Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>In the 3rd quarter of 2024, revenue was NT$4,284 million, the gross margin (GM) was 55%, the operating profit margin (OPM) was 24%, and the net margin was 15%.  </li>
<li>The Gen-4 product line is ramping up and is expected to contribute around 4% of total revenue by the end of 2025. </li>
<li>Chinese current economic stimulus programs may impact demand in the Consumer segment.  </li>
</ul>


In the 3rd quarter of 2024, revenue was NT$4,284 million, the gross margin (GM) was 55%, the operating profit margin (OPM) was 24%, and the net margin was 15%.  
The Gen-4 product line is ramping up and is expected to contribute around 4% of total revenue by the end of 2025. 
Chinese current economic stimulus programs may impact demand in the Consumer segment.  


Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.</li>
<li>As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.</li>
<li>The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases</li>
</ul>


Global equities (MSCI ACWI -- ACWI-US) and the U.S. (S&amp;P 500) remain topside their respective bases at $117 and 5650-5670.
As discussed last week (October 17, 2024 Int'l Compass), we upgraded our outlook on global equities (MSCI ACWI) to bullish, saying to use any pre-election pullback as opportunity to buy.
The pullback appears to be underway, and we are buyers as long as ACWI-US and S&amp;P 500 remain above their aforementioned bases


Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.</li>
</ul>


The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.


WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

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 TWSE Stocks as of Oct 4th which has an aggregated holding worth USD976.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,371mln. 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 Via Technologies, TSMC, United Microelectronics, Evergreen Marine Corp Taiwan, Mediatek, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 4th which has an aggregated holding worth USD976.1bn.
We estimate that foreign flows to be outflows of USD2,371mln. 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 Via Technologies, TSMC, United Microelectronics, Evergreen Marine Corp Taiwan, Mediatek, Quanta Computer.


TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

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

<ul>
<li>Apple Set to Launch iPhone SE 4 and Updated iPad Air in Early 2025: Key Developments to Watch</li>
<li>META's Orion AR Glasses: Next Major Computing Platform After the Smartphone?</li>
<li>Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?</li>
</ul>


Apple Set to Launch iPhone SE 4 and Updated iPad Air in Early 2025: Key Developments to Watch
META's Orion AR Glasses: Next Major Computing Platform After the Smartphone?
Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?


Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

China

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

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Silergy Corp (6415 TT)

Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

3Q24 revenue at NT$4,284mn with GM at 55%, OPM at 24%, and NM at 15%. Gen-4 products to contribute 4% of total revenue by end of 2025. Chinese...

Patrick Liao

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Via Technologies, TSMC, United Microelectronics,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

3Q24 revenue at NT$4,284mn with GM at 55%, OPM at 24%, and NM at 15%. Gen-4 products to contribute 4% of total revenue by end of 2025. Chinese...

Patrick Liao

Buying Global Technology; SPX and MSCI ACWI Above Base Supports; Sea, TSMC, SAP, Luxshare, & More

Buying Global Technology; $SPX and MSCI $ACWI Remain Above Base Supports at 5650-5670 and $117; Buying Taiwan Semiconductor $TSM $SE $SAP $GRAB...

Vermilion Research

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Via Technologies, TSMC, United Microelectronics,...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

​Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

Vincent Fernando, CFA

Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.