Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<h2>Summary</h2><ul><li><em><strong>What did IC Insights say about China foundry market</strong>? Pure-play foundry sales in China are expected to jump by 16% y/y this year to about US$6.95bn, more than double the rate of increase for the total pure-play foundry market (7.5% y/y). The Chinese foundry market represented 11% of the global pure-play foundry market in 2015, 12% in 2016, and is forecast to hold a 13% share this year.</em></li></ul><ul><li><p><em><strong>China Foundry Market might be Dominated by TSMC</strong>: TSMC and UMC together dominate 55% of China foundry</em>…</p></li></ul>

SummaryWhat did IC Insights say about China foundry market? Pure-play foundry sales in China are expected to jump by 16% y/y this year to about US$6.95bn, more than double the rate of increase for the total pure-play foundry market (7.5% y/y). The Chinese foundry market represented 11% of the global pure-play foundry market in 2015, 12% in 2016, and is forecast to hold a 13% share this year.China Foundry Market might be Dominated by TSMC: TSMC and UMC together dominate 55% of China foundry…

China Foundry Market Might Be Dominated by TSMC; Our Analysis After IC Insights Report

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

MSCI Emerging Markets Index / Technical Analysis

<p>This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:</p><ul><li>Latin America is breaking out to all-time highs.</li><li>Tech--extended but still leadership.</li><li>Uptick in attractive consumer stocks.</li><li>Commodity sectors are strengthening.</li></ul>

This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:Latin America is breaking out to all-time highs.Tech--extended but still leadership.Uptick in attractive consumer stocks.Commodity sectors are strengthening.

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Korea Stock Exchange Kospi Index / Technical Analysis

<p>The following update was issued over the weekend which outlines our more bullish view on Korea and stocks we like in Korea, Taiwan and Hong Kong as we add on more risk in Asia.</p><p><strong>To view click on this link: </strong><a href="http://www.screencast.com/t/9pmBn3nOBAuH" target="_blank">http://www.screencast.com/t/9pmBn3nOBAuH</a><strong>6:58 min.</strong></p><p><strong> </strong></p><figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/033/713/original/CPG%20INSERT.png?1505712387" data-smartkarma-image-id="33713"></figure><div class="content-caption">Long stock bets</div><p><strong>Korea</strong> - In last Thursday's Asian update in our macro product, we had our finger on the trigger to buy Korea given the odds of breaking above 312.25 out of the flat congestive pattern (upside breakout). We are short from 319 and…</p>

The following update was issued over the weekend which outlines our more bullish view on Korea and stocks we like in Korea, Taiwan and Hong Kong as we add on more risk in Asia.To view click on this link: http://www.screencast.com/t/9pmBn3nOBAuH6:58 min. Long stock betsKorea - In last Thursday's Asian update in our macro product, we had our finger on the trigger to buy Korea given the odds of breaking above 312.25 out of the flat congestive pattern (upside breakout). We are short from 319 and…

Where We Are Adding Risk in Asia - Korea Focus

Event-Driven

<h2><strong>What's new?</strong></h2><p>According to Bloomberg News today, US President <a href="https://www.bloomberg.com/billionaires/id/1252249" target="_blank">Donald Trump</a> blocked a Chinese-backed Canyon Bridge Capital Partners from buying <a href="https://www.smartkarma.com/entities/7855" target="_blank" data-smartkarma-citation="entities:7855:1">Lattice Semiconductor Corp (LSCC US)</a>, a tier three FPGA/PLD semiconductor vendor, for security risk. "Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition," Treasury Secretary Steven Mnuchin said in a statement.</p><p>The Trump…</p>

What's new?According to Bloomberg News today, US President Donald Trump blocked a Chinese-backed Canyon Bridge Capital Partners from buying Lattice Semiconductor Corp (LSCC US), a tier three FPGA/PLD semiconductor vendor, for security risk. "Consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition," Treasury Secretary Steven Mnuchin said in a statement.The Trump…

US Trump Blocks Lattice Acquisition for Security Risk - China Will Have to Build Its Own Now

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<h2>Another major miss in 3Q17</h2><p>After a small miss in 2Q17 numbers (please see our earlier report "<a href="https://www.smartkarma.com/insights/terrible-miss-in-2q17-to-drive-more-downgrades-the-change-of-ceo-means-a-change-of-strategy" target="_blank" data-smartkarma-citation="insights:10625">Terrible Miss in 2Q17 to Drive More Downgrades; The Change of CEO Means a Change of Strategy?</a> dated 10 May 2017), <a href="https://www.smartkarma.com/entities/14231" target="_blank" data-smartkarma-citation="entities:14231:1">Semiconductor Manufacturing (981 HK)</a> guided 3Q17 sales growth of 0-3% q/q (vs. Bloomberg consensus' 13% q/q growth) together with 4ppts miss on the gross margin and 10ppts miss on operating margin guidance. We thus expect coverage analysts to cut their 3Q17 earnings estimates sharply to a…</p>

Another major miss in 3Q17After a small miss in 2Q17 numbers (please see our earlier report "Terrible Miss in 2Q17 to Drive More Downgrades; The Change of CEO Means a Change of Strategy? dated 10 May 2017), Semiconductor Manufacturing (981 HK) guided 3Q17 sales growth of 0-3% q/q (vs. Bloomberg consensus' 13% q/q growth) together with 4ppts miss on the gross margin and 10ppts miss on operating margin guidance. We thus expect coverage analysts to cut their 3Q17 earnings estimates sharply to a…

SMIC Guides Another Miss- Heavy Capex Seems Not Turning into Sales and Profits

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectron Sp Adr (UMC US)

China Foundry Market Might Be Dominated by TSMC; Our Analysis After IC Insights Report

SummaryWhat did IC Insights say about China foundry market? Pure-play foundry sales in China are expected to jump by 16% y/y this year to about...

Andrew Lu

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

This report highlights actionable EM stocks from across industries and regions. This week's report highlights the following: Latin America is...

Vermilion Research

Where We Are Adding Risk in Asia - Korea Focus

The following update was issued over the weekend which outlines our more bullish view on Korea and stocks we like in Korea, Taiwan and Hong Kong as...

Thomas Schroeder

US Trump Blocks Lattice Acquisition for Security Risk - China Will Have to Build Its Own Now

What's new?According to Bloomberg News today, US President Donald Trump blocked a Chinese-backed Canyon Bridge Capital Partners from buying Lattice...

Andrew Lu

SMIC Guides Another Miss- Heavy Capex Seems Not Turning into Sales and Profits

Another major miss in 3Q17After a small miss in 2Q17 numbers (please see our earlier report "Terrible Miss in 2Q17 to Drive More Downgrades; The...

Andrew Lu

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