Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors</li>
<li>After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.</li>
<li>We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.</li>
</ul>


Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors
After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.
We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.


Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Shortage/Oversupply, price hike/cut, automotive/industrial demand and inventory corrections are still cyclical. Gross margin should double from 22-24% now once utilization returning to 100% and no more free wafer by 2025.</li>
<li>LCD driver foundry is facing a structural competition as China panel customers are building a local supply chain.</li>
<li>Attractive below NT$70 as: 1. inventory correction should be done by 2Q24; 2. global 8" foundry sales y/y improvement began 3Q23; 3. closing to cyclical low P/BV of 2.5x.</li>
</ul>


Shortage/Oversupply, price hike/cut, automotive/industrial demand and inventory corrections are still cyclical. Gross margin should double from 22-24% now once utilization returning to 100% and no more free wafer by 2025.
LCD driver foundry is facing a structural competition as China panel customers are building a local supply chain.
Attractive below NT$70 as: 1. inventory correction should be done by 2Q24; 2. global 8" foundry sales y/y improvement began 3Q23; 3. closing to cyclical low P/BV of 2.5x.


Why Is Vanguard Semi Becoming to a Bad Student, Cyclical or Structural?

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

Shenton Research

Shenton 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.

Equity Capital Markets

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>ESWIN Computing, a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026.</li>
<li>In our previous note, we looked at the deal terms and the company's valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


ESWIN Computing, a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026.
In our previous note, we looked at the deal terms and the company's valuation.
In this note, we provide an update for the IPO before its trading debut.


ESWIN Computing (奕斯伟计算) IPO Trading

<ul>
<li>ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation

<ul>
<li>ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.</li>
<li>We look at the company's core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


ESWIN Computing, a RISC-V chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors.
We look at the company's core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

Taiwan

Raydium Semiconductor Corporation is a global IC solution provider of TFT-LCD panels. The company's services include marketing, product development, and sales of panel driver IC, timing control IC, LED driver and power management IC.

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Raydium Semiconductor (3592 TT)

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

Why Is Vanguard Semi Becoming to a Bad Student, Cyclical or Structural?

Why Is Vanguard Semi Becoming to a Bad Student? Some Cyclical or some Structural reasons for the weaknesses coupled with three reasons suggested...

Andrew Lu

ESWIN Computing (奕斯伟计算) IPO Trading

ESWIN Computing raised USD 304m to list on HKEX on Friday, October 9. We are cautious on debut performance given the weak subscription and the rich...

Ke Yan, CFA, FRM

ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation

We analyze ESWIN Computing's USD 318m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

ESWIN Computing (奕斯伟计算) Pre-IPO: Tearsheet

ESWIN Computing has passed the HKEX hearing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

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