APAC Roundup: 5 January 2026
Memory, TSMC, ASML, Kuaishou, Baidu, Aeroedge, Soilbuild
Today’s roundup:
Memory
TSMC
ASML
Kuaishou, Baidu, Dr Burry’s HK holdings
Aeroedge
Soilbuild Construction EGM notes here.
Now that the year is up and running, we are spending less time at the desk. We will stick with this APAC roundup format for now, but will also publish deeper dives where warranted.
Kioxia +8.7%; Samsung Electronics +7.4%; SK Hynix +2.8%
BofA raises SK Hynix TP to ₩1,000,000, notes that Capex is likely to double in ‘26 vs ‘24.
TSMC +5.3%
As alluded to in Friday’s post, contrary to the fear mongering on Twitter I read Xi Jin Ping’s NYE address as neutral for Taiwan and am more comfortable with the whole AI trade as a result.
Fast forward to today, and it is clear the “Venezuela as template for Taiwan” narrative is not taking hold either.
GS raised its price target 35% to NT$2,330. H/t Jukan:
ASML
Last week, we flagged AYZ’s Substack post on the TSMC, Samsung, Hynix and Rapidus demand for EUV.
Today, BTH explains why they are increasing their portfolio allocation to ASML from 10% to 15%. The main point appears to be that the market is underestimating TSMC Capex in 2027 and 2028. This was likely written before the GS note above was published.
Bernstein upgrade to "Outperform", but didn’t they just downgrade this in June?
Kuaishou +11%
Kuaishou (literally “quick hand”) is China’s second-largest short-video and live-streaming platform after Douyin (TikTok’s sister app).
Market appears to be reacting to old news about better monetisation of its video AI tool, Kling AI. (YiCai; SCMP)
After HK closed, in response to Venezuela, Dr Burry revealed that Kuaishou was one of his three HK holdings: