Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>4Q25 Guidance: Revenue NT$22–23bn (declined 4.9% QQ); Entering traditional low season. Gross Margin: 35–38%; Operating Margin: 14.5–17.5%.</li>
<li>AI-Integrated products currently ~20% of SoC revenue and growing. Image SoC / New Camera Trends: New AI Vlog cameras seeing positive demand. </li>
<li>Key 2026 factors: FX, gold price, raw materials (KGD, substrate) supply.</li>
</ul>


4Q25 Guidance: Revenue NT$22–23bn (declined 4.9% QQ); Entering traditional low season. Gross Margin: 35–38%; Operating Margin: 14.5–17.5%.
AI-Integrated products currently ~20% of SoC revenue and growing. Image SoC / New Camera Trends: New AI Vlog cameras seeing positive demand. 
Key 2026 factors: FX, gold price, raw materials (KGD, substrate) supply.


Novatek (3034.TT): 4Q25 Decline; AI-Integrated Products Currently ~20% of SoC Revenue and Growing.

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 Oct 31st. The aggregated holding was USD1,429.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,180mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Delta Electronics, ASE Industrial, E.SUN Financial, Quanta Computer, Ase Industrial, Quanta Computer, TSMC, Delta Electronics, E.Sun Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 31st. The aggregated holding was USD1,429.4bn.
We estimate that foreign flows to be outflows of USD1,180mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Delta Electronics, ASE Industrial, E.SUN Financial, Quanta Computer, Ase Industrial, Quanta Computer, TSMC, Delta Electronics, E.Sun Financial.


TWSE Foreign Holding Weekly (Oct 31st): TSMC, Delta Electronics, ASE Industrial, E.SUN Financial

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 31st. The aggregated short interest was USD28.2bn.</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 Lite-On Technology, Yageo, TECO Electric &amp; Machinery, WT Microelectronics, Nanya Technology, Lite-On Technology, Yageo, TECO Electric &amp; Machinery, WT Microelectronics, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 31st. The aggregated short interest was USD28.2bn.
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 Lite-On Technology, Yageo, TECO Electric &amp; Machinery, WT Microelectronics, Nanya Technology, Lite-On Technology, Yageo, TECO Electric &amp; Machinery, WT Microelectronics, Nanya Technology.


TWSE Short Interest Weekly (Oct 31st): Lite-On Technology, Yageo, TECO Electric & Machinery

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

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.</li>
<li>Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.</li>
<li>UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.</li>
</ul>


UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.
Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.
UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.


UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short</li>
<li>ASE: +0.3% Premium; Good Level to Long the ADR Spread</li>
<li>ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted</li>
</ul>


TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
ASE: +0.3% Premium; Good Level to Long the ADR Spread
ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted


Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Microelectronics Corp (2303 TT)

Novatek (3034.TT): 4Q25 Decline; AI-Integrated Products Currently ~20% of SoC Revenue and Growing.

Q4 guidance of NT$22-23bn with declining margins. AI-integrated products growing, new AI Vlog cameras in demand. Key factors for 2026: FX, gold...

Patrick Liao

TWSE Foreign Holding Weekly (Oct 31st): TSMC, Delta Electronics, ASE Industrial, E.SUN Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Delta Electronics (2308 TT), ASE...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 31st): Lite-On Technology, Yageo, TECO Electric & Machinery

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), Yageo (2327 TT),...

Ke Yan, CFA, FRM

UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

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

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Novatek (3034.TT): 4Q25 Decline; AI-Integrated Products Currently ~20% of SoC Revenue and Growing.

​Q4 guidance of NT$22-23bn with declining margins. AI-integrated products growing, new AI Vlog cameras in demand. Key factors for 2026: FX, gold...

Patrick Liao

TWSE Foreign Holding Weekly (Oct 31st): TSMC, Delta Electronics, ASE Industrial, E.SUN Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Delta Electronics (2308 TT), ASE...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 31st): Lite-On Technology, Yageo, TECO Electric & Machinery

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Lite-On Technology (2301 TT), Yageo (2327 TT),...

Ke Yan, CFA, FRM

UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

​UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

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

Vincent Fernando, CFA

Q4 guidance of NT$22-23bn with declining margins. AI-integrated products growing, new AI Vlog cameras in demand. Key factors for 2026: FX, gold...

UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...