Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>’s GPUs and AI chips have been tested at <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> facilities for the past three years.  </li>
<li>The recent upward momentum in the share price has been driven by strong fundamentals.</li>
<li>
<a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd-407e849c-0357-479b-94a1-a43aee0a32e4" target="_blank" data-smartkarma-citation="entities:739:1" rel="noopener">ASE Technology Holding (ASX US)</a>/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.  </li>
</ul>



NVIDIA Corp (NVDA US)’s GPUs and AI chips have been tested at King Yuan Electronics Co, Ltd. (2449 TT) facilities for the past three years.  
The recent upward momentum in the share price has been driven by strong fundamentals.

ASE Technology Holding (ASX US)/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from NVIDIA Corp (NVDA US).  


KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.</li>
<li>SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.</li>
<li>While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.</li>
</ul>


Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.
SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.
While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.


Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

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 margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.


JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities delivered exceptional performance this week, with the Nikkei 225 surging 4.1% to fresh record highs </li>
<li>Expect the BoJ to maintain the 0.5% policy rate Friday, with October remaining the earliest viable hike window</li>
<li>Geopolitical tensions remain elevated with Polish airspace incidents and Middle East complexities creating volatility catalysts; We remain +ve on JP equities given attractive valuations and Fed tailwinds</li>
</ul>


Japanese equities delivered exceptional performance this week, with the Nikkei 225 surging 4.1% to fresh record highs 
Expect the BoJ to maintain the 0.5% policy rate Friday, with October remaining the earliest viable hike window
Geopolitical tensions remain elevated with Polish airspace incidents and Middle East complexities creating volatility catalysts; We remain +ve on JP equities given attractive valuations and Fed tailwinds


Japan Strategy Weekly | Nikkei Surges to Record High

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Apple reveal not enough to send the stock higher, although its new IPhone Pro and ear pods with built in heart rate monitoring impress.</li>
<li>Alphabet sends the Mag7 to a record high with its cloud computing order backlog bigger than expected.</li>
<li>Wolfspeed +48% as it gets set to emerge from bankruptcy, although this should be no surprise. Positive Renesas</li>
</ul>


Apple reveal not enough to send the stock higher, although its new IPhone Pro and ear pods with built in heart rate monitoring impress.
Alphabet sends the Mag7 to a record high with its cloud computing order backlog bigger than expected.
Wolfspeed +48% as it gets set to emerge from bankruptcy, although this should be no surprise. Positive Renesas


Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Japan

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

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Advantest Corp (6857 JP)

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Japan Strategy Weekly | Nikkei Surges to Record High

Japanese equities surged to record highs this week, with the BoJ expected to maintain policy rate and geopolitical tensions adding volatility;...

Mark Chadwick

Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Apple and its suppliers pulled lower. Laggards in the SPE space should get a lift after Oracle's big jump in late trading. A pullback in...

Andrew Jackson

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KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

​NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...

Patrick Liao

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

​Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Japan Strategy Weekly | Nikkei Surges to Record High

​Japanese equities surged to record highs this week, with the BoJ expected to maintain policy rate and geopolitical tensions adding volatility;...

Mark Chadwick

Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Apple and its suppliers pulled lower. Laggards in the SPE space should get a lift after Oracle's big jump in late trading. A pullback in...

Andrew Jackson

NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Japanese equities surged to record highs this week, with the BoJ expected to maintain policy rate and geopolitical tensions adding volatility;...