Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>AMD set to become second largest client at TSMC's US fab, aligning with earlier hints. </li><li>Taiwan launches 3 AI centers for healthcare innovation; NTUH director warns against history repeating itself. </li><li>Telangana aims for increased FDI beyond electronics; India Taiwan Industrial Park progresses as Foxconn unveils new EV models.</li></ul>

AMD set to become second largest client at TSMC's US fab, aligning with earlier hints. Taiwan launches 3 AI centers for healthcare innovation; NTUH director warns against history repeating itself. Telangana aims for increased FDI beyond electronics; India Taiwan Industrial Park progresses as Foxconn unveils new EV models.

Tech Supply Chain Tracker (10-Oct-2024): AMD to be TSMC's second largest US fab client soon.

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.</li>
<li>Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.</li>
<li>EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.</li>
</ul>


Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.
Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.
EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.


TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

<ul><li>CSP leading the development of ASIC accelerators for faster processing, enhancing their technological edge in the market.</li><li>Partnership between Foxconn and Nvidia to build world's largest GB2000 production line, gearing up for increased demand in the semiconductor industry.</li><li>Taiwan emerging as a key player in the offshore wind industry, forging partnerships with foreign companies and investing in energy storage technology to stay competitive.</li></ul>

CSP leading the development of ASIC accelerators for faster processing, enhancing their technological edge in the market.Partnership between Foxconn and Nvidia to build world's largest GB2000 production line, gearing up for increased demand in the semiconductor industry.Taiwan emerging as a key player in the offshore wind industry, forging partnerships with foreign companies and investing in energy storage technology to stay competitive.

Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> invests over 3.7 billion in <a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> to increase its holdings to 27%.</li>
<li>Taiwanese authorities, specifically the Investment Commission of the Ministry of Economic Affairs, approved Vanguard's investment in its first 12-inch factory in Singapore yesterday.</li>
<li>Regarding the outlook for 4Q24, we believe it is still evolving, and our current estimate is a ~5% quarter-on-quarter decline.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) invests over 3.7 billion in Vanguard Intl Semiconductor (5347 TT) to increase its holdings to 27%.
Taiwanese authorities, specifically the Investment Commission of the Ministry of Economic Affairs, approved Vanguard's investment in its first 12-inch factory in Singapore yesterday.
Regarding the outlook for 4Q24, we believe it is still evolving, and our current estimate is a ~5% quarter-on-quarter decline.


Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.

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

<ul>
<li>TSMC: +18.6% Premium; Spread Has Returned to Previous Elevated Trading Range</li>
<li>UMC: +1.5% Premium; Wait for Higher Level Before Shorting the Spread</li>
<li>ASE: +4.2% Premium; Can Consider Going Long the Spread at Current Level</li>
</ul>


TSMC: +18.6% Premium; Spread Has Returned to Previous Elevated Trading Range
UMC: +1.5% Premium; Wait for Higher Level Before Shorting the Spread
ASE: +4.2% Premium; Can Consider Going Long the Spread at Current Level


Taiwan Dual-Listings Monitor: TSMC Spread Back to Elevated Range; ASE Short Interest Spikes Higher

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 (10-Oct-2024): AMD to be TSMC's second largest US fab client soon.

AMD set to be TSMC's second largest client, Taiwan invests in AI healthcare centers, Foxconn introduces new electric vehicle models, Google focuses...

Tech Supply Chain Tracker

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.

Taiwan leading the way in technology development, energy storage, and offshore wind industry, facing competition as industrial power rates rise and...

Tech Supply Chain Tracker

Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.

TSMC boosts investment in Vanguard to 27%, Taiwanese authorities approve Vanguard's investment in Singapore factory, 4Q24 outlook shows potential...

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Spread Back to Elevated Range; ASE Short Interest Spikes Higher

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

Vincent Fernando, CFA

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