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.

Equity Capital Markets

Nexchip Semiconductor  / Equity Capital Markets

<ul>
<li>Nexchip has passed its HKEX hearing for an A+H listing. CICC is the sole sponsor.</li>
<li>We look at the company's core segments: display driver ICs, image sensors, and power management ICs.</li>
<li>We discussed our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Nexchip has passed its HKEX hearing for an A+H listing. CICC is the sole sponsor.
We look at the company's core segments: display driver ICs, image sensors, and power management ICs.
We discussed our preliminary thoughts on the company's fair value based on A-H premium.


Nexchip (晶合集成) A+H Pre-IPO: Early Thoughts

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

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li><strong>SemiQA is building a new class of analog, neuromorphic AI chips for the edge, with mass production in Taiwan.</strong></li>
<li>SemiQA's analog chip designs enable in-memory computing; doing the AI math inside the memory itself. This cuts power usage by 90% and reduces latency.</li>
<li>
<strong>Analog edge-AI thesis and the case for non-TSMC chip fabs.</strong> Because SemiQA's analog approach does not chase leading-edge transistor density, SemiQA builds on mature, specialty fabs like UMC, Global Foundries.</li>
</ul>


SemiQA is building a new class of analog, neuromorphic AI chips for the edge, with mass production in Taiwan.
SemiQA's analog chip designs enable in-memory computing; doing the AI math inside the memory itself. This cuts power usage by 90% and reduces latency.

Analog edge-AI thesis and the case for non-TSMC chip fabs. Because SemiQA's analog approach does not chase leading-edge transistor density, SemiQA builds on mature, specialty fabs like UMC, Global Foundries.


TechChain Insights: SemiQA's Analog Chips Cut Power Usage by 90% and Use Non-TSMC Mature Node Fabs

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

<ul>
<li>Tower Reported Q1 2026 revenue of $413.6 million, +15.5% YoY but -6.0% QoQ from Q4 2025’s record $440.2 million. This was marginally ahead of the forecasted midpoint of $412 million.</li>
<li>Tower guided for a record current quarter with revenues of $455 million, while flagging that we should expect QoQ growth for both revenue and gross margin throughout the year</li>
<li>Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290 million in prepayments already received. Oh my!</li>
</ul>


Tower Reported Q1 2026 revenue of $413.6 million, +15.5% YoY but -6.0% QoQ from Q4 2025’s record $440.2 million. This was marginally ahead of the forecasted midpoint of $412 million.
Tower guided for a record current quarter with revenues of $455 million, while flagging that we should expect QoQ growth for both revenue and gross margin throughout the year
Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290 million in prepayments already received. Oh my!


Tower Semiconductor Q1 2026. It's All About Silicon Photonics Now!

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Taiwan Tech Focused Senior Analyst

Patrick Liao

SMIC (Semiconductor Manufacturing International Corp) / Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>4Q25 results: revenue was $2,489 million Up 4.5% QoQ and Up 12.8% YoY, gross margin was 19.2% and profit from operations was $299 million.</li>
<li>The 1Q26 guidance: Revenue to be flat and Gross margin to range from 18% to 20%. A typically seasonal softness can be expected, but 2026 still a stable growing trend. </li>
<li>However, SMIC’s stock price has risen only 0.28% since December 31, 2025—underperforming TSMC (+15%) and UMC (+12%).</li>
</ul>


4Q25 results: revenue was $2,489 million Up 4.5% QoQ and Up 12.8% YoY, gross margin was 19.2% and profit from operations was $299 million.
The 1Q26 guidance: Revenue to be flat and Gross margin to range from 18% to 20%. A typically seasonal softness can be expected, but 2026 still a stable growing trend. 
However, SMIC’s stock price has risen only 0.28% since December 31, 2025—underperforming TSMC (+15%) and UMC (+12%).


SMIC (981.HK): Expect a Flat QoQ Results in 1Q26, but 2026 Could Still Be a Growth Year.

United States

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GLOBALFOUNDRIES (GFS US)

Nexchip (晶合集成) A+H Pre-IPO: Early Thoughts

Nexchip has passed its HKEX hearing for an A+H listing. In this note, we look at the company's business, its industry context, and provide our...

Ke Yan, CFA, FRM

TechChain Insights: SemiQA's Analog Chips Cut Power Usage by 90% and Use Non-TSMC Mature Node Fabs

SemiQA is revolutionizing AI chips for the edge with analog designs, reducing power usage by 90% and latency, while utilizing non-TSMC mature node...

Vincent Fernando, CFA

Tower Semiconductor Q1 2026. It's All About Silicon Photonics Now!

Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290...

William Keating

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

SMIC (981.HK): Expect a Flat QoQ Results in 1Q26, but 2026 Could Still Be a Growth Year.

SMIC reports strong 4Q25 results with revenue up 12.8% YoY, but stock price lags behind competitors TSMC and UMC. 1Q26 guidance predicts flat...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nexchip (晶合集成) A+H Pre-IPO: Early Thoughts

Nexchip has passed its HKEX hearing for an A+H listing. In this note, we look at the company's business, its industry context, and provide our...

Ke Yan, CFA, FRM

TechChain Insights: SemiQA's Analog Chips Cut Power Usage by 90% and Use Non-TSMC Mature Node Fabs

​SemiQA is revolutionizing AI chips for the edge with analog designs, reducing power usage by 90% and latency, while utilizing non-TSMC mature node...

Vincent Fernando, CFA

Tower Semiconductor Q1 2026. It's All About Silicon Photonics Now!

Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290...

William Keating

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

SMIC (981.HK): Expect a Flat QoQ Results in 1Q26, but 2026 Could Still Be a Growth Year.

​SMIC reports strong 4Q25 results with revenue up 12.8% YoY, but stock price lags behind competitors TSMC and UMC. 1Q26 guidance predicts flat...

Patrick Liao

SemiQA is revolutionizing AI chips for the edge with analog designs, reducing power usage by 90% and latency, while utilizing non-TSMC mature node...

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

SMIC reports strong 4Q25 results with revenue up 12.8% YoY, but stock price lags behind competitors TSMC and UMC. 1Q26 guidance predicts flat...