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EMS Players Face Challenges Amid Tech Growth

The electronics manufacturing services (EMS) sector in Malaysia has seen mixed performance in 2024 despite being part of the broader tech upcycle, with rising costs, inflation, and supply chain disruptions offsetting growth from increased global demand and outsourcing trends. Key EMS Performances Winners : SKP Resources Bhd  (+76% YTD) V.S. Industry Bhd  (+47% YTD) NationGate Holdings Bhd  (+51% YTD) P.I.E. Industrial Bhd  (+29% YTD) Strugglers : ATA IMS Bhd  (-8% YTD) JHM Consolidation Bhd  (-36% YTD) Growth Drivers and Challenges Diversification Opportunities : The China+1 and Taiwan+1 strategies have positioned Malaysian EMS players to gain market share. However, reliance on major customers, such as Dyson, continues to be a concern. Cost Pressures : High inflation and production costs have affected profit margins. Company Highlights SKP Resources : Recorded a  27% y-o-y net profit increase , benefiting from a recovery in consumer demand. V.S. Indust...
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TSMC ADRs See Highest Premium in Two Months Amid AI Hype

Investors in the US are paying a significant premium for Taiwan Semiconductor Manufacturing Co. (TSMC) shares, highlighting the persistent appeal of stocks tied to the artificial intelligence (AI) boom.

At the close of last Friday, TSMC’s American Depositary Receipts (ADRs) traded at a 24.6% premium compared to its Taipei-listed shares. This marks the highest premium since October 17 and exceeds the quarterly average of 19%, according to Bloomberg data.

What’s Driving the Premium?

  1. Index Inclusion and Accessibility:

    • TSMC’s ADRs are included in prominent indices such as the Philadelphia Semiconductor Index and exchange-traded funds (ETFs) like the VanEck Semiconductor ETF and iShares Semiconductor ETF. Funds tracking these indices are required to hold US-listed securities, creating sustained demand for ADRs.
    • ADRs also provide easier access for global investors compared to locally-listed shares.

  2. Market Divergence:

    • Last Friday, TSMC’s Taipei-listed shares dropped 3.3% amid nervous trading across Asia, reflecting regional market sentiment.
    • Conversely, US-listed TSMC shares gained 1.3%, buoyed by improved investor sentiment in New York, which lifted semiconductor indices.

  3. AI-Driven Optimism:

    • TSMC remains a cornerstone of the global semiconductor supply chain, benefiting from ongoing investments in AI infrastructure and chips.

Current Trends and Market Reaction

  • On Monday, TSMC’s local shares rose as much as 4.4%, narrowing the premium to below 20% temporarily. However, this gap could widen again when US markets resume trading.

The divergence underscores the contrasting dynamics of regional markets and the heightened appetite among US investors for exposure to AI and semiconductor growth stories.

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