Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Nvidia CEO to unveil new developments at the company's GTC developer conference tonight Asia time. TSMC and ASML could have read-throughs from the event given their key roles.</li>
<li>AUO's chairman said that he expects PC panel demand to return to normal levels later this year; indicating another sign of potential improvement in the PC and display space.</li>
<li>PC maker Asustek was a top loser in the past week; we highlight it as a potential Long/Short opportunity.</li>
</ul>


Nvidia CEO to unveil new developments at the company's GTC developer conference tonight Asia time. TSMC and ASML could have read-throughs from the event given their key roles.
AUO's chairman said that he expects PC panel demand to return to normal levels later this year; indicating another sign of potential improvement in the PC and display space.
PC maker Asustek was a top loser in the past week; we highlight it as a potential Long/Short opportunity.


Taiwan Tech Weekly: Nvidia's Latest Strategy Unveil Tonight; AUO Says PC Panel Demand Normalizing

<ul>
<li>China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.</li>
<li>Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.</li>
<li>Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.</li>
</ul>


China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.
Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.
Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.


Taiwan Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

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

DZT Research

DZT 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 short interest of TWSE Stocks as of Nov 25th which has an aggregated short interest worth USD14.0bn.</li>
<li>We tabulate league table 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 Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 25th which has an aggregated short interest worth USD14.0bn.
We tabulate league table 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 Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing.


TWSE Short Interest Weekly (Nov 25th): Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a>  announced today that it will invest up to US$170m into <a href="https://www.smartkarma.com/entities/lordstown-motors-corp" target="_blank" data-smartkarma-citation="entities:33123:1" rel="noopener">Lordstown Motors Corp (RIDE US).</a>
</li>
<li>The deal represents favorable terms for Hon Hai in our view, given the conversion price of preferred shares involved in the deal and the after-market price for Lordstown shares.</li>
<li>Germany is expected to block a chip facility acquisition by <a href="https://www.smartkarma.com/entities/navtech-inc-china" target="_blank" data-smartkarma-citation="entities:25361:1" rel="noopener">Navtech Inc/China (300456 CH)</a>; Alibaba and Biren are slowing chip speeds due to U.S. curbs; Lithuan-Taiwan chip partnership.</li>
</ul>



Hon Hai Precision Industry (2317 TT)  announced today that it will invest up to US$170m into Lordstown Motors Corp (RIDE US).

The deal represents favorable terms for Hon Hai in our view, given the conversion price of preferred shares involved in the deal and the after-market price for Lordstown shares.
Germany is expected to block a chip facility acquisition by Navtech Inc/China (300456 CH); Alibaba and Biren are slowing chip speeds due to U.S. curbs; Lithuan-Taiwan chip partnership.


Taiwan Tech Weekly: Hon Hai U.S. Listco EV Deal, Germany Likely to Block China Co's Factory Purchase

<ul>
<li>ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.</li>
<li>Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.</li>
<li>Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.</li>
</ul>


ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.
Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.
Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.


Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Taiwan

AU Optronics Corp. manufactures and markets thin film transistor-liquid crystal displays (TFT-LCDs) and plasma display panels (PDPs).  The Company sells its products in Taiwan and exports worldwide.

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AU Optronics (2409 TT)

Taiwan Tech Weekly: Nvidia's Latest Strategy Unveil Tonight; AUO Says PC Panel Demand Normalizing

Nvidia CEO to unveil new developments at the company's GTC developer conference. TSMC and ASML could have read-throughs from the event given their...

Vincent Fernando, CFA

Taiwan Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

Up to 45nm chips may now hobbled by Japan & Netherlands joining U.S. with restrictions. Mediatek sees signs of slight smartphone stablization; key...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Nov 25th): Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wiwynn Corp, Largan Precision, Hon Hai, Tong Hsing.

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Hon Hai U.S. Listco EV Deal, Germany Likely to Block China Co's Factory Purchase

Hon Hai-Lordstown deal represents favorable terms for Hon Hai in our view, given the conversion price of preferred shares involved in the deal.

Vincent Fernando, CFA

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

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