalwafers</li>
</ul>


April revenue ~NT$236.02 billion, +20.9% MoM &amp; + 59.6% YoY
It was the company's second highest monthly revenue ever, made all the more remarkable by the fact that it occurred during its seasonally low first half year
Our April YoY Taiwan monthly revenue comps are flashing green across the board with just one exception, Globalwafers


TSMC Surges As April Revenue Soars 60% YoY

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 May 10th which has an aggregated holding worth USD4,060.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,948mln. 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 TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech, Lite-On Tech, Chailease, Lotus, Novatek, Alchip Tech, Asia Vital.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 10th which has an aggregated holding worth USD4,060.0bn.
We estimate that foreign flows to be inflows of USD2,948mln. 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 TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech, Lite-On Tech, Chailease, Lotus, Novatek, Alchip Tech, Asia Vital.


TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>It's an exciting 1Q24 result that revenue and GM beat the prior guidance.</li>
<li>The 2Q24 outlook appears to be better than 1Q24, with revenue expected to increase by 5% to 7% QoQ and GM by 9% to 11%.</li>
<li>We consider the primary bottleneck is the embargo of EUV machines to China from the Netherlands.</li>
</ul>


It's an exciting 1Q24 result that revenue and GM beat the prior guidance.
The 2Q24 outlook appears to be better than 1Q24, with revenue expected to increase by 5% to 7% QoQ and GM by 9% to 11%.
We consider the primary bottleneck is the embargo of EUV machines to China from the Netherlands.


SMIC (981.HK): 1Q24 Outlook Was Improved, and The 2Q24 Outlook Appears to Be Better than 1Q24.

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: Premium Fell and Then Rebounded, Now +15.6%; Can Consider Shorting Again</li>
<li>ASE: Falls to +12.3%; Wait for Higher Level Before Considering a New Short Again</li>
<li>ChipMOS: -0.6% Discount; Massing of Short Interest Right Ahead of Earnings</li>
</ul>


TSMC: Premium Fell and Then Rebounded, Now +15.6%; Can Consider Shorting Again
ASE: Falls to +12.3%; Wait for Higher Level Before Considering a New Short Again
ChipMOS: -0.6% Discount; Massing of Short Interest Right Ahead of Earnings


Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

<ul>
<li>1Q24 revenue and GM are in line, but operating income at 24.3% was 1% below consensus.</li>
<li>GlobalWafers anticipates revenue in 2024 will likely be similar to 2023, which means 1H24 revenue could account for 45% of the 2024 yearly revenue.</li>
<li>The planned dividend payout for 2024 is NT$19.0, with NT$8.0 from 1H23 and NT$11 from 2H23. </li>
</ul>


1Q24 revenue and GM are in line, but operating income at 24.3% was 1% below consensus.
GlobalWafers anticipates revenue in 2024 will likely be similar to 2023, which means 1H24 revenue could account for 45% of the 2024 yearly revenue.
The planned dividend payout for 2024 is NT$19.0, with NT$8.0 from 1H23 and NT$11 from 2H23. 


GlobalWafers (6488.TT): Demand Was Weaker in 1H24F, and We Hope It Will Be Better in 2H24F.

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)

TSMC Surges As April Revenue Soars 60% YoY

April revenue ~NT$236.02 billion, +20.9% MoM & + 59.6% YoY. Second highest monthly revenue ever. April YoY Taiwan monthly comps green across the...

William Keating

TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Yang Ming Marine, Tripod...

Ke Yan, CFA, FRM

SMIC (981.HK): 1Q24 Outlook Was Improved, and The 2Q24 Outlook Appears to Be Better than 1Q24.

Exciting 1Q24 results show revenue and GM surpassing guidance, with optimistic 2Q24 outlook despite EUV machine embargo impacting China.

Patrick Liao

Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

Potential trades to consider in TSMC and CHT. Notable surge in short interest right ahead of IMOS earnings today; with the shorts be proven right?

Vincent Fernando, CFA

GlobalWafers (6488.TT): Demand Was Weaker in 1H24F, and We Hope It Will Be Better in 2H24F.

GlobalWafers' 1Q24 results is lower operating income than consensus. Anticipates steady revenue in 2024, with 1H24 accounting for 45% of yearly...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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TSMC Surges As April Revenue Soars 60% YoY

April revenue ~NT$236.02 billion, +20.9% MoM & + 59.6% YoY. Second highest monthly revenue ever. April YoY Taiwan monthly comps green across the...

William Keating

TWSE Foreign Holding Weekly (May 10th): TSMC, Quanta Computer, Yang Ming Marine, Tripod Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Quanta Computer, Yang Ming Marine, Tripod...

Ke Yan, CFA, FRM

SMIC (981.HK): 1Q24 Outlook Was Improved, and The 2Q24 Outlook Appears to Be Better than 1Q24.

​Exciting 1Q24 results show revenue and GM surpassing guidance, with optimistic 2Q24 outlook despite EUV machine embargo impacting China.

Patrick Liao

Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

Potential trades to consider in TSMC and CHT. Notable surge in short interest right ahead of IMOS earnings today; with the shorts be proven right?

Vincent Fernando, CFA

GlobalWafers (6488.TT): Demand Was Weaker in 1H24F, and We Hope It Will Be Better in 2H24F.

​GlobalWafers' 1Q24 results is lower operating income than consensus. Anticipates steady revenue in 2024, with 1H24 accounting for 45% of yearly...

Patrick Liao

Exciting 1Q24 results show revenue and GM surpassing guidance, with optimistic 2Q24 outlook despite EUV machine embargo impacting China.

GlobalWafers' 1Q24 results is lower operating income than consensus. Anticipates steady revenue in 2024, with 1H24 accounting for 45% of yearly...