In today’s briefing:
- China A50 ETFs Rebalance Preview: Three Changes in September
- Samsung Electronics (005930 KS) Tactical Outlook : New Rally After Large Pullback?
- KT Corp: Excellent 2Q 2025 Earnings Driven by Market Share Gain and Improving AI/Cloud Businesses
- Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis
- TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.
- Nanya July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%
- [ACMR(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It
- First Solar Raises International Module Guidance – But Is the Risk Worth the Reward?
- Cyberlinks (3683 JP): 1H FY12/25 flash update
- Unisound AI (9678.HK): ~US$6.5B Market Cap, ADTV ~US$6M, Is Secondary Share Sale On The Deck?
China A50 ETFs Rebalance Preview: Three Changes in September
- Nearing the end of the review period for the September rebalance, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK).
- WuXi AppTec, Zhongji Innolight and BeiGene could replace China United Network, NARI Technology and China National Nuclear Power in the ETF at the close on 19 September.
- Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.
Samsung Electronics (005930 KS) Tactical Outlook : New Rally After Large Pullback?
- Samsung Electronics (005930 KS) has been rallying for quite a while in the last few weeks, and we have been bullish on the stock since the start of the year.
- At the moment the stock is very overbought according to our model, we see potential for a pullback, possibly something larger than a buy the dip.
- A 2 or even a 3 weeks correction should not be ruled out at this stage, 64700 is the limit support zone we are looking at, the short profit target.
KT Corp: Excellent 2Q 2025 Earnings Driven by Market Share Gain and Improving AI/Cloud Businesses
- The most important reason for KT’s excellent results in 2Q 2025 was due to the major hacking incident at SK Telecom in May 2025.
- The company’s growing AI business and successful real estate sales also contributed to the company’s improving results in 2Q 2025.
- KT is likely to benefit from higher profits and returns on capital in the next couple of years as the penetration of 5G service surpasses more than 80%.
Taiwan Tech Weekly: Foxconn US$1bn USA Robotics Push; Samsung Doubles Down on US Fabs; Intel Crisis
- Foxconn Tech invests US$1bn in U.S. robotics, AI, and smart manufacturing over 10 years, expanding into service robotics via RoboTemi stake.
- Samsung to surpass US$50bn in U.S. chip investments, adding US$7bn for advanced packaging to compete with TSMC and capture AI/HPC integration opportunities.
- Intel faces leadership crisis as CEO Lip Bu Tan’s strategy is criticized; U.S. policy and competitive pressures may accelerate market gains for TSMC and Samsung.
TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.
- Taiwan Semiconductor (TSMC) – ADR (TSM US) disclosed Board of Directors meeting resolutions today.
- Taiwan Semiconductor (TSMC) – ADR (TSM US) 2nm technology manufacturing information leakage issue.
- Currently, only TSMC, Samsung, and Intel have achieved trial production at the 2nm node.
Nanya July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%
- Nanya last week announced that revenues for the month of July amounted to NT$5.3 billion, an increase of 31.4% MoM, and an increase of 95% YoY,
- Micron this week revised upwards its guidance for the current quarter with a roughly $500 million increase in revenue, attributable primarily price increases for DDR5
- Customisation of Micron’s HBM4E base logic die is transforming their key customer relationships from commodity vendor to strategic ASIC design-like partner. That’s good for Micron…
[ACMR(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It
- ACMR reported C2Q25 top line, non-GAAP operating profit and GAAP net income (14%), (35%) and (17%) vs. our estimate, and (3.9%), (16%) and (9.9%) vs. consensus.
- However, company maintained full year revenue guidance of US$850-950 unchanged and raised long term revenue target by 33% to US$4bn;
- We keep rating and TP unchanged. ACMR is one of our TOP BUY’s.
First Solar Raises International Module Guidance – But Is the Risk Worth the Reward?
- First Solar’s second-quarter results for 2025 showcase both achievements and challenges.
- The company reported module sales of 3.6 gigawatts, surpassing previous forecasts, and earnings per share of $3.18, exceeding guidance.
- This reflects an effective operational performance, with 4.2 gigawatts produced during the quarter, including 2.4 gigawatts from U.S. facilities, which highlights the benefits of the Inflation Reduction Act 2022 and related domestic policies.
Cyberlinks (3683 JP): 1H FY12/25 flash update
- Revenue increased by 11.5% YoY to JPY8.8bn, with recurring revenue rising 7.6% YoY to JPY4.3bn.
- Operating profit surged 74.6% YoY to JPY990mn, with a cost of revenue ratio decline of 3.0pp YoY.
- Revenue growth driven by @rmsV6 deployment, price hikes, and Government Cloud segment’s regional disaster prevention systems.
Unisound AI (9678.HK): ~US$6.5B Market Cap, ADTV ~US$6M, Is Secondary Share Sale On The Deck?
- Unisound AI Technology, a founder-led AI solution provider with focus on conversational AI products and speech recognition technologies, completed its IPO in Hong Kong in June.
- Beijing based AI company priced an initial public offering at HK$205.00/share, raising ~HK$251M of net proceeds. The stock is up ~248% from its IPO price at Monday’s close.
- Unisound AI’s market cap today is on a par with market cap of SenseTime and 2x bigger than Beijing Fourth Paradigm. All these companies have the similar growth profiles.
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