Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Samsung Life Insurance (032830 KS) and Samsung Fire &amp; Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics (005930 KS) in block deal sales.</li>
<li>A total of 5 million shares of Samsung Electronics shares that are expected to be sold in this block deal sale represents 0.1% of Samsung Electronics' outstanding shares.</li>
<li>If Samsung Life Insurance is able to sell 4.256 million shares of Samsung Electronics for 236.4 billion won, this would represent 1.3% of Samsung Life Insurance's market cap. </li>
</ul>


Samsung Life Insurance (032830 KS) and Samsung Fire &amp; Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics (005930 KS) in block deal sales.
A total of 5 million shares of Samsung Electronics shares that are expected to be sold in this block deal sale represents 0.1% of Samsung Electronics' outstanding shares.
If Samsung Life Insurance is able to sell 4.256 million shares of Samsung Electronics for 236.4 billion won, this would represent 1.3% of Samsung Life Insurance's market cap. 


Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Smartphone 2024 small growth about +5% YoY. PC 2024 small unit growth +4%. Don’t expect much better in 2025 but the Silicon content will increase, both for processor and DRAM.</li>
<li>Lots of cuts in 2025 Semiconductor Capex. TSMC is up but Samsung, UMC, Intel down. Japan Semi Equipment association has revised down 2025 growth from 10% to 5%.</li>
<li>Cloud Capex booming. Microsoft announced US$80bn in FY25. Meta at US$60-65bn. TSMC to increase 5-3nm wafer price by 5-10%. The Ai segment of semiconductors is doing extremely well</li>
</ul>


Smartphone 2024 small growth about +5% YoY. PC 2024 small unit growth +4%. Don’t expect much better in 2025 but the Silicon content will increase, both for processor and DRAM.
Lots of cuts in 2025 Semiconductor Capex. TSMC is up but Samsung, UMC, Intel down. Japan Semi Equipment association has revised down 2025 growth from 10% to 5%.
Cloud Capex booming. Microsoft announced US$80bn in FY25. Meta at US$60-65bn. TSMC to increase 5-3nm wafer price by 5-10%. The Ai segment of semiconductors is doing extremely well


Tech News: Smartphone and PC Stabilize. Semicon Capex Cuts. Cloud Capex Up. TSMC Increasing Prices.

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>Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"</li>
<li>Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand</li>
<li>TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay</li>
</ul>


Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"
Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand
TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay


Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC Secures Key Qualcomm Advanced Packaging Order; Breakthrough in High-Growth Chip Supply Chain Segment</li>
<li>Why TSMC Remains Critical for QCOM Manufacturing, Yet UMC Provides a Strong Strategic Counterbalance</li>
<li>UMC Must Prove Itself, but QCOM Win Sparks Optimism for Sentiment and Outlook Recovery -- Maintain TSMC as Structural Long &amp; Rate UMC as Outperform</li>
</ul>


UMC Secures Key Qualcomm Advanced Packaging Order; Breakthrough in High-Growth Chip Supply Chain Segment
Why TSMC Remains Critical for QCOM Manufacturing, Yet UMC Provides a Strong Strategic Counterbalance
UMC Must Prove Itself, but QCOM Win Sparks Optimism for Sentiment and Outlook Recovery -- Maintain TSMC as Structural Long &amp; Rate UMC as Outperform


United Microelectronics: Key QCOM Advanced Packaging Win Signals Client Shift Away from TSMC

<ul>
<li>Tier-2 commodity Memory is a lousy business, which requires high Capex and R&amp;D, generates very low Free Cash Flows. DRAM is more sustainable than NAND as peak margins are higher. </li>
<li>Kioxia only makes NAND, has a high market share (16%) but is a Tier-2 supplier with a roadmap lagging SK Hynix by ~2 years, and a high exposure to Consumer. </li>
<li>The Memory cycle has recovered, probably close to peak earnings. That’s why stocks have been declining (Micron, Hynix).  Part 2 will cover financials (there's a bad surprise) and valuations. </li>
</ul>


Tier-2 commodity Memory is a lousy business, which requires high Capex and R&amp;D, generates very low Free Cash Flows. DRAM is more sustainable than NAND as peak margins are higher. 
Kioxia only makes NAND, has a high market share (16%) but is a Tier-2 supplier with a roadmap lagging SK Hynix by ~2 years, and a high exposure to Consumer. 
The Memory cycle has recovered, probably close to peak earnings. That’s why stocks have been declining (Micron, Hynix).  Part 2 will cover financials (there's a bad surprise) and valuations. 


What Is Kioxia? And Should You Bother? Part 1: Why NAND Is so Hard (And Not Attractive)

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics...

Douglas Kim

Tech News: Smartphone and PC Stabilize. Semicon Capex Cuts. Cloud Capex Up. TSMC Increasing Prices.

Smartphone and PC small growth in 2024 and 2025, but Silicon content in processors and DRAM will increase. Semiconductor Capex cuts in 2025. Cloud...

Nicolas Baratte

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

United Microelectronics: Key QCOM Advanced Packaging Win Signals Client Shift Away from TSMC

UMC secures key Qualcomm order, providing strategic counterbalance to TSMC in chip supply chain segment. Optimism likely to improve for UMC's...

Vincent Fernando, CFA

What Is Kioxia? And Should You Bother? Part 1: Why NAND Is so Hard (And Not Attractive)

Tier-2 NAND memory supplier Kioxia faces challenges with high Capex and R&D costs, low Free Cash Flows, and lagging behind technology leader SK...

Nicolas Baratte

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Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M

Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics...

Douglas Kim

Tech News: Smartphone and PC Stabilize. Semicon Capex Cuts. Cloud Capex Up. TSMC Increasing Prices.

​Smartphone and PC small growth in 2024 and 2025, but Silicon content in processors and DRAM will increase. Semiconductor Capex cuts in 2025. Cloud...

Nicolas Baratte

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

​Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

United Microelectronics: Key QCOM Advanced Packaging Win Signals Client Shift Away from TSMC

​UMC secures key Qualcomm order, providing strategic counterbalance to TSMC in chip supply chain segment. Optimism likely to improve for UMC's...

Vincent Fernando, CFA

What Is Kioxia? And Should You Bother? Part 1: Why NAND Is so Hard (And Not Attractive)

​Tier-2 NAND memory supplier Kioxia faces challenges with high Capex and R&D costs, low Free Cash Flows, and lagging behind technology leader SK...

Nicolas Baratte

Smartphone and PC small growth in 2024 and 2025, but Silicon content in processors and DRAM will increase. Semiconductor Capex cuts in 2025. Cloud...

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

UMC secures key Qualcomm order, providing strategic counterbalance to TSMC in chip supply chain segment. Optimism likely to improve for UMC's...

Tier-2 NAND memory supplier Kioxia faces challenges with high Capex and R&D costs, low Free Cash Flows, and lagging behind technology leader SK...