Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia CEO to unveil new developments at the company's GTC developer conference tonight Asia time. TSMC and ASML could have read-throughs from the event given their key roles.</li>
<li>AUO's chairman said that he expects PC panel demand to return to normal levels later this year; indicating another sign of potential improvement in the PC and display space.</li>
<li>PC maker Asustek was a top loser in the past week; we highlight it as a potential Long/Short opportunity.</li>
</ul>


Nvidia CEO to unveil new developments at the company's GTC developer conference tonight Asia time. TSMC and ASML could have read-throughs from the event given their key roles.
AUO's chairman said that he expects PC panel demand to return to normal levels later this year; indicating another sign of potential improvement in the PC and display space.
PC maker Asustek was a top loser in the past week; we highlight it as a potential Long/Short opportunity.


Taiwan Tech Weekly: Nvidia's Latest Strategy Unveil Tonight; AUO Says PC Panel Demand Normalizing

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. </li><li>Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.</li><li>Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. </li></ul>

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. 

AI Flow Newsletter : Monitoring The "Currents" Of AI

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> may outsource iPad CPU production to Intel in 2027.</li>
<li>U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. </li>
<li>The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.</li>
</ul>



Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.


Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

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 analysed the earning revision of component stocks of M-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics, King Yuan Electronics, TSMC, Synnex Technology International, King Yuan Electronics, TSMC, Wpg, Synnex Technology International, MSI.</li>
</ul>


We analysed the earning revision of component stocks of M-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics, King Yuan Electronics, TSMC, Synnex Technology International, King Yuan Electronics, TSMC, Wpg, Synnex Technology International, MSI.


M-Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In November, FIIs sold a stupendous US$22 bn Asian equities, the second highest in the past 6 years. Bulk of it was in Korea (US$9.7 bn) and Taiwan (US$12 bn). </li>
<li>Concerns about sustainability of AI capex and doubts about Fed rate trajectory were the key drivers of FIIs' worries. The latter also depressed the Asian currencies.</li>
<li>Study of last 6 years cumulative buying/selling reveals massive selling in Taiwan/Korea. Flows in these markets should recover the most as FIIs play catch-up. India is a more difficult call.</li>
</ul>


In November, FIIs sold a stupendous US$22 bn Asian equities, the second highest in the past 6 years. Bulk of it was in Korea (US$9.7 bn) and Taiwan (US$12 bn). 
Concerns about sustainability of AI capex and doubts about Fed rate trajectory were the key drivers of FIIs' worries. The latter also depressed the Asian currencies.
Study of last 6 years cumulative buying/selling reveals massive selling in Taiwan/Korea. Flows in these markets should recover the most as FIIs play catch-up. India is a more difficult call.


Asian Equities: Stupendous FII Selling in November; Long-Term Study Foreshadows Structural Recovery.

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)

Taiwan Tech Weekly: Nvidia's Latest Strategy Unveil Tonight; AUO Says PC Panel Demand Normalizing

Nvidia CEO to unveil new developments at the company's GTC developer conference. TSMC and ASML could have read-throughs from the event given their...

Vincent Fernando, CFA

Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

Apple may outsource iPad CPU production to Intel in 2027, while U.S. semiconductor reshoring faces barriers. Intel's 18A execution is the key...

Patrick Liao

M-Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

We analyzed M-Taiwan's consensus for Nov 2025 and highlighted changes of EPS in WPG (3702 TT), Taiwan Cement (1101 TT), MSI (2377 TT), Wan Hai...

Ke Yan, CFA, FRM

Asian Equities: Stupendous FII Selling in November; Long-Term Study Foreshadows Structural Recovery.

FIIs sold $22bn Asian equity in Nov, due to concerns about AI capex sustaining & Fed rate path. TW & KR sold the most. Expect recovery in KR, TW...

Manishi Raychaudhuri

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Taiwan Tech Weekly: Nvidia's Latest Strategy Unveil Tonight; AUO Says PC Panel Demand Normalizing

Nvidia CEO to unveil new developments at the company's GTC developer conference. TSMC and ASML could have read-throughs from the event given their...

Vincent Fernando, CFA

AI Flow Newsletter : Monitoring The "Currents" Of AI

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety.

Water Tower Research

Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

​Apple may outsource iPad CPU production to Intel in 2027, while U.S. semiconductor reshoring faces barriers. Intel's 18A execution is the key...

Patrick Liao

M-Taiwan Index Earning Revision (Nov): WPG, Taiwan Cement, MSI, Wan Hai Lines, AU Optronics

We analyzed M-Taiwan's consensus for Nov 2025 and highlighted changes of EPS in WPG (3702 TT), Taiwan Cement (1101 TT), MSI (2377 TT), Wan Hai...

Ke Yan, CFA, FRM

Asian Equities: Stupendous FII Selling in November; Long-Term Study Foreshadows Structural Recovery.

​FIIs sold $22bn Asian equity in Nov, due to concerns about AI capex sustaining & Fed rate path. TW & KR sold the most. Expect recovery in KR, TW...

Manishi Raychaudhuri

Apple may outsource iPad CPU production to Intel in 2027, while U.S. semiconductor reshoring faces barriers. Intel's 18A execution is the key...

FIIs sold $22bn Asian equity in Nov, due to concerns about AI capex sustaining & Fed rate path. TW & KR sold the most. Expect recovery in KR, TW...