Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. </li>
<li>Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. </li>
<li>China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  </li>
</ul>


Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. 
Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. 
China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  


Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Gross Margins Aggregate Data - Shows Taiwan Semiconductor Companies Under Pressure</li>
<li>How TSMC and GlobalWafers show two very different margin environments; However everyone needs to manage rising energy costs into 2025E</li>
<li>Aggregate Inventory Levels -- Inventory Days Declining Trend is a Positive Sign</li>
</ul>


Gross Margins Aggregate Data - Shows Taiwan Semiconductor Companies Under Pressure
How TSMC and GlobalWafers show two very different margin environments; However everyone needs to manage rising energy costs into 2025E
Aggregate Inventory Levels -- Inventory Days Declining Trend is a Positive Sign


Taiwan Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>China smartphone market grows significantly in 3Q 2024, demonstrating strong demand for mobile devices.</li><li>Lam Research establishes new office at Tata-PSMC wafer fab, enhancing their presence in the semiconductor industry.</li><li>LG shifts focus to solutions over products in major restructuring, while BYD plans cost cuts in anticipation of potential tariffs.</li></ul>

China smartphone market grows significantly in 3Q 2024, demonstrating strong demand for mobile devices.Lam Research establishes new office at Tata-PSMC wafer fab, enhancing their presence in the semiconductor industry.LG shifts focus to solutions over products in major restructuring, while BYD plans cost cuts in anticipation of potential tariffs.

Tech Supply Chain Tracker (29-Nov-2024): China smartphone market, Q3 2024

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 Nov 22nd which has an aggregated holding worth USD1,003.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,568mln. 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 changes of foreign holdings in Yang Ming Marine, TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 22nd which has an aggregated holding worth USD1,003.7bn.
We estimate that foreign flows to be outflows of USD1,568mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Yang Ming Marine, TSMC, Hon Hai Precision Industry, Quanta Computer, Asustek Computer.


TWSE Foreign Holding Weekly (Nov 22nd): Yang Ming Marine, TSMC, Hon Hai Precision, Quanta, Asustek

<ul>
<li>Smartphone demand remains slow, that contributes to weak outlook for commodity DRAM.  Nvidia / Mediatek and Qualcomm AI PC chips should be launched mid-2025. </li>
<li>Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity doubles, Data Center GPU revenue will double? TSMC 2nm-16A roadmap on track.  </li>
<li>SK Hynix is now ahead of Samsung in HBM, DDR5, 3D NAND and SSD. Meanwhile, Samsung is buying back shares. </li>
</ul>


Smartphone demand remains slow, that contributes to weak outlook for commodity DRAM.  Nvidia / Mediatek and Qualcomm AI PC chips should be launched mid-2025. 
Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity doubles, Data Center GPU revenue will double? TSMC 2nm-16A roadmap on track.  
SK Hynix is now ahead of Samsung in HBM, DDR5, 3D NAND and SSD. Meanwhile, Samsung is buying back shares. 


Tech News This Week: Smartphone, Mediatek, Nvidia, Qualcomm, TSMC, Super Micro, SK Hynix, Samsung

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

Taiwan Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive

Taiwan semiconductor companies facing pressure on gross margins. Rising energy costs a concern through 2025, but declining inventory days a...

Vincent Fernando, CFA

Tech Supply Chain Tracker (29-Nov-2024): China smartphone market, Q3 2024

China's smartphone market grows in 3Q 2024, Lam Research expands, LG restructures focus, BYD plans cuts, Qualcomm and MediaTek diverge, Nvidia...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Nov 22nd): Yang Ming Marine, TSMC, Hon Hai Precision, Quanta, Asustek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Yang Ming Marine, TSMC, Hon Hai Precision...

Ke Yan, CFA, FRM

Tech News This Week: Smartphone, Mediatek, Nvidia, Qualcomm, TSMC, Super Micro, SK Hynix, Samsung

Smartphone demand remains slow. Nvidia and Qualcomm AI PC chips launched mid 2025. Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity...

Nicolas Baratte

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Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

​Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

Taiwan Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive

​Taiwan semiconductor companies facing pressure on gross margins. Rising energy costs a concern through 2025, but declining inventory days a...

Vincent Fernando, CFA

Tech Supply Chain Tracker (29-Nov-2024): China smartphone market, Q3 2024

China's smartphone market grows in 3Q 2024, Lam Research expands, LG restructures focus, BYD plans cuts, Qualcomm and MediaTek diverge, Nvidia...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Nov 22nd): Yang Ming Marine, TSMC, Hon Hai Precision, Quanta, Asustek

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Yang Ming Marine, TSMC, Hon Hai Precision...

Ke Yan, CFA, FRM

Tech News This Week: Smartphone, Mediatek, Nvidia, Qualcomm, TSMC, Super Micro, SK Hynix, Samsung

Smartphone demand remains slow. Nvidia and Qualcomm AI PC chips launched mid 2025. Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity...

Nicolas Baratte

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Taiwan semiconductor companies facing pressure on gross margins. Rising energy costs a concern through 2025, but declining inventory days a...