Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  </li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> remains the anchor customer driving N2 ramp in 2026.</li>
<li>Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  </li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  

Apple (AAPL US) remains the anchor customer driving N2 ramp in 2026.
Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  


TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.</li><li>This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.</li></ul>

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.We see Powell’s remarks as a short-term headwind, while our view remains that the Fed will proceed with further rate cuts, consistent with the FedWatch Tool, which anticipates two more cuts this year.This increases the likelihood of upward revisions to consensus estimates, as well as to the Ministry of Commerce’s own export target of 2–3%.

Krungthai XSpring Zoom Eng. September 24, 2025

<ul><li>The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.</li><li>The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.</li></ul>

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.

Krungthai XSpring Zoom Eng. September 23, 2025

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.</li>
<li>Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.</li>
<li>Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.</li>
</ul>


Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.
Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.
Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.


2025 High Conviction: Samsung Electronics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> surprised the market with its announcement of a $5 billion investment in <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>.</li>
<li>The market seems to read this as the beginning of a deeper Intel–NVIDIA partnership in AI chips.</li>
<li>We also note that Japan’s push to establish its own foundry industry through Rapidus deserves continued attention, as it could reshape the competitive map in the years ahead.</li>
</ul>



NVIDIA Corp (NVDA US) surprised the market with its announcement of a $5 billion investment in Intel Corp (INTC US).
The market seems to read this as the beginning of a deeper Intel–NVIDIA partnership in AI chips.
We also note that Japan’s push to establish its own foundry industry through Rapidus deserves continued attention, as it could reshape the competitive map in the years ahead.


Intel (INTC.US): NVIDIA’s $5B Intel Stake — A Shift in Tech’s Competitive Landscape?

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...

Patrick Liao

Krungthai XSpring Zoom Eng. September 24, 2025

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 23, 2025

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296...

Krungthai XSpring

2025 High Conviction: Samsung Electronics

According to industry sources, Samsung Electronics has reportedly passed NVIDIA's HBM3E 12-layer quality test and received a verbal order. So far,...

Douglas Kim

Intel (INTC.US): NVIDIA’s $5B Intel Stake — A Shift in Tech’s Competitive Landscape?

NVIDIA surprises market with $5 billion investment in Intel, sparking speculation of deeper partnership in AI chips. Japan's Rapidus initiative...

Patrick Liao

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P/E

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TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

​TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...

Patrick Liao

Krungthai XSpring Zoom Eng. September 24, 2025

The SET Index is expected to continue consolidating today, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 23, 2025

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296...

Krungthai XSpring

2025 High Conviction: Samsung Electronics

According to industry sources, Samsung Electronics has reportedly passed NVIDIA's HBM3E 12-layer quality test and received a verbal order. So far,...

Douglas Kim

Intel (INTC.US): NVIDIA’s $5B Intel Stake — A Shift in Tech’s Competitive Landscape?

​NVIDIA surprises market with $5 billion investment in Intel, sparking speculation of deeper partnership in AI chips. Japan's Rapidus initiative...

Patrick Liao

TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...

NVIDIA surprises market with $5 billion investment in Intel, sparking speculation of deeper partnership in AI chips. Japan's Rapidus initiative...