Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.</li>
<li>Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.</li>
<li>It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  </li>
</ul>


It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.
Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.
It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  


TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advance Metal’s (JXAM) parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
In this note, we talk about the not-so-positive aspects of the deal.


JX Advance Metals Pre-IPO - The Negatives - Isn't There Yet

<ul>
<li>JX Advance Metal’s (JXAM) parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.
In this note, we talk about the positive aspects of the deal.


JX Advance Metals Pre-IPO - The Positives - Transforming

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

Thematic (Sector/Industry)

<ul>
<li>Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:</li>
<li>As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.</li>
<li>WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to &gt;15% </li>
</ul>


Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:
As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.
WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to &gt;15% 


Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The 1Q25 outlook is expected to see a 0-5% decline quarter-over-quarter due to the recent earthquake in southern Taiwan.  </li>
<li>Factors such as increased demand related to <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>  iPhone production and subsidies for China's electronics industry are expected to boost Novatek's output in 1Q25.</li>
<li>US President Donald Trump has expressed dissatisfaction with Taiwan's increasing dominance in the semiconductor manufacturing sector.</li>
</ul>


The 1Q25 outlook is expected to see a 0-5% decline quarter-over-quarter due to the recent earthquake in southern Taiwan.  
Factors such as increased demand related to Apple (AAPL US)  iPhone production and subsidies for China's electronics industry are expected to boost Novatek's output in 1Q25.
US President Donald Trump has expressed dissatisfaction with Taiwan's increasing dominance in the semiconductor manufacturing sector.


Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...

Patrick Liao

JX Advance Metals Pre-IPO - The Negatives - Isn't There Yet

JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise US$2.6bn in its Japan IPO. In this note, we talk about the not-so...

Sumeet Singh

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward...

William Keating

Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

​US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...

Patrick Liao

JX Advance Metals Pre-IPO - The Negatives - Isn't There Yet

JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise US$2.6bn in its Japan IPO. In this note, we talk about the not-so...

Sumeet Singh

JX Advance Metals Pre-IPO - The Positives - Transforming

JX Advance Metal’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling some of its stake in JXAM's Japan IPO. In this...

Sumeet Singh

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward...

William Keating

Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

​1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...

Patrick Liao

US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...

1Q25 outlook for Novatek expected to decline 0-5% due to Taiwan earthquake, but boosted by Apple demand and China subsidies. Trump unhappy with...