Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Y/Y improvement for LCD panel, 8"/12" raw wafer, CMOS sensor, GaAs RF, cooling system, design service, and semi equipment and material vendors but y/y deterioration for PC/server and gaming vendors. </li>
<li>After 9 vendors beating consensus, we might see smartphone IC and RF, semi equipment OEM, and design service vendors in US to report a better than expected 4Q23 sales/earnings.    </li>
<li>After 6 vendors missing consensus, we might see PC/general server IC and niche memory vendors in US to report a worse than expected 4Q23 sales and earnings.</li>
</ul>


Y/Y improvement for LCD panel, 8"/12" raw wafer, CMOS sensor, GaAs RF, cooling system, design service, and semi equipment and material vendors but y/y deterioration for PC/server and gaming vendors. 
After 9 vendors beating consensus, we might see smartphone IC and RF, semi equipment OEM, and design service vendors in US to report a better than expected 4Q23 sales/earnings.    
After 6 vendors missing consensus, we might see PC/general server IC and niche memory vendors in US to report a worse than expected 4Q23 sales and earnings.


Stories Behind the Reported Dec/4Q23 Taiwan Semi/Tech Sales

Asia Pac ECM and Index Rebal, DZT 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 Apr 24th. The aggregated short interest was USD34.4bn.</li>
<li>We tabulate league tables 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 Winbond Electronics, King Yuan Electronics, Cathay Financial, Jentech Precision Industrial, Fubon Financial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 24th. The aggregated short interest was USD34.4bn.
We tabulate league tables 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 Winbond Electronics, King Yuan Electronics, Cathay Financial, Jentech Precision Industrial, Fubon Financial.


TWSE Short Interest Weekly (Apr 24th): Winbond Electronics, King Yuan Electronics, Cathay Financial

<ul>
<li>Takeaways: 1. Semi equipment vendors beat 4Q23E; 2. China and DRAM customers stronger ; 3. Margin stable due to lack of depreciation; 4. Top four controls over 90% of shares;</li>
<li>More takeaways: 5. Semi equipment companies' share price performance should lag behind foundries, foundries should lag behind fabless customers; 6. China semi equipment vendors outperforming global peers on local replacement;</li>
<li>Estimating a flattish global semiconductor equipment sales growth for 2023 and 2024 but expecting a double digit y/y sales growth of 17% for 2025 and 10% for 2026. </li>
</ul>


Takeaways: 1. Semi equipment vendors beat 4Q23E; 2. China and DRAM customers stronger ; 3. Margin stable due to lack of depreciation; 4. Top four controls over 90% of shares;
More takeaways: 5. Semi equipment companies' share price performance should lag behind foundries, foundries should lag behind fabless customers; 6. China semi equipment vendors outperforming global peers on local replacement;
Estimating a flattish global semiconductor equipment sales growth for 2023 and 2024 but expecting a double digit y/y sales growth of 17% for 2025 and 10% for 2026. 


Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 27th. The aggregated short interest was USD31.9bn.</li>
<li>We tabulate league tables 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 Elite Material, Hon Hai Precision, Nanya Technology, Winbond Electronics, Realtek Semiconductor.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 27th. The aggregated short interest was USD31.9bn.
We tabulate league tables 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 Elite Material, Hon Hai Precision, Nanya Technology, Winbond Electronics, Realtek Semiconductor.


TWSE Short Interest Weekly (Feb 27th): Elite Material, Hon Hai Precision, Nanya Technology

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 13th. The aggregated short interest was USD29.7bn.</li>
<li>We tabulate league tables 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 Unimicron Technology, UMC, Gigabyte Technology, King Yuan Electronics, Jentech Precision Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 13th. The aggregated short interest was USD29.7bn.
We tabulate league tables 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 Unimicron Technology, UMC, Gigabyte Technology, King Yuan Electronics, Jentech Precision Industrial.


TWSE Short Interest Weekly (Feb 13th): Unimicron Technology, UMC, Gigabyte Technology

Taiwan

Foxsemicon Integrated Technology Inc develops, designs, manufactures and sells semi-conductor equipment and system assemblies. The Company manufactures thin film transistor (TFT), liquid crystal displays (LCDs) and semiconductor wafers.

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Foxsemicon Integrated Tech (3413 TT)

Stories Behind the Reported Dec/4Q23 Taiwan Semi/Tech Sales

Stories Behind the Reported Dec/4Q23 Taiwan Semi/Tech Sales; Y/Y improvement for LCD panel, 8"/12" raw wafer, CMOS sensor, GaAs RF, cooling system,...

Andrew Lu

TWSE Short Interest Weekly (Apr 24th): Winbond Electronics, King Yuan Electronics, Cathay Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Winbond Electronics (2344 TT), King Yuan...

Ke Yan, CFA, FRM

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025; We are providing six takeaways and sales growth estimates for 2024-2026

Andrew Lu

TWSE Short Interest Weekly (Feb 27th): Elite Material, Hon Hai Precision, Nanya Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Elite Material, Hon Hai Precision, Nanya...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 13th): Unimicron Technology, UMC, Gigabyte Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Unimicron Technology, UMC, Gigabyte Technology,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)