IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.   </li>
<li>Tekscend, which was carved out of <a href="https://www.smartkarma.com/entities/toppan-printing-co-ltd" target="_blank" data-smartkarma-citation="entities:11875:1" rel="noopener">Toppan Printing (7911 JP)</a> in 2022, is owned by Toppan (with a 50.1% stake) and <a href="https://www.smartkarma.com/entities/integral-corp" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral (5842 JP)</a> (with a 49.9% stake).   </li>
<li>The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy. </li>
</ul>



Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.   
Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).   
The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy. 


Tekscend Photomask (429A JP) IPO: The Bull Case

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in September but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is the largest impact passive sell. </li>
<li>There will be more flows in a lot of these stocks from <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> at the close on Friday.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. Taiwan Semiconductor (TSMC) - ADR (TSM US) is the largest impact passive sell. 
There will be more flows in a lot of these stocks from Technology Select Sector SPDR (XLK US) at the close on Friday.


MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

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

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

<ul>
<li>TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.</li>
<li>KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.</li>
<li>Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.</li>
</ul>


TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.


Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025</li>
<li>Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship</li>
<li>Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC</li>
</ul>


Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025
Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship
Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC


From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

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>AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range</li>
<li>Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY</li>
<li>The China slump was not unexpected, but the leading edge logic drop was definitely a surprise</li>
</ul>


AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise


AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

United States

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

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KLA-Tencor Corp (KLAC US)

Tekscend Photomask (429A JP) IPO: The Bull Case

Tekscend Photomask, a global leader in semiconductor photomasks, is seeking to raise up to JPY123 billion (US$832 million). In this note, I discuss...

Arun George

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

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52-week Range

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Dividend (Yield)

Tekscend Photomask (429A JP) IPO: The Bull Case

Tekscend Photomask, a global leader in semiconductor photomasks, is seeking to raise up to JPY123 billion (US$832 million). In this note, I discuss...

Arun George

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

​TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

​Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.