Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.</li>
<li>We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the "Wassenaar Arrangement." </li>
<li>The price hike of <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> by US$785.38 on February 22 in the US market could signal an important development in the AI sector.</li>
</ul>


Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.
We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the "Wassenaar Arrangement." 
The price hike of NVIDIA Corp (NVDA US) by US$785.38 on February 22 in the US market could signal an important development in the AI sector.


TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.</li>
<li>The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.</li>
<li>The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.</li>
</ul>


Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.
The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.
The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.


Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

<ul>
<li>Latest Performance: Taiwan AI Names Keep Flying; ASE &amp; Mediatek Lose Steam After Reporting</li>
<li>Largest Display Driver Maker in the World's Guidance Implies Growth Reversal Coming in Feb &amp; March</li>
<li>TSMC and Samsung Will Keep Their Most Advanced Chipmaking at Home</li>
</ul>


Latest Performance: Taiwan AI Names Keep Flying; ASE &amp; Mediatek Lose Steam After Reporting
Largest Display Driver Maker in the World's Guidance Implies Growth Reversal Coming in Feb &amp; March
TSMC and Samsung Will Keep Their Most Advanced Chipmaking at Home


Taiwan Tech Weekly: TSMC Sales Ahead; Display Driver Growth Reversal; AI Names Keep Flying

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 Feb 2nd which has an aggregated holding worth USD3,458.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD5,072mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Mega Financial, Umc, Alchip Tech, Delta Elec, Chailease, Asustek Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Feb 2nd which has an aggregated holding worth USD3,458.5bn.
We estimate that foreign flows to be inflows of USD5,072mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Mega Financial, Umc, Alchip Tech, Delta Elec, Chailease, Asustek Computer.


TWSE Foreign Holding Weekly (Feb 2nd): TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Umc

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 2nd which has an aggregated short interest worth USD63.2bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC, Quanta Computer, Asia Vital.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 2nd which has an aggregated short interest worth USD63.2bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC, Quanta Computer, Asia Vital.


TWSE Short Interest Weekly (Feb 2nd): Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC

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)

TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Patrick Liao

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Ahead; Display Driver Growth Reversal; AI Names Keep Flying

Taiwan AI names soar, ASE and Mediatek stumble; world's largest display driver maker predicts growth decline; TSMC and Samsung prioritize domestic...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Feb 2nd): TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Asia Vital, Quanta Computer, Unimicron...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 2nd): Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wt, Evergreen Marine, Mediatek, Alchip Tech,...

Ke Yan, CFA, FRM

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52-week Range

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TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

​February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Patrick Liao

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

​Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Ahead; Display Driver Growth Reversal; AI Names Keep Flying

​Taiwan AI names soar, ASE and Mediatek stumble; world's largest display driver maker predicts growth decline; TSMC and Samsung prioritize domestic...

Vincent Fernando, CFA

TWSE Foreign Holding Weekly (Feb 2nd): TSMC, Asia Vital, Quanta Computer, Unimicron Tech, Umc

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Asia Vital, Quanta Computer, Unimicron...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 2nd): Wt, Evergreen Marine, Mediatek, Alchip Tech, Wiwynn, TSMC

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wt, Evergreen Marine, Mediatek, Alchip Tech,...

Ke Yan, CFA, FRM

February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Taiwan AI names soar, ASE and Mediatek stumble; world's largest display driver maker predicts growth decline; TSMC and Samsung prioritize domestic...