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>Seven Taiwan semi companies from our list of sixteen are now showing negative YoY monthly growth as of September 2024, up from just three a month earlier</li>
<li>Companies with a strong exposure to the AI Acceleration market are on track for strong revenue growth YoY in 2024. ASPEED is on track to double revenues this year. </li>
<li>For many of the remainder, what tepid growth they had been experiencing may be starting to stall. Watch this space. </li>
</ul>


Seven Taiwan semi companies from our list of sixteen are now showing negative YoY monthly growth as of September 2024, up from just three a month earlier
Companies with a strong exposure to the AI Acceleration market are on track for strong revenue growth YoY in 2024. ASPEED is on track to double revenues this year. 
For many of the remainder, what tepid growth they had been experiencing may be starting to stall. Watch this space. 


Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 4th. The aggregated holding was USD2,270.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,773mln. 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 Nanya Technology, Wiwynn, Winbond Electronics, Unimicron Technology, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 4th. The aggregated holding was USD2,270.6bn.
We estimate that foreign flows to be outflows of USD1,773mln. 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 Nanya Technology, Wiwynn, Winbond Electronics, Unimicron Technology, Quanta Computer.


TWSE Foreign Holding Weekly (Sep 4th): Nanya Technology, Wiwynn, Winbond Electronics

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some</li>
<li>This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries</li>
<li>Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world</li>
</ul>


Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some
This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries
Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world


Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 28th. The aggregated holding was USD2,277.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,814mln. 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, E.SUN Financial, Nanya Technology, Unimicron Technology, MediaTek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 28th. The aggregated holding was USD2,277.2bn.
We estimate that foreign flows to be inflows of USD3,814mln. 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, E.SUN Financial, Nanya Technology, Unimicron Technology, MediaTek.


TWSE Foreign Holding Weekly (Aug 28th): TSMC, E.SUN Financial, Nanya Technology, MediaTek

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Aug 28th. The aggregated short interest was USD43.9bn.</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 Shin Kong Financial, Jentech Precision Industrial, Winbond Electronics, Evergreen Marine, FOSITEK.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 28th. The aggregated short interest was USD43.9bn.
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 Shin Kong Financial, Jentech Precision Industrial, Winbond Electronics, Evergreen Marine, FOSITEK.


TWSE Short Interest Weekly (Aug 28th): Shin Kong Financial, Jentech Precision Industrial, FOSITEK

Taiwan

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

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Hon Hai Precision Industry (2317 TT)

Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024

Seven Taiwan semi companies from our list of sixteen are now showing negative YoY monthly growth as of September 2024, up from just three a month...

William Keating

TWSE Foreign Holding Weekly (Sep 4th): Nanya Technology, Wiwynn, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Nanya Technology, Wiwynn, Winbond Electronics,...

Ke Yan, CFA, FRM

Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Taiwan's banks may be unique with reasonable tech exposure, a possible driver for some of the best loan volume anywhere, with strong credit...

Daniel Tabbush

TWSE Foreign Holding Weekly (Aug 28th): TSMC, E.SUN Financial, Nanya Technology, MediaTek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, E.SUN Financial, Nanya Technology,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Aug 28th): Shin Kong Financial, Jentech Precision Industrial, FOSITEK

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial, Jentech Precision...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)