Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>China's central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.</li>
<li>Silergy's Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.</li>
<li>While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.</li>
</ul>


China's central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.
Silergy's Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.
While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.


Silergy (6415.TT): Positive Optimistic Future Outlook

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 TWSE Stocks as of Sep 20th which has an aggregated short interest worth USD20.8bn.</li>
<li>We tabulate league table 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 Ase Industrial, Century Iron And Steel Industrial, Jentech Precision Industrial, Eva Airways, Shin Kong Financial, King Slide Works.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 20th which has an aggregated short interest worth USD20.8bn.
We tabulate league table 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 Ase Industrial, Century Iron And Steel Industrial, Jentech Precision Industrial, Eva Airways, Shin Kong Financial, King Slide Works.


TWSE Short Interest Weekly (Sep 20th): Ase Industrial, Century Iron And Steel Industrial

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> will initially use Novatek's DDIC (Display Driver IC) for the iPhone 16, but it will soon being replaced largely.</li>
<li>In 4Q24, there is a possibility of experiencing a decline, with a potential quarter-over-quarter decrease of approximately 5-10%.</li>
<li>The Chinese panel market continues to be a key battleground, and Novatek must navigate these challenges to remain competitive.</li>
</ul>



Apple (AAPL US) will initially use Novatek's DDIC (Display Driver IC) for the iPhone 16, but it will soon being replaced largely.
In 4Q24, there is a possibility of experiencing a decline, with a potential quarter-over-quarter decrease of approximately 5-10%.
The Chinese panel market continues to be a key battleground, and Novatek must navigate these challenges to remain competitive.


Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The outlook for 4Q24 appears somewhat bearish at the moment, though it has not been fully defined before the end of October.</li>
<li>Taiwanese companies such as MediaTek Inc (2454 TT), Novatek Microelectronics Corp (3034 TT) and Realtek Semiconductor (2379 TT) continue to be the main drivers of demand for UMC.</li>
<li>On a positive note, there are warnings against overly relying on chips from Chinese manufacturers due to US sanctions.</li>
</ul>


The outlook for 4Q24 appears somewhat bearish at the moment, though it has not been fully defined before the end of October.
Taiwanese companies such as MediaTek Inc (2454 TT), Novatek Microelectronics Corp (3034 TT) and Realtek Semiconductor (2379 TT) continue to be the main drivers of demand for UMC.
On a positive note, there are warnings against overly relying on chips from Chinese manufacturers due to US sanctions.


UMC (2303.TT; UMC US): The Outlook for 4Q24 Is Somewhat Bearish.

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: +17.5% Premium; Recent Trading Back in the 15-20% Range</li>
<li>UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan</li>
<li>ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares</li>
</ul>


TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range
UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan
ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares


Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

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.

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United Microelectronics Corp (2303 TT)

Silergy (6415.TT): Positive Optimistic Future Outlook

China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

Patrick Liao

TWSE Short Interest Weekly (Sep 20th): Ase Industrial, Century Iron And Steel Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ase Industrial, Century Iron And Steel...

Ke Yan, CFA, FRM

Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...

Patrick Liao

UMC (2303.TT; UMC US): The Outlook for 4Q24 Is Somewhat Bearish.

4Q24 outlook is bearish, MediaTek, Novatek and Realtek continue to be the main drivers of demand for UMC, caution against Chinese chips due to US...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

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)

Silergy (6415.TT): Positive Optimistic Future Outlook

​China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

Patrick Liao

TWSE Short Interest Weekly (Sep 20th): Ase Industrial, Century Iron And Steel Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Ase Industrial, Century Iron And Steel...

Ke Yan, CFA, FRM

Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

​In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...

Patrick Liao

UMC (2303.TT; UMC US): The Outlook for 4Q24 Is Somewhat Bearish.

​4Q24 outlook is bearish, MediaTek, Novatek and Realtek continue to be the main drivers of demand for UMC, caution against Chinese chips due to US...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

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

Vincent Fernando, CFA

China's central bank eases monetary policy to boost economy, Silergy sees growth in Automotive EV markets, expects demand to pick up by end of 2024.

In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...

4Q24 outlook is bearish, MediaTek, Novatek and Realtek continue to be the main drivers of demand for UMC, caution against Chinese chips due to US...