Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>There is a misconception that "MediaTek is gaining the Google TPU v7 project entirely in 2024-25F."</li>
<li>Transsion Holding is placing a new order with MediaTek in 4Q23F, which is larger than ~25mn and has the lowest ASP.</li>
<li>Our current view remains bearish on smartphone demand for 2H23F.</li>
</ul>


There is a misconception that "MediaTek is gaining the Google TPU v7 project entirely in 2024-25F."
Transsion Holding is placing a new order with MediaTek in 4Q23F, which is larger than ~25mn and has the lowest ASP.
Our current view remains bearish on smartphone demand for 2H23F.


MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>The upcoming demand is expected to reduce in 4Q23F, with the most obvious decline in 40nm and 8" demand.</li>
<li>Wafer ASP is expected to remain relatively stable until 4Q22F, even though revenue is not anticipated to pick up in 1H24F.</li>
<li>We expect the market to reach its lowest point in the first half of 2024F. The most likely scenario indicates a potential recovery around the third quarter of 2024F.</li>
</ul>


The upcoming demand is expected to reduce in 4Q23F, with the most obvious decline in 40nm and 8" demand.
Wafer ASP is expected to remain relatively stable until 4Q22F, even though revenue is not anticipated to pick up in 1H24F.
We expect the market to reach its lowest point in the first half of 2024F. The most likely scenario indicates a potential recovery around the third quarter of 2024F.


UMC (2303.TT; UMC.US): The Revenue Can Be Downward a Bit in 4Q23F.

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>Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.</li>
<li>Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.</li>
<li>Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.</li>
</ul>


Intel kicked off its Innovation conference and announced that its new PC processors with built-in AI coprocessors would launch December 14th. This is positive for the PC supply chain.
Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer apps could be in plain sight.
Himax Long vs. Novatek Short. Himax is at historically very cheap level relative to Novatek, yet both are exposed to similar display end-markets.


Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

<ul>
<li>TSMC's ADR premium/discount appears to have shown a clear decline in trading range recently, down from the 10% level.</li>
<li>UMC &amp; ASE joined corporate days today in Taipei, which could be supportive of their premiums in the near-term.</li>
<li>We provide spread levels we view as compelling from a risk/reward perspective.</li>
</ul>


TSMC's ADR premium/discount appears to have shown a clear decline in trading range recently, down from the 10% level.
UMC &amp; ASE joined corporate days today in Taipei, which could be supportive of their premiums in the near-term.
We provide spread levels we view as compelling from a risk/reward perspective.


Taiwan Dual Listings Monitor: TSMC Spread In Clear Downtrend; UMC & ASE Corporate Days Could Support

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, ARM's IPO seems to have set the ball rolling for the traditionally busy year end across the region.</li>
<li>In the placement space, finally a Hong Kong placement mangaed to hold up, even as a large Aussie one gave way.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, ARM's IPO seems to have set the ball rolling for the traditionally busy year end across the region.
In the placement space, finally a Hong Kong placement mangaed to hold up, even as a large Aussie one gave way.


ECM Weekly (17th Sep 2023) - ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent

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)

MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception

There is a misconception "MediaTek is gaining the Google TPU v7 project in 2024-25F." Transsion Holding is placing a new order with MediaTek in...

Patrick Liao

UMC (2303.TT; UMC.US): The Revenue Can Be Downward a Bit in 4Q23F.

The upcoming demand is expected to drop in 4Q23, with the most significant decline in 40nm and 8" demand. We expect the market to reach its lowest...

Patrick Liao

Taiwan Tech Weekly: Intel 'AI PC' Chips On Track to Drive 2024E PC Supply Chain

Many types of existing software that used to require expert users can become more valuable with AI capabilities; we believe tomorrow's AI PC killer...

Vincent Fernando, CFA

Taiwan Dual Listings Monitor: TSMC Spread In Clear Downtrend; UMC & ASE Corporate Days Could Support

UMC & ASE joined corporate days today, which could be supportive of their premiums in the near-term. We provide our view on spread ranges for Long...

Vincent Fernando, CFA

ECM Weekly (17th Sep 2023) - ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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