King of Semiconductor Foundry TSM friend's - FRONTKN

半导体代工之王 台积电的朋友 - 前研科技（FRONTKN）💓💓
King of Semiconductor Foundry TSM friend's - FRONTKN 💓💓

随着订单下降将在2023年第三季触底，末季订单会估计会逐渐回升，而到了2024年次季，将会迎来强劲复苏。我们放眼2024年首季的订单展望将变得更加清晰，而次季将出现更加强劲的复苏。

With the decline in orders set to bottom out in the third quarter of 2023, orders are estimated to pick up gradually in the final quarter, and a strong recovery in the second quarter of 2024. Our outlook for orders becomes clearer when we look at the first quarter of 2024, and also a stronger recovery in the second quarter.

在众多半导体公司中，选择了和台积电有关系的前研科技，以及适合小资本投资的凭单前研科技WB。

Among the semiconductor companies, Frontken Corporation Bhd (FRONTKN), which has a relationship with TSMC, and  it's warrant FRONTKN-WB, which is suitable for small capital investment, were chosen.

Frontkn-WB 😍

Reasons:

1. 雇员公积金局（EPF）近期一直在购买前研科技的股票

Employee Provident Fund (EPF) keep collecting recently

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3413465

2. 全球半导体在复苏中，前研科技指出，2023年10月初可见半导体市场有更多活动

In the recovery of global semiconductors, and FRONTKN points out that there is more activity in the semiconductor market visible at the beginning of October 2023

3. 前研科技WB是一项期限还有两年多才到期的凭单

 FRONTKN-W is a warrant with a period of more than two years to expire

4. 美国即将降息，将有利于半导体公司

Upcoming United States interest rate cuts will benefit semiconductor companies

5. 前研科技与国油公司签订的各种合同，提供人力供应和机械旋转设备服务，有不少新订单。油气业占该集团营业额的22%

FRONTKN has a number of new orders from various contracts with PETRONAS to provide manpower supply and mechanical rotating equipment services. The oil and gas industry accounts for 22 per cent of the group's revenue

6. 台湾第二厂已开始产生收入，虽然该厂房次季的产能仍然较低，不过会在6-9个月内逐步提高。

The second plant in Taiwan has begun to generate revenue, although the plant's capacity for the second quarter is still low, it will nevertheless be gradually increased over a period of 6-9 months.

7. 前研科技最大的客户，也就是全球最大芯片代工厂的台积电（TSMC）因此只要台积电发展得更好，前研科技也会跟着受惠。

台积电今年1月10日公布营收报告，显示2023年第四季度合并营收6255亿元，季增14.4%，已达预期目标。台积电不久前称，随着全球半导体景气复苏、产业链有效去库存、人工智能应用持续爆发，2024年业绩有望重返增长轨道，营收或将达2.5万亿元，年增逾15%。全年美元营收有望首度突破800亿美元。

另据《工商时报》此前报道，台积电3纳米制程芯片已量产约一年，随着厂商订单增加，2024年月产量将达到10万片，产能利用率有望在2024年底提高到80%。

TSMC, the world's largest chip foundry, is the largest customer of FRONTKN, so as long as TSMC grows better, FRONTKN will also benefit. 

TSMC announced its revenue report on 10 January this year, showing that its consolidated revenue for the fourth quarter of 2023 was NT$625.5 billion, a quarterly increase of 14.4%, which has already reached the expected target. TSMC said with the recovery of the global semiconductor boom, the industry chain effective de-stocking and artificial intelligence applications continue to explode, 2024 performance is expected to return to the growth track, revenue may reach NT$ 2.5 trillion, an annual increase of more than 15%. Annual US dollar revenue is expected to exceed $80 billion for the first time. 

Besides, TSMC's 3nm process chips have been in mass production for about a year, and with the increase in orders from manufacturers, monthly production will reach 100,000 chips in 2024, and capacity utilisation is expected to increase to 80% by the end of 2024.

https://finance.eastmoney.com/a/202401102957734959.html

TA perpective

EP: RM 0.19 - 0.20
RST: RM0.23 / 0.25
SP: RM0.17 / 0.15

Percentage of proft if buy at RM0.20

TP 1: RM 0.255, 27.5%
TP 2: RM 0.30, 50%
TP 3: RM 0.40, 100%

Holding period: 6 months
Warant expired: 2026 May

a) Trend: Mid-Short term uptrend
b) Cross above MA5,10,20,50
c) ADX, RSI and Stoschastic pointing up
d) MACD cross up but below 0 central line

Disclaimer : The above opinion is never intended to be a BUY SELL CALL. The above article purely for education purpose base on observations, chart and data. Thank you.