Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<ul>
<li>Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?</li>
<li>Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?</li>
<li>We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.</li>
</ul>


Intel misses 1H24 market consensus again, post market correction of over 7%. Can shifting focus away from foundry/manufacturing help?
Is the breakdown change for future spin off/IPO of foundry/manufacturing, and non focus businesses like Altera and Mobileye positive?
We disagree Intel foundry to breakeven in two years; we see AI product lagging behind competitors and non AI server CPU being squeezed by AI server GPU and GPU/CPU integration.


Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Worth to Follow?

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. .    </li>
<li>The capex for 2024F has been increased by 10% for further investments in the testing business, targeting turnkey or testing customers. </li>
<li>All product lines expected to grow in 2H24F, with APT outperforming corporate average. UTR growth expected in 2H24F, reaching above 70%. </li>
</ul>


Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. .    
The capex for 2024F has been increased by 10% for further investments in the testing business, targeting turnkey or testing customers. 
All product lines expected to grow in 2H24F, with APT outperforming corporate average. UTR growth expected in 2H24F, reaching above 70%. 


ASEH (3711.TT; ASX.US): 1Q24F Results Were Better, and the Outlook for 2024F Was Very Positive.

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>UMC expects macro uncertainties and cost headwinds to linger into 2H24. </li>
<li>The P3 project has received strong support from the Singapore government with a US$5 billion Capex. </li>
<li>UMC has seen high interest from customers for its 14nm capacity. </li>
</ul>


UMC expects macro uncertainties and cost headwinds to linger into 2H24. 
The P3 project has received strong support from the Singapore government with a US$5 billion Capex. 
UMC has seen high interest from customers for its 14nm capacity. 


UMC (2303.TT; UMC.US): 2Q14F in Line; Singapore Fab Expansion Received Adds.

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>1810HK/LI:Tesla cuts prices of all series by 14,000yuan to compete with Xiaomi SU7 and LI L6,with the fomer facing long time of delivery and the latter had a mediocre start(//-)</li>
<li>LI US: LI cuts price for all series, might be due to difficulty to achieve delivery targets (/)</li>
<li>LKNCY US: New products fail to bring meaningful incremental DAU growth, bodes ill for 2Q24 sales(-)</li>
</ul>


1810HK/LI:Tesla cuts prices of all series by 14,000yuan to compete with Xiaomi SU7 and LI L6,with the fomer facing long time of delivery and the latter had a mediocre start(//-)
LI US: LI cuts price for all series, might be due to difficulty to achieve delivery targets (/)
LKNCY US: New products fail to bring meaningful incremental DAU growth, bodes ill for 2Q24 sales(-)


[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

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>Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed</li>
<li>What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? </li>
<li>ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)</li>
</ul>


Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed
What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? 
ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)


Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

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.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Worth to Follow?

Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Three structural improvement check points to follow

Andrew Lu

ASEH (3711.TT; ASX.US): 1Q24F Results Were Better, and the Outlook for 2024F Was Very Positive.

Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. All product...

Patrick Liao

UMC (2303.TT; UMC.US): 2Q14F in Line; Singapore Fab Expansion Received Adds.

UMC still a bit conservative into 2H24F. The P3 project has received strong support from the Singapore government with a US$5 billion Capex.

Patrick Liao

[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

Blue Lotus Research Institute

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

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Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Worth to Follow?

Intel Is Shifting Focus to Products, Away from Manufacturing/Foundry; Three structural improvement check points to follow

Andrew Lu

ASEH (3711.TT; ASX.US): 1Q24F Results Were Better, and the Outlook for 2024F Was Very Positive.

Almost every sectors are recovery since 1Q24, and auto and industrial applications sectors still need more time to digest inventory. All product...

Patrick Liao

UMC (2303.TT; UMC.US): 2Q14F in Line; Singapore Fab Expansion Received Adds.

UMC still a bit conservative into 2H24F. The P3 project has received strong support from the Singapore government with a US$5 billion Capex.

Patrick Liao

[Blue Lotus Daily]:1810HK/LI US/LKNCY US/AAPL/TSM/1810 HK

​Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

Blue Lotus Research Institute

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

​Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

Tesla cuts prices of all series to compete with XiaomiSU7 and LI L6.Huawei launches new flagship featuring upgrading processors.LI cuts price,...

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...