Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.</li>
<li>HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. </li>
<li>140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). </li>
</ul>


An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.
HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. 
140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). 


US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Auto LED orders set to increase significantly for a year, with Edison predicting double growth by 2025.</li><li>TSMC upgrades CoWoS technology to compete with 9x reticle sizes by 2027, showing continuous advancement in semiconductor manufacturing.</li><li>MiTAC plans to double capital expenditures in 2025 to diversify production under the new administration of Trump 2.0.</li></ul>

Auto LED orders set to increase significantly for a year, with Edison predicting double growth by 2025.TSMC upgrades CoWoS technology to compete with 9x reticle sizes by 2027, showing continuous advancement in semiconductor manufacturing.MiTAC plans to double capital expenditures in 2025 to diversify production under the new administration of Trump 2.0.

Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment 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 Nov 29th which has an aggregated holding worth USD969.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,625mln. 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 Catcher Technology, TSMC, Hon Hai Precision Industry, Asustek Computer, UMC, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 29th which has an aggregated holding worth USD969.3bn.
We estimate that foreign flows to be outflows of USD2,625mln. 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 Catcher Technology, TSMC, Hon Hai Precision Industry, Asustek Computer, UMC, Mediatek.


TWSE Foreign Holding Weekly (Nov 29th): Catcher Technology, TSMC, Hon Hai, Asustek Computer, UMC

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's Largest Space Technologies Conference Is Happening This Week-- Hon Hai Is Title Sponsor Showcasing Its Satellites; We Are Also Attending</li>
<li>TSMC’s 2nm Breakthrough: Kaohsiung Fab Ahead of Schedule, Apple and AMD Poised as Early Adopters</li>
<li>AI Driving the Emergence of a US$2bn Humanoid Robot Market by 2027E</li>
</ul>


Taiwan's Largest Space Technologies Conference Is Happening This Week-- Hon Hai Is Title Sponsor Showcasing Its Satellites; We Are Also Attending
TSMC’s 2nm Breakthrough: Kaohsiung Fab Ahead of Schedule, Apple and AMD Poised as Early Adopters
AI Driving the Emergence of a US$2bn Humanoid Robot Market by 2027E


Taiwan Tech Weekly: Taiwan's Space Tech Conference This Week; AI Driving New Humanoid Robot Industry

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. </li>
<li>Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. </li>
<li>China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  </li>
</ul>


Samsung Semiconductor re-org, new reporting lines, top management promotions and demotions, but the same people. That's going to solve problems? Qualcomm gives up on buying Intel - good idea. 
Xiaomi to launch its smartphone chip, but what for? Intel launching a PC GPU again . Apple delays or abandons 2nm for M5 chip (too expensive). TSMC increasing CoWoS again. 
China - US worsening relations, side effect is over buying, over stocking of semiconductors? is there a bunch of inventories in China that we can't see?  


Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

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)

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment update

October 2024 update: Strong notebook shipments, LED orders rising, TSMC advancing technology, MiTAC plans to diversify, SMIC driving China's...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Nov 29th): Catcher Technology, TSMC, Hon Hai, Asustek Computer, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Catcher Technology, TSMC, Hon Hai Precision...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Taiwan's Space Tech Conference This Week; AI Driving New Humanoid Robot Industry

Taiwan's space tech conference features Hon Hai's satellites; TSMC's 2nm breakthrough with Apple and AMD; AI driving $2bn humanoid robot market by...

Vincent Fernando, CFA

Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

​New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Tech Supply Chain Tracker (03-Dec-2024): Oct 2024: Notebook shipment update

October 2024 update: Strong notebook shipments, LED orders rising, TSMC advancing technology, MiTAC plans to diversify, SMIC driving China's...

Tech Supply Chain Tracker

TWSE Foreign Holding Weekly (Nov 29th): Catcher Technology, TSMC, Hon Hai, Asustek Computer, UMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Catcher Technology, TSMC, Hon Hai Precision...

Ke Yan, CFA, FRM

Taiwan Tech Weekly: Taiwan's Space Tech Conference This Week; AI Driving New Humanoid Robot Industry

​Taiwan's space tech conference features Hon Hai's satellites; TSMC's 2nm breakthrough with Apple and AMD; AI driving $2bn humanoid robot market by...

Vincent Fernando, CFA

Tech News This Week: Samsung Re-Org, QCOM Gives up on Intel, TSMC Increase CoWoS, Apple Delays 2nm

​Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...

Nicolas Baratte

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Taiwan's space tech conference features Hon Hai's satellites; TSMC's 2nm breakthrough with Apple and AMD; AI driving $2bn humanoid robot market by...

Samsung re-orgs, Qualcomm backs off from Intel purchase, Xiaomi enters chip market, Intel introduces PC GPU, Apple delays 2nm for M5, TSMC boosts...