Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

<ul>
<li>TSMC expects sales to grow by mid-20% YoY in USD in 2024, compared to low to mid-20% previously.</li>
<li>The N3/N5 capacity is very tight, and they are even working with customers for 2026 capacity requirements, while N2 is on track to enter MP in 4Q25.</li>
<li>A16 will enter MP in 2H26, and it's first process starts adopting backside power.</li>
</ul>


TSMC expects sales to grow by mid-20% YoY in USD in 2024, compared to low to mid-20% previously.
The N3/N5 capacity is very tight, and they are even working with customers for 2026 capacity requirements, while N2 is on track to enter MP in 4Q25.
A16 will enter MP in 2H26, and it's first process starts adopting backside power.


TSMC (2330.TT; TSM.US): The Outlook of 3Q24 Is Pretty Much In-Line, and GM Could Be Better.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.
We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.


TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

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

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance</li>
<li>TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing </li>
<li>UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. </li>
</ul>


Taiwan Shares Fall With Nvidia... SK Hynix HBM DRAM with Global Unichip? Taiwan's Vietnam Shift Continues... Broadcom Developing an AI Chip with Bytedance
TechChain Insights: Call with Elan Micro; AI PC Significant Uptake 4Q24/1H25; Supply Chain Preparing 
UMC (2303.TT; UMC.US): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ. 


Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

<ul>
<li>TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon</li>
<li>Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength</li>
<li>Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race</li>
</ul>


TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon
Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength
Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race


Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Vanguard Intl Semiconductor / Index Rebalance

<ul>
<li>There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.</li>
<li>One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.</li>
<li>The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.</li>
</ul>


There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.
One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.
The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.


TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

Taiwan

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

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King Yuan Electronics Co, Ltd. (2449 TT)

TSMC (2330.TT; TSM.US): The Outlook of 3Q24 Is Pretty Much In-Line, and GM Could Be Better.

TSMC anticipates mid-20% sales growth in USD for 2024, with tight N3/N5 capacity and plans for N2 to enter MP in 4Q25. A16 set to enter MP in 2H26...

Patrick Liao

TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Highwealth, Acer, King Yuan Elec, Bora Pharma,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

There are 13 changes for the index in June. One-way turnover is estimated at 41% resulting in a round-trip trade of TWD 168.8bn (US$5.2bn). There...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

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TSMC (2330.TT; TSM.US): The Outlook of 3Q24 Is Pretty Much In-Line, and GM Could Be Better.

​TSMC anticipates mid-20% sales growth in USD for 2024, with tight N3/N5 capacity and plans for N2 to enter MP in 4Q25. A16 set to enter MP in 2H26...

Patrick Liao

TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Highwealth, Acer, King Yuan Elec, Bora Pharma,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Declines With Nvidia; Taiwan's Vietnam Shift Continues; UMC's Outlook Improves

New Vietnam investments by Hon Hai and Wistron, Elan preparing for significant AI PC uptake in 4Q24/1H25, UMC's outlook increasingly optimistic for...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

​TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

There are 13 changes for the index in June. One-way turnover is estimated at 41% resulting in a round-trip trade of TWD 168.8bn (US$5.2bn). There...

Brian Freitas

TSMC anticipates mid-20% sales growth in USD for 2024, with tight N3/N5 capacity and plans for N2 to enter MP in 4Q25. A16 set to enter MP in 2H26...

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...