Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Ate Energy International Co / Equity Bottom-Up

<ul><li>Southern Taiwan Science Park's output value is projected to hit a new high in 2024, indicating growth in the technology sector of Taiwan.</li><li>Taiwan is looking for global solutions to tackle its green energy deficit, highlighting the government's efforts to promote renewable energy sources.</li><li>Chinese security measures impact tech giants like Micron, Intel, and Tesla, while Samsung resolves labor dispute in India and adjusts HBM production target.</li></ul>

Southern Taiwan Science Park's output value is projected to hit a new high in 2024, indicating growth in the technology sector of Taiwan.Taiwan is looking for global solutions to tackle its green energy deficit, highlighting the government's efforts to promote renewable energy sources.Chinese security measures impact tech giants like Micron, Intel, and Tesla, while Samsung resolves labor dispute in India and adjusts HBM production target.

Tech Supply Chain Tracker (22-Oct-2024): Southern Taiwan Science Park output value hits record high in 2024.

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd-cec874fc-ef78-403b-8658-7a7298f0a28d" target="_blank" data-smartkarma-citation="entities:25241:1" rel="noopener">Samsung Electronics (SMSN LI)</a> Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.</li>
<li>A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US).</a>
</li>
</ul>



Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.

SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).



SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a> is down 19% in the past month. But still accounts for ~730% of parent <a href="https://www.smartkarma.com/entities/barito-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:8851:1" rel="noopener">Barito Pacific (BRPT IJ)</a>'s market cap. Still unsustainable.</li>
<li>Preceding my comments on the Barito complex AND the <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a> / <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> Holdco, are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation (sub/parent) &gt;20%.</li>
</ul>



Barito Renewables Energy (BREN IJ) is down 19% in the past month. But still accounts for ~730% of parent Barito Pacific (BRPT IJ)'s market cap. Still unsustainable.
Preceding my comments on the Barito complex AND the Kyocera Corp (6971 JP) / KDDI Corp (9433 JP) Holdco, are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation (sub/parent) &gt;20%.


StubWorld: Barito Renewables Rolling Over - More To Come. Also Kyocera/KDDI

<ul>
<li>We hosted a conference call recently with ChipMOS management; the company continues to view 1Q24 as having been the bottom for the memory and display markets.</li>
<li>Memory customers are increasing utilization further. Since ChipMOS does not significantly serve the HBM DRAM market, this indicates that previously softer non-HBM memory segments are now showing improvement.</li>
<li>Display industry increasing utilization on expectation for 2H24 large display demand strength driven by sporting events such as the Paris Olympics. ChipMOS remains well below March highs, rate as Outperform.</li>
</ul>


We hosted a conference call recently with ChipMOS management; the company continues to view 1Q24 as having been the bottom for the memory and display markets.
Memory customers are increasing utilization further. Since ChipMOS does not significantly serve the HBM DRAM market, this indicates that previously softer non-HBM memory segments are now showing improvement.
Display industry increasing utilization on expectation for 2H24 large display demand strength driven by sporting events such as the Paris Olympics. ChipMOS remains well below March highs, rate as Outperform.


TechChain Insights: Call with ChipMOS, Memory and Display Markets Color

Taiwan

Winbond Electronics Corporation designs, manufactures, and sells integrated circuits (IC) and related products.  The Company sells its products in Taiwan, the United States, and Hong Kong.

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Winbond Electronics (2344 TT)

Tech Supply Chain Tracker (22-Oct-2024): Southern Taiwan Science Park output value hits record high in 2024.

Taiwan faces green energy dilemma as businesses struggle with waste surplus, seeking international solutions to meet energy demands and reduce...

Tech Supply Chain Tracker

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

StubWorld: Barito Renewables Rolling Over - More To Come. Also Kyocera/KDDI

Barito Renewables is down 19% in the past month. Yet still accounts for ~730% of parent Barito Pacific's market cap. Still unsustainable. Plus...

David Blennerhassett

TechChain Insights: Call with ChipMOS, Memory and Display Markets Color

Management sees 1Q24 as the bottom for memory and display markets, with clients increasing utilization. Expectation for stronger large display...

Vincent Fernando, CFA

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Tech Supply Chain Tracker (22-Oct-2024): Southern Taiwan Science Park output value hits record high in 2024.

Taiwan faces green energy dilemma as businesses struggle with waste surplus, seeking international solutions to meet energy demands and reduce...

Tech Supply Chain Tracker

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

StubWorld: Barito Renewables Rolling Over - More To Come. Also Kyocera/KDDI

Barito Renewables is down 19% in the past month. Yet still accounts for ~730% of parent Barito Pacific's market cap. Still unsustainable. Plus...

David Blennerhassett

TechChain Insights: Call with ChipMOS, Memory and Display Markets Color

Management sees 1Q24 as the bottom for memory and display markets, with clients increasing utilization. Expectation for stronger large display...

Vincent Fernando, CFA

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...