Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>GB200 NVL shipments expected to increase as KYEC boosts capital expenditure, impacting notebook shipments in November 2024.</li><li>Taiwan wafer foundry industry developments in 4Q 2024 to be discussed at TSMC investor meeting, focusing on company outlook and new US tariff policies.</li><li>South Korea's acceleration of Yongin semiconductor complex aims to establish global chip leadership, attracting key industry players amidst global semiconductor shifts and US-China chip sector investigation; Taiwan targets AI growth with SEMI's Indian Semiconductor Academy plan.</li></ul>

GB200 NVL shipments expected to increase as KYEC boosts capital expenditure, impacting notebook shipments in November 2024.Taiwan wafer foundry industry developments in 4Q 2024 to be discussed at TSMC investor meeting, focusing on company outlook and new US tariff policies.South Korea's acceleration of Yongin semiconductor complex aims to establish global chip leadership, attracting key industry players amidst global semiconductor shifts and US-China chip sector investigation; Taiwan targets AI growth with SEMI's Indian Semiconductor Academy plan.

Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%</li>
<li>Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.</li>
<li>Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.</li>
</ul>


Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell into strength as benchmark weights surpass 10%
Hon Hai, Hyundai Motor, and Singtel lead recoveries from prolonged declines. Baidu Inc. and Kweichow Moutai see sharp ownership drops.
Momentum leaders include Accton Technology, CATL, and KE Holdings. By contrast, Axis Bank, PDD, and Reliance face stalling ownership.


Asia Ex-Japan Funds:  Stock Positioning Update

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 Dec 27th which has an aggregated holding worth USD1,030.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,768mln. 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 TSMC, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.
We estimate that foreign flows to be inflows of USD1,768mln. 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 TSMC, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.


TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

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>TSMC: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated</li>
<li>UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling</li>
<li>ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long</li>
</ul>


TSMC: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated
UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling
ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long


Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>'s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.</li>
<li>In the third quarter of 2024, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> continued to surpass <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> net earnings based on their financial results.   </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) - ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.</li>
</ul>



SK Hynix (000660 KS)'s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.
In the third quarter of 2024, SK Hynix (000660 KS) continued to surpass Samsung Electronics (005930 KS) net earnings based on their financial results.   

Samsung Electronics (005930 KS) is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) - ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.


SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

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)

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

Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

November 2024 sees increasing GB200 NVL notebook shipments as Taiwan wafer foundry industry develops, TSMC investor meeting discusses new US tariff...

Tech Supply Chain Tracker

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

Patrick Liao

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Tech Supply Chain Tracker (31-Dec-2024): GB200 NVL shipments to rise with KYEC's capex boost.

November 2024 sees increasing GB200 NVL notebook shipments as Taiwan wafer foundry industry develops, TSMC investor meeting discusses new US tariff...

Tech Supply Chain Tracker

Asia Ex-Japan Funds: Stock Positioning Update

Top holdings remain unchanged: TSMC, Samsung Electronics, and Tencent are almost universally owned. TSMC hits record weights but active funds sell...

Steven Holden

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

​SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

Patrick Liao

SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.