Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech July sales are somehow below seasonal and below our expectations. If analysts start to factor in 3-4% appreciation on NT$ against US starting July, earnings prospects in 2H16 for semi and tech companies might not be as strong as market estimated earlier. In conclusion, we believe not much sales momentum left over before we see a seasonal semiconductor…

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech July sales are somehow below seasonal and below our expectations. If analysts start to factor in 3-4% appreciation on NT$ against US starting July, earnings prospects in 2H16 for semi and tech companies might not be as strong as market estimated earlier. In conclusion, we believe not much sales momentum left over before we see a seasonal semiconductor…

Insights from Taiwan Semi/Tech July Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

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 analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC, Innolux, Wiwynn.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC, Innolux, Wiwynn.


MS-Taiwan Index Earning Revision (Jan): Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables 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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.
We tabulate league tables 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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.


TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

E.Sun Financial Holding Co / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th December 2025.</li>
<li>There will be four ADD/DELs for T50, three separate ADDs/DELs for T100, and three ADDs/DELs for TDIV. </li>
<li>All of these changes were correctly predicted except for one surprise TDIV addition.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th December 2025.
There will be four ADD/DELs for T50, three separate ADDs/DELs for T100, and three ADDs/DELs for TDIV. 
All of these changes were correctly predicted except for one surprise TDIV addition.


Quiddity TDIV/50/100 Dec 25 Results: 19/20 Correctly Predicted; ~US$3bn Combined One-Way Flows

Taiwan

Pegatron Corp is a design, manufacturing and service company. The Company produces motherboards, desktop PCs, notebooks, broadband, wireless systems, game consoles, networking, multimedia, LCD TV, and more.

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Pegatron Corp (4938 TT)

Insights from Taiwan Semi/Tech July Sales

Despite recent strong performance (17% ytd) across US and Taiwan semiconductor index, we are turning a bit cautious here because Taiwan Semi/Tech...

Andrew Lu

Points from Taiwan Semi/Tech 2Q Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways...

Andrew Lu

MS-Taiwan Index Earning Revision (Jan): Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC

We analyzed MS-Taiwan's consensus for Jan 2026 and highlighted changes of EPS in Hon Hai Precision, Nan Ya Plastics, TSMC, China Steel, UMC,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Dec 25 Results: 19/20 Correctly Predicted; ~US$3bn Combined One-Way Flows

For T50, T100, and TDIV indices, we expect the combined one-way flow to be around US$3bn during the December 2025 index rebal event. There are...

Janaghan Jeyakumar, CFA

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