Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.</li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  </li>
</ul>



United Microelectron Sp Adr (UMC US) is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.

Qualcomm Inc (QCOM US) and NVIDIA Corp (NVDA US) are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  

Samsung Electronics (005930 KS), for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  


UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Micron is doing very well lately, mainly from its position in HBM, and this is likely to be a key positive factor in their upcoming June 25 earnings call</li>
<li>Hyperscaler CapEx has slowed, but the CapEx share of revenues continues to rise, indicating speculation that AI growth will come</li>
<li>Despite the above, Nvidia revenues have continued to grow, which is a positive indication for HBM sales</li>
</ul>


Micron is doing very well lately, mainly from its position in HBM, and this is likely to be a key positive factor in their upcoming June 25 earnings call
Hyperscaler CapEx has slowed, but the CapEx share of revenues continues to rise, indicating speculation that AI growth will come
Despite the above, Nvidia revenues have continued to grow, which is a positive indication for HBM sales


Micron Upcoming Earnings Vs.Hyperscaler CapEx Slowdown

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 short interest of KRX stocks as of May 30th. The aggregated short interest was USD6.9bn.</li>
<li>We tabulate league tables 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 Hanwha Systems, Samsungf&amp;Mins, Daewoo Shipbuilding, Meritz Financi, Samsung Heavy Industries, Samsung Electronics, SK Hynix, Ecopro Mat.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 30th. The aggregated short interest was USD6.9bn.
We tabulate league tables 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 Hanwha Systems, Samsungf&amp;Mins, Daewoo Shipbuilding, Meritz Financi, Samsung Heavy Industries, Samsung Electronics, SK Hynix, Ecopro Mat.


KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

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

Thematic (Sector/Industry)

<ul>
<li>DRAM revenues for Q125 amounted to $28.6 billion, up 1.5% QoQ and up 57.4% YoY. </li>
<li>NAND Q125 revenues amounted to $13.3 billion, down 20.6% QoQ and down 5.5% YoY.</li>
<li>Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030. Transformation incoming!</li>
</ul>


DRAM revenues for Q125 amounted to $28.6 billion, up 1.5% QoQ and up 57.4% YoY. 
NAND Q125 revenues amounted to $13.3 billion, down 20.6% QoQ and down 5.5% YoY.
Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030. Transformation incoming!


Semiconductor Memory Q125 Review, Tariff & Tech Transition Impacts, HBM Outlook Etc.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. </li>
<li>Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.</li>
<li>Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.</li>
</ul>


This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. 
Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.
Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.


An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

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)

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

Micron Upcoming Earnings Vs.Hyperscaler CapEx Slowdown

Micron's strong position in HBM and Nvidia's continued revenue growth suggest positive outcomes for upcoming earnings calls, despite a slowdown in...

Jim Handy

KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems (272210 KS), Samsungf&Mins (000810...

Ke Yan, CFA, FRM

Semiconductor Memory Q125 Review, Tariff & Tech Transition Impacts, HBM Outlook Etc.

Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030....

William Keating

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

Once Lee Jae-Yong makes the final inheritance tax payment next year (April 2026), he can start to reinvest his dividend income in various Samsung...

Douglas Kim

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UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

Micron Upcoming Earnings Vs.Hyperscaler CapEx Slowdown

​Micron's strong position in HBM and Nvidia's continued revenue growth suggest positive outcomes for upcoming earnings calls, despite a slowdown in...

Jim Handy

KRX Short Interest Weekly (May 30th): Hanwha Systems, Samsungf&Mins, Daewoo Shipbuilding

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Systems (272210 KS), Samsungf&Mins (000810...

Ke Yan, CFA, FRM

Semiconductor Memory Q125 Review, Tariff & Tech Transition Impacts, HBM Outlook Etc.

Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030....

William Keating

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

Once Lee Jae-Yong makes the final inheritance tax payment next year (April 2026), he can start to reinvest his dividend income in various Samsung...

Douglas Kim

Micron's strong position in HBM and Nvidia's continued revenue growth suggest positive outcomes for upcoming earnings calls, despite a slowdown in...