Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC and UMC 3Q revenues are slightly above Guidance / Consensus. In US$, TSMC revenues growing at 40% YoY. Legacy Fab UMC growing at 4%. </li>
<li>This will continue, even if AI / HPC growth is slowing into 2026, the gap will remain wide between AI / HPC (say 35% growth) and Legacy (5%). </li>
<li>Ongoing concerns of AI investment bubble reflect “a lack of imagination” (Lisa Su). Stick with the category winners Nvidia - SK Hynix - TSMC , followed by AMD - Micron.</li>
</ul>


TSMC and UMC 3Q revenues are slightly above Guidance / Consensus. In US$, TSMC revenues growing at 40% YoY. Legacy Fab UMC growing at 4%. 
This will continue, even if AI / HPC growth is slowing into 2026, the gap will remain wide between AI / HPC (say 35% growth) and Legacy (5%). 
Ongoing concerns of AI investment bubble reflect “a lack of imagination” (Lisa Su). Stick with the category winners Nvidia - SK Hynix - TSMC , followed by AMD - Micron.


Semi Revenues Divergence Continues. AI, HPC Growing at ~45%, Everything Legacy in the Slumps.

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

InnoScience Suzhou Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innoscience-suzhou-technology" target="_blank" data-smartkarma-citation="entities:44185:1" rel="noopener">InnoScience Suzhou Technology (2577 HK)</a> aims to raise around US$200m in its Hong Kong placement.</li>
<li>Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
In this note, we will talk about the placement and run the deal through our ECM framework.


Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost</li>
<li>Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. </li>
<li>HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning </li>
</ul>


As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost
Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. 
HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning 


Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

HK/China Equity Long-Short

Osbert Tang, CFA

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> is one of the best-performing <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> constituents YTD, but it is time to take some money off the table.</li>
<li>At 5%, its 12-month forward dividend yield is about the lowest in the last five years, implying limited share price upside. Valuations have run ahead of earnings momentum.</li>
<li>The recent recovery in Hong Kong jewellery retail sales is partly due to the low base effect. Additionally, a higher gold price will weigh on demand for gold products. </li>
</ul>



Chow Tai Fook Jewellery (1929 HK) is one of the best-performing Hang Seng Index (HSI INDEX) constituents YTD, but it is time to take some money off the table.
At 5%, its 12-month forward dividend yield is about the lowest in the last five years, implying limited share price upside. Valuations have run ahead of earnings momentum.
The recent recovery in Hong Kong jewellery retail sales is partly due to the low base effect. Additionally, a higher gold price will weigh on demand for gold products. 


Chow Tai Fook (1929 HK): A Lot Has Been Priced In

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile, CCB.


HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

China

Semiconductor Manufacturing International Corporation operates a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

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Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semi Revenues Divergence Continues. AI, HPC Growing at ~45%, Everything Legacy in the Slumps.

TSMC and UMC beat revenue expectations in 3Q, with TSMC growing at 40% YoY. The gap between AI/HPC and Legacy Fab growth is expected to widen,...

Nicolas Baratte

Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...

Sumeet Singh

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

Chow Tai Fook (1929 HK): A Lot Has Been Priced In

CTF is a top-performing HSI constituent YTD, but with low dividend yield and high valuations, it may be time to sell. Recovery in HK jewellery...

Osbert Tang, CFA

HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semi Revenues Divergence Continues. AI, HPC Growing at ~45%, Everything Legacy in the Slumps.

​TSMC and UMC beat revenue expectations in 3Q, with TSMC growing at 40% YoY. The gap between AI/HPC and Legacy Fab growth is expected to widen,...

Nicolas Baratte

Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...

Sumeet Singh

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

​Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

Chow Tai Fook (1929 HK): A Lot Has Been Priced In

CTF is a top-performing HSI constituent YTD, but with low dividend yield and high valuations, it may be time to sell. Recovery in HK jewellery...

Osbert Tang, CFA

HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China...

Ke Yan, CFA, FRM

TSMC and UMC beat revenue expectations in 3Q, with TSMC growing at 40% YoY. The gap between AI/HPC and Legacy Fab growth is expected to widen,...

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.