Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Auto LED orders set to increase significantly for a year, with Edison predicting double growth by 2025.</li><li>TSMC upgrades CoWoS technology to compete with 9x reticle sizes by 2027, showing continuous advancement in semiconductor manufacturing.</li><li>MiTAC plans to double capital expenditures in 2025 to diversify production under the new administration of Trump 2.0.</li></ul>

Auto LED orders set to increase significantly for a year, with Edison predicting double growth by 2025.TSMC upgrades CoWoS technology to compete with 9x reticle sizes by 2027, showing continuous advancement in semiconductor manufacturing.MiTAC plans to double capital expenditures in 2025 to diversify production under the new administration of Trump 2.0.

Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment update

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan's Largest Space Technologies Conference Is Happening This Week-- Hon Hai Is Title Sponsor Showcasing Its Satellites; We Are Also Attending</li>
<li>TSMC’s 2nm Breakthrough: Kaohsiung Fab Ahead of Schedule, Apple and AMD Poised as Early Adopters</li>
<li>AI Driving the Emergence of a US$2bn Humanoid Robot Market by 2027E</li>
</ul>


Taiwan's Largest Space Technologies Conference Is Happening This Week-- Hon Hai Is Title Sponsor Showcasing Its Satellites; We Are Also Attending
TSMC’s 2nm Breakthrough: Kaohsiung Fab Ahead of Schedule, Apple and AMD Poised as Early Adopters
AI Driving the Emergence of a US$2bn Humanoid Robot Market by 2027E


Taiwan Tech Weekly: Taiwan's Space Tech Conference This Week; AI Driving New Humanoid Robot Industry

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> ’s long waited IPO is now live and plans to raise US$700m at a much lower valuation of US$4.8bn vs price paid by Bain 6-years ago.</li>
<li>The company’s IPO is very timely as earnings have almost approached the cycle peak, but margins have continued to trail peers who have a more balanced product portfolio.</li>
<li>Kioxia’s valuation has declined while market sentiment for memory names has also been that great. We will discuss our valuation in a follow-up insight. </li>
</ul>



Kioxia Holdings (285A JP) ’s long waited IPO is now live and plans to raise US$700m at a much lower valuation of US$4.8bn vs price paid by Bain 6-years ago.
The company’s IPO is very timely as earnings have almost approached the cycle peak, but margins have continued to trail peers who have a more balanced product portfolio.
Kioxia’s valuation has declined while market sentiment for memory names has also been that great. We will discuss our valuation in a follow-up insight. 


Kioxia IPO: Initial Thoughts on Financials and Valuation

<ul>
<li>US Set to Unveil New Wave of Semiconductor Restrictions on China</li>
<li>Hon Hai Subsidiary Says Progress for Nvidia GB200 Servers is Smooth, Mass Production in 2025E</li>
<li>PC Monitor: Dell &amp; HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump </li>
</ul>


US Set to Unveil New Wave of Semiconductor Restrictions on China
Hon Hai Subsidiary Says Progress for Nvidia GB200 Servers is Smooth, Mass Production in 2025E
PC Monitor: Dell &amp; HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump 


Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

<ul>
<li>Soft PC Results from Dell and HPQ and Delayed Industry PC Upgrades into  2025E; Dell and HPQ Shares Fall Sharply</li>
<li>Conclusion: Both Firms Confirm Relative Strength for Commercial and Weakness for Consumer; AI PCs and Windows 11 to Drive 2025E Upgrades</li>
<li>Asia PC Makers Showing Stronger Growth; However, Dell &amp; HPQ Share Rout May Weigh on Sentiment</li>
</ul>


Soft PC Results from Dell and HPQ and Delayed Industry PC Upgrades into  2025E; Dell and HPQ Shares Fall Sharply
Conclusion: Both Firms Confirm Relative Strength for Commercial and Weakness for Consumer; AI PCs and Windows 11 to Drive 2025E Upgrades
Asia PC Makers Showing Stronger Growth; However, Dell &amp; HPQ Share Rout May Weigh on Sentiment


PC Monitor: Dell & HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment update

October 2024 update: Strong notebook shipments, LED orders rising, TSMC advancing technology, MiTAC plans to diversify, SMIC driving China's...

Tech Supply Chain Tracker

Taiwan Tech Weekly: Taiwan's Space Tech Conference This Week; AI Driving New Humanoid Robot Industry

Taiwan's space tech conference features Hon Hai's satellites; TSMC's 2nm breakthrough with Apple and AMD; AI driving $2bn humanoid robot market by...

Vincent Fernando, CFA

Kioxia IPO: Initial Thoughts on Financials and Valuation

Kioxia's IPO is timely as earnings have almost approached the cycle peak, but the proposed valuation is at a huge discount to what Bain paid six...

Shifara Samsudeen, FCMA, CGMA

Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

US is imposing new restrictions on China in semiconductor industry, Hon Hai subsidiary progressing smoothly with Nvidia servers, Dell and HPQ...

Vincent Fernando, CFA

PC Monitor: Dell & HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump

Dell and HPQ report soft PC results, with industry upgrades delayed until 2025. Commercial strength confirmed, while consumer weakness persists.

Vincent Fernando, CFA

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Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment update

October 2024 update: Strong notebook shipments, LED orders rising, TSMC advancing technology, MiTAC plans to diversify, SMIC driving China's...

Tech Supply Chain Tracker

Taiwan Tech Weekly: Taiwan's Space Tech Conference This Week; AI Driving New Humanoid Robot Industry

​Taiwan's space tech conference features Hon Hai's satellites; TSMC's 2nm breakthrough with Apple and AMD; AI driving $2bn humanoid robot market by...

Vincent Fernando, CFA

Kioxia IPO: Initial Thoughts on Financials and Valuation

​Kioxia's IPO is timely as earnings have almost approached the cycle peak, but the proposed valuation is at a huge discount to what Bain paid six...

Shifara Samsudeen, FCMA, CGMA

Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

​US is imposing new restrictions on China in semiconductor industry, Hon Hai subsidiary progressing smoothly with Nvidia servers, Dell and HPQ...

Vincent Fernando, CFA

PC Monitor: Dell & HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump

​Dell and HPQ report soft PC results, with industry upgrades delayed until 2025. Commercial strength confirmed, while consumer weakness persists.

Vincent Fernando, CFA

Taiwan's space tech conference features Hon Hai's satellites; TSMC's 2nm breakthrough with Apple and AMD; AI driving $2bn humanoid robot market by...

Kioxia's IPO is timely as earnings have almost approached the cycle peak, but the proposed valuation is at a huge discount to what Bain paid six...

US is imposing new restrictions on China in semiconductor industry, Hon Hai subsidiary progressing smoothly with Nvidia servers, Dell and HPQ...

Dell and HPQ report soft PC results, with industry upgrades delayed until 2025. Commercial strength confirmed, while consumer weakness persists.