Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>On March 4th, <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> announced that the company will further increase its investment up to $100 billion in the US.</li>
<li>The restructured case of <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has elicited different opinions, but a few companies may consider trying out Intel Foundry Service.</li>
<li>Currently, we find these developments acceptable, although we view them as the result of political interference, and time will tell.</li>
</ul>


On March 4th, Taiwan Semiconductor (TSMC) - ADR (TSM US) announced that the company will further increase its investment up to $100 billion in the US.
The restructured case of Intel Corp (INTC US) has elicited different opinions, but a few companies may consider trying out Intel Foundry Service.
Currently, we find these developments acceptable, although we view them as the result of political interference, and time will tell.


TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is looking to raise around US$5.2bn via selling 4% additional shares.</li>
<li>The company has undertaken a few deals before and they have ended up performing well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



BYD (1211 HK) is looking to raise around US$5.2bn via selling 4% additional shares.
The company has undertaken a few deals before and they have ended up performing well.
In this note, we will talk about the placement and run the deal through our ECM framework.


BYD US$5.2bn Placement - Large Only in Absolute Size, past Deals Have Done Well

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.


JX Advance Metals IPO - Digestable, but Not Really Attractive

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Is the OpenAI NVIDIA Artificial Intelligence driven bull market over?</li>
<li>The Japanese and Taiwanese stock markets are most at risk</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Is the OpenAI NVIDIA Artificial Intelligence driven bull market over?
The Japanese and Taiwanese stock markets are most at risk


Overview #17 – Buckle Up, We’re Not in Kansas Anymore!

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.</li><li>Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).</li><li>Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3% and company guidance (US$37.5bn) by 5%.Quarterly revenue grew another US$4.2bn, similar to previous quarters (~US$4bn in 4Q24/1Q25/2Q25 except for US$5bn in 3Q25).Non-GAAP GPM was 73.5% (vs. 76.7%/75.0% in 4Q24/3Q25), slightly above consensus (73.1%) and in-line with guidance. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Solid 4QFY25 Results and 1QFY26E Guidance

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

TSMC will invest further up to $100 billion in the US, Intel Corp's restructured case draws mixed opinions, potential for companies to try Intel...

Patrick Liao

BYD US$5.2bn Placement - Large Only in Absolute Size, past Deals Have Done Well

BYD (1211 HK) is looking to raise around US$5.2bn via selling 4% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

JX Advance Metals IPO - Digestable, but Not Really Attractive

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in...

Sumeet Singh

Overview #17 – Buckle Up, We’re Not in Kansas Anymore!

A review of recent events/data impacting our investment themes and outlook. We examine some implications of a peaking in the AI narrative-driven...

Rikki Malik

Semiconductors - Solid 4QFY25 Results and 1QFY26E Guidance

Nvidia (NVDA US, NR) announced solid 4QFY25 results. Revenue was US$39.3bn, up 78%/12% YoY%/QoQ, above Bloomberg consensus (US$38.2bn) by 3%

CMB International

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