Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<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>’s Plan to Build a Plant in Germany Faces Delays.</li>
<li>TSMC’s Fab 21 Project in Phoenix, Arizona: Progress, Challenges, and Future Plans.</li>
<li>There remains uncertainty about whether political factors — such as U.S. President Trump’s tariff threats targeting the semiconductor industry— might impact or even reverse TSMC’s investment decision.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US)’s Plan to Build a Plant in Germany Faces Delays.
TSMC’s Fab 21 Project in Phoenix, Arizona: Progress, Challenges, and Future Plans.
There remains uncertainty about whether political factors — such as U.S. President Trump’s tariff threats targeting the semiconductor industry— might impact or even reverse TSMC’s investment decision.


TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial performance.</li><li>The company achieved total net revenue of approximately $7.1 billion, reflecting a 7% increase year-over-year, with growth across all its business segments.</li><li>Non-GAAP earnings per share rose by 14% year-over-year to a record $2.39, supported by revenue growth, improved profitability, and share repurchases.</li></ul>

Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial performance.The company achieved total net revenue of approximately $7.1 billion, reflecting a 7% increase year-over-year, with growth across all its business segments.Non-GAAP earnings per share rose by 14% year-over-year to a record $2.39, supported by revenue growth, improved profitability, and share repurchases.

Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>More US restrictions on export of SPE Semi Production Equipment to Chinese firms (CXMT, SMIC, YMTC). The big increase in Chinese spending was done over 2023-24, it's declining in 2025-26. </li>
<li>Chinese domestic SPE vendors are growing fast and gaining share from AMAT, LAM, TEL. ASML is a monopoly below 65nm. KLA is very dominant. Focus on best 2: ASML, KLA.</li>
<li>China’s efforts to grow its own supply chain and equipment makers will continue, AMEC and Naura are the leaders. Consolidation could start. </li>
</ul>


More US restrictions on export of SPE Semi Production Equipment to Chinese firms (CXMT, SMIC, YMTC). The big increase in Chinese spending was done over 2023-24, it's declining in 2025-26. 
Chinese domestic SPE vendors are growing fast and gaining share from AMAT, LAM, TEL. ASML is a monopoly below 65nm. KLA is very dominant. Focus on best 2: ASML, KLA.
China’s efforts to grow its own supply chain and equipment makers will continue, AMEC and Naura are the leaders. Consolidation could start. 


China – US: More US Restrictions on Chinese Firms, but Chinese Equipment Firms Are Growing Fast

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • AkzoNobel | JSW Paints and Indigo Paints reported to lead race for Akzo Nobel India • BE Semiconductor Industries | Applied Materials takes 9% interest • Fugro | geopolitical and economic uncertainties to depress 1Q25 revenue and EBIT • TomTom | strong start of the year – reiterates FY25 guidance</li></ul>

In this edition: • AkzoNobel | JSW Paints and Indigo Paints reported to lead race for Akzo Nobel India • BE Semiconductor Industries | Applied Materials takes 9% interest • Fugro | geopolitical and economic uncertainties to depress 1Q25 revenue and EBIT • TomTom | strong start of the year – reiterates FY25 guidance

What's New(s) in Amsterdam - 15 April (AkzoNobel | BE Semiconductor Industries | Fugro | TomTom)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, raised around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.


JX Advance Metals IPO Trading - Demand Wasn’t Great

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

TSMC faces delays in building a plant in Germany and uncertainty in investment decisions due to political factors like Trump's tariff threats....

Patrick Liao

Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?

Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial...

Baptista Research

China – US: More US Restrictions on Chinese Firms, but Chinese Equipment Firms Are Growing Fast

US to restrict export of Semi Production Equipment to Chinese firms CXMT, SMIC, YMTC. Chinese vendors gaining share from AMAT, LAM, TEL. China...

Nicolas Baratte

What's New(s) in Amsterdam - 15 April (AkzoNobel | BE Semiconductor Industries | Fugro | TomTom)

In this edition: • AkzoNobel | JSW Paints and Indigo Paints reported to lead race for Akzo Nobel India • BE Semiconductor Industries | Applied...

The IDEA!

JX Advance Metals IPO Trading - Demand Wasn’t Great

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM. In this...

Sumeet Singh

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52-week Range

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TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

​TSMC faces delays in building a plant in Germany and uncertainty in investment decisions due to political factors like Trump's tariff threats....

Patrick Liao

Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?

Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial...

Baptista Research

China – US: More US Restrictions on Chinese Firms, but Chinese Equipment Firms Are Growing Fast

​US to restrict export of Semi Production Equipment to Chinese firms CXMT, SMIC, YMTC. Chinese vendors gaining share from AMAT, LAM, TEL. China...

Nicolas Baratte

What's New(s) in Amsterdam - 15 April (AkzoNobel | BE Semiconductor Industries | Fugro | TomTom)

In this edition: • AkzoNobel | JSW Paints and Indigo Paints reported to lead race for Akzo Nobel India • BE Semiconductor Industries | Applied...

The IDEA!

JX Advance Metals IPO Trading - Demand Wasn’t Great

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM. In this...

Sumeet Singh

TSMC faces delays in building a plant in Germany and uncertainty in investment decisions due to political factors like Trump's tariff threats....

US to restrict export of Semi Production Equipment to Chinese firms CXMT, SMIC, YMTC. Chinese vendors gaining share from AMAT, LAM, TEL. China...