Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

<ul>
<li>TSMC is expected to experience growth of ~15% YoY in 2024F.</li>
<li>TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.</li>
<li>We also estimate that the N2 pilot run will begin in 4Q24.</li>
</ul>


TSMC is expected to experience growth of ~15% YoY in 2024F.
TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.
We also estimate that the N2 pilot run will begin in 4Q24.


TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY

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 Nov 24th which has an aggregated holding worth USD675.5bn.</li>
<li>We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.</li>
<li>We estimate that foreign flows to be inflows of USD1,213mln and highlight foreign changes in TSMC, Mediatek, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 24th which has an aggregated holding worth USD675.5bn.
We tabulate league table for top changes by value for 1 week, one 4 weeks, 1 year and top stocks held by foreign instutions by dollar value.
We estimate that foreign flows to be inflows of USD1,213mln and highlight foreign changes in TSMC, Mediatek, Wistron.


TWSE Foreign Holding Weekly (Nov 24th): TSMC, Mediatek, Wistron

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 24th which has an aggregated short interest worth USD15.0bn.</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 Lite-On Tech, Compeq Mfg, Inventec, Gigabyte Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 24th which has an aggregated short interest worth USD15.0bn.
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 Lite-On Tech, Compeq Mfg, Inventec, Gigabyte Tech.


TWSE Short Interest Weekly (Nov 24th): Lite-On Tech, Compeq Mfg, Inventec, Gigabyte Tech

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

<ul>
<li>TSMC: 7.4% Premium -- Previous Short Has Worked, Now Wait For Better Levels</li>
<li>ChipMOS: -2.0% Discount -- Good Level to Go Long the Spread</li>
<li>CHT: -1.2% Discount -- Good Level to Go Long the Spread</li>
</ul>


TSMC: 7.4% Premium -- Previous Short Has Worked, Now Wait For Better Levels
ChipMOS: -2.0% Discount -- Good Level to Go Long the Spread
CHT: -1.2% Discount -- Good Level to Go Long the Spread


Taiwan Dual Listings Monitor: TSMC Premium Slumps; CHT & ChipMOS at Rare Opportunity Levels

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Nov 17th which has an aggregated short interest worth USD14.9bn.</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 Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech, Compal Elec, Mediatek, Accton Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 17th which has an aggregated short interest worth USD14.9bn.
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 Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech, Compal Elec, Mediatek, Accton Tech.


TWSE Short Interest Weekly (Nov 17th): Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech

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 Microelectronics Corp (2303 TT)

TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY

TSMC is expected to experience growth of ~15% YoY in 2024F. TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU,...

Patrick Liao

TWSE Foreign Holding Weekly (Nov 24th): TSMC, Mediatek, Wistron

We analyzed TWSE foreign holding data for the past week and highlight foreign holding changes in TSMC, Mediatek, Wistron.

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Nov 24th): Lite-On Tech, Compeq Mfg, Inventec, Gigabyte Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Lite-On Tech, Compeq Mfg, Inventec, Gigabyte Tech.

Ke Yan, CFA, FRM

Taiwan Dual Listings Monitor: TSMC Premium Slumps; CHT & ChipMOS at Rare Opportunity Levels

In this piece we provide our long and short levels for each dual-listing spread. ChipMOS and CHT spreads are at historically rare levels.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Nov 17th): Asustek Computer, TSMC, Via Tech, Wistron, Gigabyte Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Asustek Computer, TSMC, Via Tech, Wistron,...

Ke Yan, CFA, FRM

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52-week Range

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