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

Equity Bottom-Up

<ul>
<li>On May 5, 2026, GlobalWafers (6488.TW) reported Q1 2026 revenue of NT$13.98 billion, down 3.6% quarter-on-quarter from Q4 2025’s NT$14.50 billion, and down 10.3% year-on-year from Q1 2025’s NT$15.60 billion.</li>
<li>Gross margin was 20.8%, a 4.9 percentage point sequential decline from Q4 2025’s 25.7%, driven by three distinct and largely non-recurring factors</li>
<li>GlobalWafers now provides simulated financials to show what the numbers would be if they hadn’t gone ahead with their expansion plans. Go figure!</li>
</ul>


On May 5, 2026, GlobalWafers (6488.TW) reported Q1 2026 revenue of NT$13.98 billion, down 3.6% quarter-on-quarter from Q4 2025’s NT$14.50 billion, and down 10.3% year-on-year from Q1 2025’s NT$15.60 billion.
Gross margin was 20.8%, a 4.9 percentage point sequential decline from Q4 2025’s 25.7%, driven by three distinct and largely non-recurring factors
GlobalWafers now provides simulated financials to show what the numbers would be if they hadn’t gone ahead with their expansion plans. Go figure!


GlobalWafers Q1 2026. May Be Viewed As A Relatively Low Point In The Current Cycle !

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

AP Memory Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT)</a>  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



AP Memory Technology (6531 TT)  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: AP Memory Technology GDR Offering - Well Flagged US$422m GDR

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>Record 300mm shipments, three loss-makers: ¥134bn of depreciation — not demand — is the entire gap; it peaks in FY2026 and mechanically rolls to ¥90bn by FY2028.</li>
<li>China has won 200mm and is contesting mature-node 300mm; at the leading edge — where the profit pool sits — no Chinese supplier is qualified below 14nm.</li>
<li>
Constructive on the sector: SUMCO top pick BULLISH ¥4,200 (9.0x FY2028E EBITDA), Shin-Etsu BULLISH ¥7,300 (11.5x FY2027E EBITDA), GlobalWafers NEUTRAL NT$920, Siltronic BEARISH €76. </li>
</ul>


Record 300mm shipments, three loss-makers: ¥134bn of depreciation — not demand — is the entire gap; it peaks in FY2026 and mechanically rolls to ¥90bn by FY2028.
China has won 200mm and is contesting mature-node 300mm; at the leading edge — where the profit pool sits — no Chinese supplier is qualified below 14nm.

Constructive on the sector: SUMCO top pick BULLISH ¥4,200 (9.0x FY2028E EBITDA), Shin-Etsu BULLISH ¥7,300 (11.5x FY2027E EBITDA), GlobalWafers NEUTRAL NT$920, Siltronic BEARISH €76. 


Silicon Wafer Industry Handbook: Primer, Cycle Framework and the 300mm Valuation Map

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.</li>
<li>Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.
Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation


Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

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

Shenton Research

Shenton 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 analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics, Wiwynn, Formosa Plastics.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics, Wiwynn, Formosa Plastics.


MS-Taiwan Index Earning Revision (Sep): TSMC, UMC, Nanya Technology, Quanta Computer, Wiwynn

Taiwan

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

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Globalwafers (6488 TT)

GlobalWafers Q1 2026. May Be Viewed As A Relatively Low Point In The Current Cycle !

GlobalWafers now provides simulated financials to show what the numbers would be if they hadn’t gone ahead with their expansion plans. Go figure!

William Keating

Aequitas: AP Memory Technology GDR Offering - Well Flagged US$422m GDR

AP Memory Technology Corporation (6531 TT) is raising around US$422m, selling 14.8m shares via a GDR offering. In this note, we run the deal...

Akshat Shah

Silicon Wafer Industry Handbook: Primer, Cycle Framework and the 300mm Valuation Map

The industry ships record volumes and reports losses. The gap is ¥134bn of scheduled non-cash depreciation — already peaking. Contracts reprice...

Mo Aziz

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

MS-Taiwan Index Earning Revision (Sep): TSMC, UMC, Nanya Technology, Quanta Computer, Wiwynn

We analyzed MS-Taiwan's consensus for Sep 2026 and highlighted changes of EPS in TSMC, UMC, Nanya Technology, Quanta Computer, Phison Electronics,...

Ke Yan, CFA, FRM

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