Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>'s 2Q24 revenue/GM/OPM/EPS were NTD$9,035mn/40.5%/29.8%/NTD$2.2.</li>
<li>The main reasons of revenue growth shall be the AI aspects, especially the contribution from <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.</li>
<li>For the upcoming 3Q24, we are keeping a relatively strong confidence of 5-10% growth rate for KYEC.</li>
</ul>



King Yuan Electronics Co, Ltd. (2449 TT)'s 2Q24 revenue/GM/OPM/EPS were NTD$9,035mn/40.5%/29.8%/NTD$2.2.
The main reasons of revenue growth shall be the AI aspects, especially the contribution from NVIDIA Corp (NVDA US).
For the upcoming 3Q24, we are keeping a relatively strong confidence of 5-10% growth rate for KYEC.


KYEC (2449.TT): In 2Q24, Revenue Exceeded Our Expectations, and GM, OPM, and EPS Surprised Us.

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>Tough Start to the Week -- Negative News for Nvidia and Apple Supply Chains</li>
<li>Key Events: Asustek &amp; Novatek Results; Mediatek &amp; TSMC July Sales Data</li>
<li>UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important </li>
</ul>


Tough Start to the Week -- Negative News for Nvidia and Apple Supply Chains
Key Events: Asustek &amp; Novatek Results; Mediatek &amp; TSMC July Sales Data
UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important 


Taiwan Tech Weekly: Tough Start for Nvidia and Apple Supply Chains; Asustek, Novatek Results Ahead

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 Aug 2nd which has an aggregated holding worth USD902.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,923mln. 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 Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 2nd which has an aggregated holding worth USD902.6bn.
We estimate that foreign flows to be outflows of USD2,923mln. 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 Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech.


TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>E Ink and Himax introduce new color e-paper controller to enhance display technology, offering improved visual experience.</li><li>Taiwan's Economic Minister outlines plans to boost global competitiveness, focusing on strategic initiatives to strengthen economy.</li><li>Shanghai commits $13.7 billion investment in IC, AI, and biopharma industries, driving growth in technology sectors.</li></ul>

E Ink and Himax introduce new color e-paper controller to enhance display technology, offering improved visual experience.Taiwan's Economic Minister outlines plans to boost global competitiveness, focusing on strategic initiatives to strengthen economy.Shanghai commits $13.7 billion investment in IC, AI, and biopharma industries, driving growth in technology sectors.

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

<ul>
<li>3Q24 Sales: NT$123.5-132.4 billion, down 3% to up 4% QoQ, up 12-24% YoY. 4Q24 is expected to be a slower quarter based on current expectations.</li>
<li>Advanced 3nm technology can support SP, tablets, and other end devices. AI-powered functions like ARM-based CPU or EV will bear fruit in 2025.</li>
<li>The GPU has partnered with NVDA. Auto chips partnered with NVDA will be shipped out later in 2025. They will power MTK’s CPU and ISP in conjunction with NVDA’s GPU.</li>
</ul>


3Q24 Sales: NT$123.5-132.4 billion, down 3% to up 4% QoQ, up 12-24% YoY. 4Q24 is expected to be a slower quarter based on current expectations.
Advanced 3nm technology can support SP, tablets, and other end devices. AI-powered functions like ARM-based CPU or EV will bear fruit in 2025.
The GPU has partnered with NVDA. Auto chips partnered with NVDA will be shipped out later in 2025. They will power MTK’s CPU and ISP in conjunction with NVDA’s GPU.


MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

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)

KYEC (2449.TT): In 2Q24, Revenue Exceeded Our Expectations, and GM, OPM, and EPS Surprised Us.

King Yuan Electronics Co, Ltd. reported strong 2Q24 results with revenue growth driven by AI, particularly from NVIDIA Corp. Confidence remains...

Patrick Liao

Taiwan Tech Weekly: Tough Start for Nvidia and Apple Supply Chains; Asustek, Novatek Results Ahead

Nvidia and Apple negative news sets the Taiwan Tech universe off to a tough start of the week. This week look for Asustek, Novatek, Himax results...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Umc, TSMC, Hon Hai, Mediatek, Quanta Computer,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

E Ink and Himax unveil color e-paper controller; Taiwan, Shanghai, Qualcomm, Samsung, and Melexis make moves in semiconductor industry to enhance...

Tech Supply Chain Tracker

MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

MTK's 3Q24 sales range from NT$123.5-132.4bn, -3%~+4% QoQ, with a 12-24% YoY increase. Advanced 3nm technology will support AI-powered functions...

Patrick Liao

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KYEC (2449.TT): In 2Q24, Revenue Exceeded Our Expectations, and GM, OPM, and EPS Surprised Us.

​King Yuan Electronics Co, Ltd. reported strong 2Q24 results with revenue growth driven by AI, particularly from NVIDIA Corp. Confidence remains...

Patrick Liao

Taiwan Tech Weekly: Tough Start for Nvidia and Apple Supply Chains; Asustek, Novatek Results Ahead

Nvidia and Apple negative news sets the Taiwan Tech universe off to a tough start of the week. This week look for Asustek, Novatek, Himax results...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Aug 2nd): Umc, TSMC, Hon Hai, Mediatek, Quanta Computer, Unimicron Tech

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Umc, TSMC, Hon Hai, Mediatek, Quanta Computer,...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (02-Aug-2024): E Ink & Himax reveal color e-paper controller.

E Ink and Himax unveil color e-paper controller; Taiwan, Shanghai, Qualcomm, Samsung, and Melexis make moves in semiconductor industry to enhance...

Tech Supply Chain Tracker

MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

​MTK's 3Q24 sales range from NT$123.5-132.4bn, -3%~+4% QoQ, with a 12-24% YoY increase. Advanced 3nm technology will support AI-powered functions...

Patrick Liao

King Yuan Electronics Co, Ltd. reported strong 2Q24 results with revenue growth driven by AI, particularly from NVIDIA Corp. Confidence remains...

MTK's 3Q24 sales range from NT$123.5-132.4bn, -3%~+4% QoQ, with a 12-24% YoY increase. Advanced 3nm technology will support AI-powered functions...