Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.</li>
<li>Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.</li>
<li>Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.</li>
</ul>


Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.
Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.
Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.


Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 7th which has an aggregated short interest worth USD12.1bn.</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 Makalot, Getac Holdings, Via Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 7th which has an aggregated short interest worth USD12.1bn.
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 Makalot, Getac Holdings, Via Tech.


TWSE Short Interest Weekly (Apr 7th): Makalot, Getac, Via Tech

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 31st which has an aggregated short interest worth USD12.0bn.</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 Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip Semico, Alchip Tech, Nan Ya Printed, Unimicron Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 31st which has an aggregated short interest worth USD12.0bn.
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 Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip Semico, Alchip Tech, Nan Ya Printed, Unimicron Tech.


TWSE Short Interest Weekly (Mar 31st): Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip

<ul>
<li>Micron reported a very weak set of results, implying weak results to come for Memory peers such as Nanya Technology.</li>
<li>Micron however said it sees signs of customer inventories improving, and expects the Memory over-supply imbalance to improve through the end of calendar 2023.</li>
<li>We remain biased to Long Micron vs. Short Nanya Technology. While there are signs of improvement coming for industry supply/demand, we believe Micron is in a relatively stronger position.</li>
</ul>


Micron reported a very weak set of results, implying weak results to come for Memory peers such as Nanya Technology.
Micron however said it sees signs of customer inventories improving, and expects the Memory over-supply imbalance to improve through the end of calendar 2023.
We remain biased to Long Micron vs. Short Nanya Technology. While there are signs of improvement coming for industry supply/demand, we believe Micron is in a relatively stronger position.


Micron Results: Take-Aways for Memory, PC Industry Outlook; Long Micron Vs. Short Nanya

<ul>
<li>Micron earnings this week, will provide insight on the outlook for the memory chip space.</li>
<li>The Taiwanese market has substantially lagged the surge in the Philadelphia Semiconductor Index.</li>
<li>Chinese firms are trying to poach engineers from TSMC and UMC by offering 2-3x their salaries.</li>
</ul>


Micron earnings this week, will provide insight on the outlook for the memory chip space.
The Taiwanese market has substantially lagged the surge in the Philadelphia Semiconductor Index.
Chinese firms are trying to poach engineers from TSMC and UMC by offering 2-3x their salaries.


Taiwan Tech Weekly: Micron Earnings to Provide Memory Outlook; Taiwan Vs. SOX Divergence

Taiwan

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

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Nanya Technology (2408 TT)

Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

Samsung reversed its production capacity strategy after suffering losses. Also, Japan's semiconductor manufacturing equipment export restrictions...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Apr 7th): Makalot, Getac, Via Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Makalot, Getac Holdings, Via Tech.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Mar 31st): Walsin Lihwa, Evergreen Marine, Yang Ming Marine, Powerchip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Walsin Lihwa, Evergreen Marine, Yang Ming Marine,...

Ke Yan, CFA, FRM

Micron Results: Take-Aways for Memory, PC Industry Outlook; Long Micron Vs. Short Nanya

Micron said it sees signs of customer inventories improving, and expects the Memory industry's supply/demand imbalance to improve through the end...

Vincent Fernando, CFA

Taiwan Tech Weekly: Micron Earnings to Provide Memory Outlook; Taiwan Vs. SOX Divergence

Micron earnings this week, will provide insight on the outlook for the memory chip space. We remain biased to be Long Micron vs. Short Nanya Tech.

Vincent Fernando, CFA

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