Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>4Q24 Sales forecast: Shipment: flat QoQ; ASP: Remains flat in USD; NTD appreciation may lead to decline for 4Q24 sales.</li>
<li>Higher depreciation costs and NTD appreciation will negatively impact GM in 4Q24 and going forward.</li>
<li>UMC is the OLED DDI market leader, and believes this position will remain. 22nm OLED DDI is still the mainstream in the next 2-3 years.</li>
</ul>


4Q24 Sales forecast: Shipment: flat QoQ; ASP: Remains flat in USD; NTD appreciation may lead to decline for 4Q24 sales.
Higher depreciation costs and NTD appreciation will negatively impact GM in 4Q24 and going forward.
UMC is the OLED DDI market leader, and believes this position will remain. 22nm OLED DDI is still the mainstream in the next 2-3 years.


UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.

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 analyzed the changes in foreign holdings of TWSE Stocks as of Oct 25th which has an aggregated holding worth USD1,046.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,128mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer, Evergreen Marine Corp Taiwan, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 25th which has an aggregated holding worth USD1,046.5bn.
We estimate that foreign flows to be inflows of USD1,128mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer, Evergreen Marine Corp Taiwan, United Microelectronics.


TWSE Foreign Holding Weekly (Oct 25th): TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 25th which has an aggregated short interest worth USD20.8bn.</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 Global Unichip, Taishin Financial, Unimicron Technology, Wistron, King Yuan Electronics.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 25th which has an aggregated short interest worth USD20.8bn.
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 Global Unichip, Taishin Financial, Unimicron Technology, Wistron, King Yuan Electronics.


TWSE Short Interest Weekly (Oct 25th): Global Unichip, Taishin Financial, Unimicron Technology

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC: +23% Premium; Potential to Establish New Higher Trading Range?</li>
<li>UMC: -0.2% Discount; But ADR Headroom Continues to Aggressively Decrease</li>
<li>ASE: +2.2% Premium; Taiwan Shares' Short Interest Remains Near Highs</li>
</ul>


TSMC: +23% Premium; Potential to Establish New Higher Trading Range?
UMC: -0.2% Discount; But ADR Headroom Continues to Aggressively Decrease
ASE: +2.2% Premium; Taiwan Shares' Short Interest Remains Near Highs


Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

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)

UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.

4Q24 sales forecast for UMC predicts flat shipment and ASP, with potential decline due to NTD appreciation. Higher depreciation costs and NTD...

Patrick Liao

TWSE Foreign Holding Weekly (Oct 25th): TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Wistron,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 25th): Global Unichip, Taishin Financial, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Global Unichip, Taishin Financial, Unimicron...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.

​4Q24 sales forecast for UMC predicts flat shipment and ASP, with potential decline due to NTD appreciation. Higher depreciation costs and NTD...

Patrick Liao

TWSE Foreign Holding Weekly (Oct 25th): TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Wistron,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Oct 25th): Global Unichip, Taishin Financial, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Global Unichip, Taishin Financial, Unimicron...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Establishing New Higher Range?; UMC's Aggressive Headroom Decline

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

4Q24 sales forecast for UMC predicts flat shipment and ASP, with potential decline due to NTD appreciation. Higher depreciation costs and NTD...

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.