Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Land Mark Optoelectronics / Equity Bottom-Up

<ul><li>Corporations need to adapt to smarter AI as 6G, the next evolution in mobile communication, is coming soon, bringing faster speeds and advanced technology.</li><li>Taiwan's AI startups showcase cutting-edge B2B solutions at 2024 AI Expo, while Microsoft's third-quarter revenue reaches a record high with the help of AI technology.</li><li>Despite record high SiPh shipments, LMOC had a net loss in 1Q24. Taiwan's biggest curved interactive MiniLED display, 'Wishing Tree,' steals the show at Touch Taiwan 2024.</li></ul>

Corporations need to adapt to smarter AI as 6G, the next evolution in mobile communication, is coming soon, bringing faster speeds and advanced technology.Taiwan's AI startups showcase cutting-edge B2B solutions at 2024 AI Expo, while Microsoft's third-quarter revenue reaches a record high with the help of AI technology.Despite record high SiPh shipments, LMOC had a net loss in 1Q24. Taiwan's biggest curved interactive MiniLED display, 'Wishing Tree,' steals the show at Touch Taiwan 2024.

Tech Supply Chain Tracker (26-Apr-2024): Corporations must adapt to smarter AI.

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>While much focus has been on EURO/USD cross, Asian currencies haven’t seen that much focus due to range-bound markets.</li><li>That is until two weeks ago when the USD/YEN breakout caught the imagination and became the centre of all things foreign exchange. Bonds &amp; short-term interest rates have been the macro focus of 2022.</li><li>The extent to which US bond yields have risen signals that the bond sell-off is not about to end despite the inverted yield curve. It is likely to cause more pain for EM countries.</li></ul>

While much focus has been on EURO/USD cross, Asian currencies haven’t seen that much focus due to range-bound markets.That is until two weeks ago when the USD/YEN breakout caught the imagination and became the centre of all things foreign exchange. Bonds &amp; short-term interest rates have been the macro focus of 2022.The extent to which US bond yields have risen signals that the bond sell-off is not about to end despite the inverted yield curve. It is likely to cause more pain for EM countries.

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.

Thematic (Sector/Industry)

<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.

<ul><li>NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn), alleviating concerns on supply constraints and impact on China sales. Key highlights include: 1) FY4Q24E guidance beat on stronger topline/margin with strong AI demand and robust product pipeline into 2024</li><li>2) China’s sales to drop significantly in 4Q23, largely offset by strong growth in other regions, and new regulation-compliant solutions will be available for China (20-25% of DC sales) in the next few months</li><li>3) mgmt. guided continued chip capacity expansion to meet growth, and expected data center revenue to grow through 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.

NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn), alleviating concerns on supply constraints and impact on China sales. Key highlights include: 1) FY4Q24E guidance beat on stronger topline/margin with strong AI demand and robust product pipeline into 20242) China’s sales to drop significantly in 4Q23, largely offset by strong growth in other regions, and new regulation-compliant solutions will be available for China (20-25% of DC sales) in the next few months3) mgmt. guided continued chip capacity expansion to meet growth, and expected data center revenue to grow through 2025Content 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.

China Technology – NVIDIA FY3Q24: Another Stunning Quarter on Robust AI Demand

<ul><li>Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.</li><li>3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.</li><li>Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. </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.

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC market and a more competitive product pipeline.3Q revenue declined 8% YoY to US$14.2bn (above high-end of guidance) and EPS increased 11% YoY to US$0.41 (vs. US$0.2 for guidance), mainly driven by CCG/DCAI strength, better operating leverage and expense discipline.Looking into 4Q23E, mgmt. expected PC momentum to continue and sequential growth of datacentre and AI businesses in 4Q23E. 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.

China Technology – Implications of Intel 3Q23

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)

Taiwan Semiconductor (TSMC) - ADR (TSM US)

Tech Supply Chain Tracker (26-Apr-2024): Corporations must adapt to smarter AI.

Corporations face the challenge of adapting to smarter AI while preparing for the arrival of 6G technology, promising faster speeds and advanced...

Tech Supply Chain Tracker

A powder keg

While much focus has been on EURO/USD cross, Asian currencies haven’t seen that much focus due to range-bound markets. That is until two weeks ago...

Untying The Gordian Knot

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

China Technology – NVIDIA FY3Q24: Another Stunning Quarter on Robust AI Demand

NVIDIA reported another strong beat against elevated expectations, along with a strong outlook (guided 4Q revenue of US$20bn, vs consensus US$17.9bn)

CMB International

China Technology – Implications of Intel 3Q23

Intel’s 3Q23 results beat prior guidance and market expectations, and it guided an upbeat 4Q23 with a return to sales growth backed by improving PC...

CMB International