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.

Thematic (Sector/Industry)

<ul>
<li>OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.</li>
<li>Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.</li>
<li>Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.</li>
</ul>


OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.
Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.
Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.


This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Huawei has announced to have a new design methodology that is, in effect, a workaround EUV machines that can't be sold to China. </li>
<li>That could be equivalent to 1.4 nm process by 2031, as per Huawei. Huawei didn't now produce any supporting document, design principle, benchmark, etc </li>
<li>What Huawei meant to say is: they got an EUV workaround. But for now, it's an announcement. See you in 2031. </li>
</ul>


Huawei has announced to have a new design methodology that is, in effect, a workaround EUV machines that can't be sold to China. 
That could be equivalent to 1.4 nm process by 2031, as per Huawei. Huawei didn't now produce any supporting document, design principle, benchmark, etc 
What Huawei meant to say is: they got an EUV workaround. But for now, it's an announcement. See you in 2031. 


Huawei Is Going to Make 1.4nm Chips! Huawei Didn’t Say That

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

<ul>
<li>The SOX is up ~55% since March ’26, on the back of massive earnings. Valuations are  average. Within the SOX, there is a wide divergence in performance and valuations.</li>
<li>Memory sector is, at the same time: highest earnings growth, highest stock performance, and yet the lowest valuations. </li>
<li>Within the big caps, NVDA and TSMC are now abnormally cheap.</li>
</ul>


The SOX is up ~55% since March ’26, on the back of massive earnings. Valuations are  average. Within the SOX, there is a wide divergence in performance and valuations.
Memory sector is, at the same time: highest earnings growth, highest stock performance, and yet the lowest valuations. 
Within the big caps, NVDA and TSMC are now abnormally cheap.


What to Do with Semi Stocks? The SOX Rally Is Not a Crazy Bubble.

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.</li>
<li>We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.</li>
<li>Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.</li>
</ul>


CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.
We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.
Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.


CTA Trend Picks in Taiwan, South Korea, and Japan

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC (2330) Sets New Record in 1Q26 with EPS of NT$22.08, Upgrading Full-Year USD Revenue Growth to Over 30%.</li>
<li>From a product mix perspective, advanced processes continue to drive this quarter’s growth and profitability.</li>
<li>Chairman stated that with sustained strong demand for advanced processes and robust AI momentum, even amid macroeconomic and geopolitical uncertainties.</li>
</ul>


TSMC (2330) Sets New Record in 1Q26 with EPS of NT$22.08, Upgrading Full-Year USD Revenue Growth to Over 30%.
From a product mix perspective, advanced processes continue to drive this quarter’s growth and profitability.
Chairman stated that with sustained strong demand for advanced processes and robust AI momentum, even amid macroeconomic and geopolitical uncertainties.


TSMC (2330.TT; TSM.US): 1Q26 with EPS of NT$22.1, with Full-Year USD Revenue Growth Over 30%.

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

This week in AI: OpenAI scrapped GPT-6.1 Astra and shipped Sol, Anthropic released Sonnet 5.5 at half Opus's price, and Google launched Gemini 4...

Ke Yan, CFA, FRM

Huawei Is Going to Make 1.4nm Chips! Huawei Didn’t Say That

Huawei announces new design methodology to bypass EUV machine restrictions, aiming for 1.4 nm process by 2031. No supporting evidence provided yet.

Nicolas Baratte

What to Do with Semi Stocks? The SOX Rally Is Not a Crazy Bubble.

The SOX index has surged 55% since March on strong earnings. Wide divergence in performance and valuations. Memory sector: high growth but low...

Nicolas Baratte

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

TSMC (2330.TT; TSM.US): 1Q26 with EPS of NT$22.1, with Full-Year USD Revenue Growth Over 30%.

TSMC achieves record EPS in 1Q26, driven by strong demand for advanced processes and AI, upgrading full-year revenue growth to over 30%.

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

This week in AI: OpenAI scrapped GPT-6.1 Astra and shipped Sol, Anthropic released Sonnet 5.5 at half Opus's price, and Google launched Gemini 4...

Ke Yan, CFA, FRM

Huawei Is Going to Make 1.4nm Chips! Huawei Didn’t Say That

​Huawei announces new design methodology to bypass EUV machine restrictions, aiming for 1.4 nm process by 2031. No supporting evidence provided yet.

Nicolas Baratte

What to Do with Semi Stocks? The SOX Rally Is Not a Crazy Bubble.

​The SOX index has surged 55% since March on strong earnings. Wide divergence in performance and valuations. Memory sector: high growth but low...

Nicolas Baratte

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

TSMC (2330.TT; TSM.US): 1Q26 with EPS of NT$22.1, with Full-Year USD Revenue Growth Over 30%.

​TSMC achieves record EPS in 1Q26, driven by strong demand for advanced processes and AI, upgrading full-year revenue growth to over 30%.

Patrick Liao

Huawei announces new design methodology to bypass EUV machine restrictions, aiming for 1.4 nm process by 2031. No supporting evidence provided yet.

The SOX index has surged 55% since March on strong earnings. Wide divergence in performance and valuations. Memory sector: high growth but low...

TSMC achieves record EPS in 1Q26, driven by strong demand for advanced processes and AI, upgrading full-year revenue growth to over 30%.