External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

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

<ul><li>TSMC (TSM US, NR) reported a very solid 4Q24 result. Revenue was US$26.8bn (up 36.5% YoY/14.1% QoQ), beating BBG consensus/guidance by 3.9%/1.3%, driven by strong 3nm/5nm sales.</li><li>GPM expanded to 59.0%, surpassing BBG consensus/guidance of 58.5%/ 58.0%, due to higher utilization and productivity gains, partially offset by dilution of 3nm ramp-up.</li><li>By technology nodes, 3nm accounted for 26% of revenue in 4Q (vs. 20%/15% in 3Q24/4Q23). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TSMC (TSM US, NR) reported a very solid 4Q24 result. Revenue was US$26.8bn (up 36.5% YoY/14.1% QoQ), beating BBG consensus/guidance by 3.9%/1.3%, driven by strong 3nm/5nm sales.GPM expanded to 59.0%, surpassing BBG consensus/guidance of 58.5%/ 58.0%, due to higher utilization and productivity gains, partially offset by dilution of 3nm ramp-up.By technology nodes, 3nm accounted for 26% of revenue in 4Q (vs. 20%/15% in 3Q24/4Q23). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - TSMC: Surging AI Demands Propelled Strong Results and Guidance

Thematic (Sector/Industry)

<ul><li>After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.</li><li>As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.</li><li>We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

After two years of significant investments in AI infrastructure, investors are counting 2025 to be a transformational year for AI.As market leaders will continue to deploy a large amount of capital in AI infrastructure buildout to widen their competitive moats, new themes in the downstream are rising, including AI agents, humanoid robots, robotaxi, etc.We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond 2025.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

<ul><li>The global foundry sales reached US$117bn in 2023, according to Counterpoint.</li><li>The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.</li><li>The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The global foundry sales reached US$117bn in 2023, according to Counterpoint.The sector showed signs of stabilization in 2H23, helped by surging demand for AI chips and inventory restocking.The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

<ul><li>Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).</li><li>FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.</li><li>Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi - Nvidia: To keep growing for longer

<ul><li>Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 3Q23 results but mixed 4Q23 outlook with shipment/ASP pressure and lower GPM given weak broad-based recovery, low UTR, depreciation and higher utility costs.</li><li>Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction.</li><li>Overall, we expect global foundry industry to return to positive growth in 1H24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Major global semi foundries (TSMC/UMC/VIS/GF/SMIC/HH) reported in-line 3Q23 results but mixed 4Q23 outlook with shipment/ASP pressure and lower GPM given weak broad-based recovery, low UTR, depreciation and higher utility costs.Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction.Overall, we expect global foundry industry to return to positive growth in 1H24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Semiconductors - TSMC: Surging AI Demands Propelled Strong Results and Guidance

TSMC (TSM US, NR) reported a very solid 4Q24 result. Revenue was US$26.8bn (up 36.5% YoY/14.1% QoQ), beating BBG consensus/guidance by 3.9%/1.3%,...

CMB International

Semiconductors -Stargate Poised to Accelerate Global AI Arms Race

We remain bullish on AI demand. We continue to rank AI theme as our top pick for 2025. Market leaders will continue to enjoy the AI tailwind beyond...

CMB International

Semi - Global Foundry Sector Stabilizing in 2024, Modest Recovery Expected in 2025

The market growth turned positive to 6.5% and 9.8% QoQ in 3Q/4Q23, per Counterpoint. We hold a positive outlook for semi foundry sector.

CMB International

Semi - Nvidia: To keep growing for longer

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24). FY1Q25 revenue beat. ...

CMB International

Technology – Global Foundry 3Q23 Wrap

Looking into 2024, most fabs expected 2024 to be a year of growth driven by consumer/smartphone/PC recovery despite automotive inventory correction

CMB International

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