Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Y/Y improvement for LCD panel, 8"/12" raw wafer, CMOS sensor, GaAs RF, cooling system, design service, and semi equipment and material vendors but y/y deterioration for PC/server and gaming vendors. </li>
<li>After 9 vendors beating consensus, we might see smartphone IC and RF, semi equipment OEM, and design service vendors in US to report a better than expected 4Q23 sales/earnings.    </li>
<li>After 6 vendors missing consensus, we might see PC/general server IC and niche memory vendors in US to report a worse than expected 4Q23 sales and earnings.</li>
</ul>


Y/Y improvement for LCD panel, 8"/12" raw wafer, CMOS sensor, GaAs RF, cooling system, design service, and semi equipment and material vendors but y/y deterioration for PC/server and gaming vendors. 
After 9 vendors beating consensus, we might see smartphone IC and RF, semi equipment OEM, and design service vendors in US to report a better than expected 4Q23 sales/earnings.    
After 6 vendors missing consensus, we might see PC/general server IC and niche memory vendors in US to report a worse than expected 4Q23 sales and earnings.


Stories Behind the Reported Dec/4Q23 Taiwan Semi/Tech Sales

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Tong Hsing Electronic Industries Ltd / Equity Bottom-Up

Tong Hsing Electronic Industries Ltd (6271 TT)

<ul>
 <li>Tong Hsing is strategically positioned to capitalize on the high-growth optical communications and AI server markets, which are becoming primary operational focuses and key revenue drivers.</li>
 <li>Recent financial performance shows significant recovery and momentum, with Q2 2026 net profit surging 628% year-over-year, driven by an improved product mix and higher capacity utilization.</li>
 <li>The company is diversifying its manufacturing footprint by establishing a new production line in the Philippines, mitigating geopolitical risks and addressing customer demands for production bases outside of China.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Tong Hsing is strategically positioned to capitalize on the high-growth optical communications and AI server markets, which are becoming primary operational focuses and key revenue drivers.
  Recent financial performance shows significant recovery and momentum, with Q2 2026 net profit surging 628% year-over-year, driven by an improved product mix and higher capacity utilization.
  The company is diversifying its manufacturing footprint by establishing a new production line in the Philippines, mitigating geopolitical risks and addressing customer demands for production bases outside of China.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tong Hsing Electronic Industries Ltd (6271 TT) - Aug 2026

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE) are showing signs of bottoming due to positive short-term price inflections topside their respective downtrends. Additionally, cyclical Sectors Technology, Consumer Discretionary, and Manufacturing exhibit early signs of price and RS bottoms throughout Europe, Japan, and EM.  In today’s report we highlight attractive and actionable opportunities within these cyclical Sectors, and provide a technical appraisal of major global indexes.

Broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE) are showing signs of bottoming due to positive short-term price inflections topside their respective downtrends. Additionally, cyclical Sectors Technology, Consumer Discretionary, and Manufacturing exhibit early signs of price and RS bottoms throughout Europe, Japan, and EM.  In today’s report we highlight attractive and actionable opportunities within these cyclical Sectors, and provide a technical appraisal of major global indexes.

Global Equity Strategy: Global Outlook Improving

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 3rd which has an aggregated short interest worth USD86.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Asia Vital, Mediatek, Chung-Hsin.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 3rd which has an aggregated short interest worth USD86.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Asia Vital, Mediatek, Chung-Hsin.


TWSE Short Interest Weekly (May 3rd): Asia Vital, Mediatek, Chung-Hsin

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the final ADDs/DELs for the TDIV, T50, and T100 Indices for the June 2023 Rebalance.</li>
<li>Across these three indices there will be 18 changes and 15 of them were in line with expectations.</li>
<li>Our updated flow expectations show that there could be US$1.1bn one-way flow in the June 2023 rebalance.</li>
</ul>


In this insight, we take a look at the final ADDs/DELs for the TDIV, T50, and T100 Indices for the June 2023 Rebalance.
Across these three indices there will be 18 changes and 15 of them were in line with expectations.
Our updated flow expectations show that there could be US$1.1bn one-way flow in the June 2023 rebalance.


Quiddity TDIV/50/100 Jun 23 Rebal: 15/18 as Expected; Some Surprises, US$1.1bn+ One Way

Taiwan

Tong Hsing Electronic Industries, Ltd. manufactures and markets RF(Radio Frequency) IC (Integrated Circuit) modules, multichip IC modules, and ceramic circuit boards.

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Tong Hsing Electronic Industries Ltd (6271 TT)

Stories Behind the Reported Dec/4Q23 Taiwan Semi/Tech Sales

Stories Behind the Reported Dec/4Q23 Taiwan Semi/Tech Sales; Y/Y improvement for LCD panel, 8"/12" raw wafer, CMOS sensor, GaAs RF, cooling system,...

Andrew Lu

Primer: Tong Hsing Electronic Industries Ltd (6271 TT) - Aug 2026

Tong Hsing is strategically positioned to capitalize on the high-growth optical communications and AI server markets, which are becoming primary...

αSK Primers

Global Equity Strategy: Global Outlook Improving

Broad global indexes (MSCI ACWI, ACWI ex-U.S., and EAFE) are showing signs of bottoming due to positive short-term price inflections topside their...

Vermilion Research

TWSE Short Interest Weekly (May 3rd): Asia Vital, Mediatek, Chung-Hsin

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Asia Vital, Mediatek, Chung-Hsin.

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Jun 23 Rebal: 15/18 as Expected; Some Surprises, US$1.1bn+ One Way

The T50 and TDIV standalone changes are significant but the T100 standalone changes are insignificant. The main pick trades suggested in my last...

Janaghan Jeyakumar, CFA

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