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.

Equity Bottom-Up

BE Semiconductor Industries NV / Equity Bottom-Up

<ul><li>In this edition: • ASM International - ASML Holding – BE Semiconductor Industries | US wants further export restrictions of high-end semiconductor technology to China • PostNL | opens up its APM network for FedEx for drop-offs and returns</li></ul>

In this edition: • ASM International - ASML Holding – BE Semiconductor Industries | US wants further export restrictions of high-end semiconductor technology to China • PostNL | opens up its APM network for FedEx for drop-offs and returns

What's New(s) in Amsterdam - 17 June (ASM Int'l | ASML Holding | Besi I | PostNL)

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

<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.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in June but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 2.5% resulting in a round-trip trade of US$1.2bn. Impact on the stocks is small given they are highly liquid.</li>
<li>There will be more flows in a lot of these stocks from trackers of the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a>. <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a> will have largest outflows.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in June but there are a lot of float and capping changes.
Estimated one-way turnover is 2.5% resulting in a round-trip trade of US$1.2bn. Impact on the stocks is small given they are highly liquid.
There will be more flows in a lot of these stocks from trackers of the Technology Select Sector SPDR (XLK US). Broadcom (AVGO US) will have largest outflows.


MV US Listed Semiconductor 25 Index Rebalance: US$1.2bn Round-Trip Trade

<ul>
<li>There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC's technology remains the best in the world.</li>
<li>Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.</li>
<li>If our technology could be stolen so easily, TSMC wouldn’t be where it is today.</li>
</ul>


There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC's technology remains the best in the world.
Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.
If our technology could be stolen so easily, TSMC wouldn’t be where it is today.


TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

Technology / Semiconductor / Internet Research

Nicolas Baratte

Thematic (Sector/Industry)

<ul>
<li>Growth expectations have come down, 2025 now expected flat YoY  1) China, Auto &amp; Industrial Capex declining 2) Intel inflated Capex is deflating 3) capacity add only from HBM, AI </li>
<li>The big structural positives continue (HBM, GAA, BSPD, High NA). This means higher Capex intensity. From 3nm to 14A, Capex doubles.  Wafer price doubles. </li>
<li>The risk is to overestimate demand: who can afford chips 2x more expensive? Chips that generate revenue or lower costs, ie chips that run applications in Data Centers</li>
</ul>


Growth expectations have come down, 2025 now expected flat YoY  1) China, Auto &amp; Industrial Capex declining 2) Intel inflated Capex is deflating 3) capacity add only from HBM, AI 
The big structural positives continue (HBM, GAA, BSPD, High NA). This means higher Capex intensity. From 3nm to 14A, Capex doubles.  Wafer price doubles. 
The risk is to overestimate demand: who can afford chips 2x more expensive? Chips that generate revenue or lower costs, ie chips that run applications in Data Centers


Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

What's New(s) in Amsterdam - 17 June (ASM Int'l | ASML Holding | Besi I | PostNL)

In this edition: • ASM International - ASML Holding – BE Semiconductor Industries | US wants further export restrictions of high-end semiconductor...

The IDEA!

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

MV US Listed Semiconductor 25 Index Rebalance: US$1.2bn Round-Trip Trade

There are no constituent changes but float and capping changes result in an estimated one-way turnover of 2.5% and in a round-trip trade of...

Brian Freitas

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

Patrick Liao

Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...

Nicolas Baratte

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What's New(s) in Amsterdam - 17 June (ASM Int'l | ASML Holding | Besi I | PostNL)

In this edition: • ASM International - ASML Holding – BE Semiconductor Industries | US wants further export restrictions of high-end semiconductor...

The IDEA!

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

MV US Listed Semiconductor 25 Index Rebalance: US$1.2bn Round-Trip Trade

There are no constituent changes but float and capping changes result in an estimated one-way turnover of 2.5% and in a round-trip trade of...

Brian Freitas

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

​TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

Patrick Liao

Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

​SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...

Nicolas Baratte

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

TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...