Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>ASML CEO and delegation to visit TSMC, showcasing collaboration in semiconductor industry</li><li>US adds 13 firms, majority Chinese, to entity list amid ongoing tensions</li><li>Samsung Display to unveil 18.1-inch foldable OLED panel at CES 2025, showcasing advancements in display technology</li></ul>

ASML CEO and delegation to visit TSMC, showcasing collaboration in semiconductor industryUS adds 13 firms, majority Chinese, to entity list amid ongoing tensionsSamsung Display to unveil 18.1-inch foldable OLED panel at CES 2025, showcasing advancements in display technology

Tech Supply Chain Tracker (07-Jan-2025): ASML CEO visits TSMC next week.

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 KRX stocks as of Jan 3rd which has an aggregated holding worth USD457.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD259mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics (005930 KS) .</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jan 3rd which has an aggregated holding worth USD457.4bn.
We estimate that foreign flows to be outflows of USD259mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics (005930 KS) .


KRX Foreign Holding Weekly (Jan 3rd): Samsung Electronics

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>After the peak of 4Q24, <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>'s  revenue will see a decline of about -5% QoQ in 1Q25.  </li>
<li>TSMC is expected to use 2nm technology in 4Q25, and we believe <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> could present products around 1Q26.</li>
<li>TSMC could be set to announce its 2nm production plans, expansion into the US, Germany, and Japan, mature technology quotations, and the Capex budget for 2025. </li>
</ul>


After the peak of 4Q24, Taiwan Semiconductor (TSMC) - ADR (TSM US)'s  revenue will see a decline of about -5% QoQ in 1Q25.  
TSMC is expected to use 2nm technology in 4Q25, and we believe Advanced Micro Devices (AMD US) and Apple (AAPL US) could present products around 1Q26.
TSMC could be set to announce its 2nm production plans, expansion into the US, Germany, and Japan, mature technology quotations, and the Capex budget for 2025. 


TSMC (2330.TT; TSM.US): 1Q25 Outlook, TSMC Will Use 2nm in 4Q25, and Production Will Occur in 1Q26.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.</li>
<li>On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.</li>
<li>Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor. </li>
</ul>


In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.
On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.
Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor. 


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

Cross Asset Strategy

<ul>
<li>Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in Korea in 2024.</li>
<li>As of 27 December 2024, the total treasury shares planned acquisition amount by Korean companies increased by 215% YoY to 11.83 trillion won in 2024.</li>
<li>There have been some mixed share price performances among the companies announcing meaningful share buyback/cancellation announcements this year.</li>
</ul>


Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in Korea in 2024.
As of 27 December 2024, the total treasury shares planned acquisition amount by Korean companies increased by 215% YoY to 11.83 trillion won in 2024.
There have been some mixed share price performances among the companies announcing meaningful share buyback/cancellation announcements this year.


South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Tech Supply Chain Tracker (07-Jan-2025): ASML CEO visits TSMC next week.

ASML CEO to visit TSMC, US adds Chinese firms to entity list, AI predicted to dominate semiconductor market by 2030, Samsung Display to showcase...

Tech Supply Chain Tracker

KRX Foreign Holding Weekly (Jan 3rd): Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics (005930 KS).

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): 1Q25 Outlook, TSMC Will Use 2nm in 4Q25, and Production Will Occur in 1Q26.

TSMC's revenue to decline in 1Q25, but expected to use 2nm technology by 4Q25 with potential partnerships with AMD and Apple by 1Q26. Expansion...

Patrick Liao

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Tech Supply Chain Tracker (07-Jan-2025): ASML CEO visits TSMC next week.

ASML CEO to visit TSMC, US adds Chinese firms to entity list, AI predicted to dominate semiconductor market by 2030, Samsung Display to showcase...

Tech Supply Chain Tracker

KRX Foreign Holding Weekly (Jan 3rd): Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics (005930 KS).

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): 1Q25 Outlook, TSMC Will Use 2nm in 4Q25, and Production Will Occur in 1Q26.

​TSMC's revenue to decline in 1Q25, but expected to use 2nm technology by 4Q25 with potential partnerships with AMD and Apple by 1Q26. Expansion...

Patrick Liao

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)

In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November...

Douglas Kim

Surging Share Buybacks in Korea in 2024

Capitalizing on the lower share prices combined with the government's pressure for Corporate Value up improvements, the share buybacks surged in...

Douglas Kim

TSMC's revenue to decline in 1Q25, but expected to use 2nm technology by 4Q25 with potential partnerships with AMD and Apple by 1Q26. Expansion...