Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>The HSTECH index is trading higher on higher breadth and momentum in January, up 6% so far.  Analysts project an upside of 23% over 12 months.</li>
<li>China's semiconductor sector is advancing this year from AI enthusiasm and accelerated localization in the chip industry.  <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> shares have benefited from this trend.</li>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> benefits from China's announcement that it will subsidize more consumer products, including smartphones and new vehicles.
</li>
</ul>


The HSTECH index is trading higher on higher breadth and momentum in January, up 6% so far.  Analysts project an upside of 23% over 12 months.
China's semiconductor sector is advancing this year from AI enthusiasm and accelerated localization in the chip industry.  Semiconductor Manufacturing International Corp (SMIC) (981 HK) shares have benefited from this trend.

Sunny Optical Technology Group (2382 HK) benefits from China's announcement that it will subsidize more consumer products, including smartphones and new vehicles.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>HTC and VIA are focusing on niche markets and expanding technological capabilities to stay relevant, while Japanese toolmakers turn to AI amid China market uncertainty.</li><li>Nvidia CEO highlights strategic partnership with China's robotics unicorns, as Acer expands into lifestyle products with Acerpure line.</li><li>Singapore and Malaysia remain optimistic despite US AI chip restrictions, while India's local EMS and semiconductor industries show growth in the technology sector.</li></ul>

HTC and VIA are focusing on niche markets and expanding technological capabilities to stay relevant, while Japanese toolmakers turn to AI amid China market uncertainty.Nvidia CEO highlights strategic partnership with China's robotics unicorns, as Acer expands into lifestyle products with Acerpure line.Singapore and Malaysia remain optimistic despite US AI chip restrictions, while India's local EMS and semiconductor industries show growth in the technology sector.

Tech Supply Chain Tracker (25-Jan-2025): HTC and VIA's future?

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>China's wafer foundry industry is set to experience substantial growth by 2025, presenting opportunities for technological advancements and innovation within the sector.</li><li>TSMC's focus on COUPE technology in silicon photonics demonstrates their commitment to driving advancements in the field and maintaining a leading position in the industry.</li><li>The introduction of Samsung's GenAI smartphones 2.0, equipped with AI agents, showcases a new level of integration and innovation in mobile technology, promising an enhanced user experience.</li></ul>

China's wafer foundry industry is set to experience substantial growth by 2025, presenting opportunities for technological advancements and innovation within the sector.TSMC's focus on COUPE technology in silicon photonics demonstrates their commitment to driving advancements in the field and maintaining a leading position in the industry.The introduction of Samsung's GenAI smartphones 2.0, equipped with AI agents, showcases a new level of integration and innovation in mobile technology, promising an enhanced user experience.

Tech Supply Chain Tracker (24-Jan-2025): China wafer industry by 2025.

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>What is PCIe 5.0 and Why SIMO is Poised to Expand Market Share with PCIe 5.0</li>
<li>PCIe 5.0 and Beyond -- Importance for Enterprise HPC and AI Data Centers</li>
<li>Looking Ahead: MaxLinear Arbitration in 2H25E -- We Believe SIMO Likely to Win Its Termination Fee Plus Additional Award for Additional Damages</li>
</ul>


What is PCIe 5.0 and Why SIMO is Poised to Expand Market Share with PCIe 5.0
PCIe 5.0 and Beyond -- Importance for Enterprise HPC and AI Data Centers
Looking Ahead: MaxLinear Arbitration in 2H25E -- We Believe SIMO Likely to Win Its Termination Fee Plus Additional Award for Additional Damages


Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue</li>
<li>UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model</li>
<li>Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories</li>
</ul>


UMC Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue
UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model
Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories


United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

HSTECH advances with good market breadth in January. SMIC is benefiting from AI advances as well as the localization trend in semi industry. ...

David Mudd

Tech Supply Chain Tracker (25-Jan-2025): HTC and VIA's future?

HTC, VIA, and Asian tech companies are expanding into niche markets and embracing new technologies to remain competitive, while Samsung faces...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (24-Jan-2025): China wafer industry by 2025.

China's wafer foundry industry set to grow, TSMC prioritizing COUPE tech for silicon photonics, Samsung's GenAI smartphones 2.0 enhance mobile...

Tech Supply Chain Tracker

Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

Vincent Fernando, CFA

United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

HSTECH advances with good market breadth in January. SMIC is benefiting from AI advances as well as the localization trend in semi industry. ...

David Mudd

Tech Supply Chain Tracker (25-Jan-2025): HTC and VIA's future?

HTC, VIA, and Asian tech companies are expanding into niche markets and embracing new technologies to remain competitive, while Samsung faces...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (24-Jan-2025): China wafer industry by 2025.

China's wafer foundry industry set to grow, TSMC prioritizing COUPE tech for silicon photonics, Samsung's GenAI smartphones 2.0 enhance mobile...

Tech Supply Chain Tracker

Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

​PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

Vincent Fernando, CFA

United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

​UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

Vincent Fernando, CFA

PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...