Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Positive Management tone, as always, but no material clarification on 2026 revenues: China down (back to “normal”), Low NA EUV increase, some High NA but that’s still  pre-production.</li>
<li>ASML has many qualities: monopoly, litho intensity increasing. Downside risks: how low China revenue go, is Mngt still double counting TSMC + Intel capacity, expectations for High NA too high?</li>
<li>ASML is a lot more expensive than AMD, NVDA, MU, SK, TSM for very low growth. I don't like Broadcom for same reason: better Price / Growth in AMD, NVDA.</li>
</ul>


Positive Management tone, as always, but no material clarification on 2026 revenues: China down (back to “normal”), Low NA EUV increase, some High NA but that’s still  pre-production.
ASML has many qualities: monopoly, litho intensity increasing. Downside risks: how low China revenue go, is Mngt still double counting TSMC + Intel capacity, expectations for High NA too high?
ASML is a lot more expensive than AMD, NVDA, MU, SK, TSM for very low growth. I don't like Broadcom for same reason: better Price / Growth in AMD, NVDA.


ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028

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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>, a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:203592" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:203753" rel="noopener">Tekscend Photomask (429A JP) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/tekscend-photomask-429a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:204079" rel="noopener">Tekscend Photomask (429A JP) IPO: Valuation Insights</a>. </li>
<li>The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.</li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. At the IPO price, Tekscend will raise JPY138 billion (US$910 million). The shares will be listed on 16 October.
I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case, Tekscend Photomask (429A JP) IPO: The Bear Case and Tekscend Photomask (429A JP) IPO: Valuation Insights. 
The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.


Tekscend Photomask (429A JP) IPO: Trading Debut

Kokusai Electric  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.</li>
<li>On the placements front, markets were back where they left of prior to the October holidays.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.
On the placements front, markets were back where they left of prior to the October holidays.


ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

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>Q225 WFE billing amounted to $33 billion, up 24% YoY and up 3% QoQ. China was the biggest spender with billings of $11.36 billion, +11% QoQ, albeit down 7% YoY</li>
<li>A US select committee on China WFE spending, published on October 7 last, highlights multiple gaps with existing US restrictions on China WFE and proposes nine separate remedies</li>
<li>Remedies include sweeping China country-wide bans, bans on related components, consumables &amp; deploying "incentives &amp; leverage" with allies so they follow suit. Still wondering about China's surprise rare earth move?</li>
</ul>


Q225 WFE billing amounted to $33 billion, up 24% YoY and up 3% QoQ. China was the biggest spender with billings of $11.36 billion, +11% QoQ, albeit down 7% YoY
A US select committee on China WFE spending, published on October 7 last, highlights multiple gaps with existing US restrictions on China WFE and proposes nine separate remedies
Remedies include sweeping China country-wide bans, bans on related components, consumables &amp; deploying "incentives &amp; leverage" with allies so they follow suit. Still wondering about China's surprise rare earth move?


Semiconductor WFE. China Retains #1 Spending Slot In Q225, US Mulls Yet Further Sweeping Sanctions

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)

ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028

ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...

Nicolas Baratte

Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Semiconductor WFE. China Retains #1 Spending Slot In Q225, US Mulls Yet Further Sweeping Sanctions

Remedies like China country-wide bans, bans on related components, consumables & deploying "incentives & leverage" on allies so they follow suit....

William Keating

Price Gauge

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ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028

​ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...

Nicolas Baratte

Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap

Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...

Sumeet Singh

Tekscend Photomask (429A JP) IPO: Trading Debut

The peers have re-rated since the release of the prospectus. My analysis suggests that Tekscend is attractively valued at the IPO price.

Arun George

ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Semiconductor WFE. China Retains #1 Spending Slot In Q225, US Mulls Yet Further Sweeping Sanctions

Remedies like China country-wide bans, bans on related components, consumables & deploying "incentives & leverage" on allies so they follow suit....

William Keating

ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...