Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Event-Driven

<ul>
<li>SAMR would draw out review process for too long for a deal to be approved</li>
<li>Intel faces an existential crisis and even the new Foundry division has issues</li>
<li>A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins</li>
</ul>


SAMR would draw out review process for too long for a deal to be approved
Intel faces an existential crisis and even the new Foundry division has issues
A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins


Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

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

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis</li>
<li>Global Semi Sales Strength Continues In July. How Long Can It Last? </li>
<li>Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers</li>
</ul>


Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis
Global Semi Sales Strength Continues In July. How Long Can It Last? 
Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers


Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.</li>
<li>Among TSMC's top clients are companies from the US, Taiwan, and Japan.</li>
<li>Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.</li>
</ul>


We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.
Among TSMC's top clients are companies from the US, Taiwan, and Japan.
Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.


TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

<ul>
<li>TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range</li>
<li>UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan</li>
<li>ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares</li>
</ul>


TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range
UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan
ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares


Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Tianshui Huatian Technology Co, Ltd. / Equity Bottom-Up

<ul><li>Samsung unlikely to follow Intel in spinning off its foundry business, focusing on their own semiconductor production.</li><li>Marvell co-founder Sehat Sutardja passes away, leaving a void in the semiconductor industry mourning the loss of a visionary.</li><li>HTC launches VIVE Focus Vision with advanced XR features for gamers and enterprises, aiming to capture a niche market.</li></ul>

Samsung unlikely to follow Intel in spinning off its foundry business, focusing on their own semiconductor production.Marvell co-founder Sehat Sutardja passes away, leaving a void in the semiconductor industry mourning the loss of a visionary.HTC launches VIVE Focus Vision with advanced XR features for gamers and enterprises, aiming to capture a niche market.

Tech Supply Chain Tracker (21-Sep-2024): Samsung unlikely to follow Intel's spinoff.

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 M&A: Qualcomm for Intel? No Chance. Here's Why.

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

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

Vincent Fernando, CFA

Tech Supply Chain Tracker (21-Sep-2024): Samsung unlikely to follow Intel's spinoff.

Samsung not spinning off foundry business, rise in cobots in China, Marvell co-founder passes away, HTC launches VIVE Focus Vision, Suchi Semicon...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

​China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

​Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

​Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed

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

Vincent Fernando, CFA

Tech Supply Chain Tracker (21-Sep-2024): Samsung unlikely to follow Intel's spinoff.

Samsung not spinning off foundry business, rise in cobots in China, Marvell co-founder passes away, HTC launches VIVE Focus Vision, Suchi Semicon...

Tech Supply Chain Tracker

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.