Index

Every score runs from 0 to 100 across the sector's eight supply-chain tiers (Foundry, IC Design & IP, Memory, Materials & Wafers, Equipment & Testing, OSAT & Substrates, Optical & Connectivity, Systems & Downstream). 50 is neutral: above it the tier or the sector is expanding, below it contracting.

TERMI, revenue momentum

• Breadth counts every company the same. It answers how many companies are growing revenue faster than their own recent trend right now, so a turn shows up here first, even when it starts in small companies.
• Revenue-weighted weights each company by its last twelve months of revenue within its tier, so it follows where the money is. When Breadth leads, growth is spreading; when the revenue-weighted read leads, a few large companies are carrying it.

TECHI, company health

A slower score that blends four pillars: revenue 45%, profitability 20%, quality 15% and sentiment 20%. When a company has no history for a pillar (a young listing, for example), that weight is spread over the other three.

• Revenue is TERMI's own company signal: growth against the company's recent trend, together with its growth over the last three months.
• Profitability counts four tests each quarter: gross margin, operating margin and return on equity each above the company's own average of the previous four quarters, and free cash flow above 5% of revenue. Between filings it moves smoothly from one quarter to the next.
• Quality reads the balance sheet: debt against earnings, how comfortably interest is covered, and whether the cash cycle is getting shorter. The detailed filings it needs start in 2018, so earlier readings rest on fewer companies.
• Sentiment reads the share price (its trend, its momentum and how far it sits below its recent high) and the last three months of net buying by foreign investors and local investment trusts. The fund data starts in 2020.

February

Lunar New Year moves up to a third of February's working days from one year to the next, which swings February's growth for calendar reasons alone. Each tier's February score is therefore the average of its January and February. Company revenue shown elsewhere is untouched.

History

The series starts in 2015. Its low came in January 2023 (Breadth about 28), after the correction of late 2022; the AI build-out had lifted it to about 70 by April 2024.

What moved it

The bars split a move over the chosen period (1M, 3M or 1Y) into what each part contributed, and they add up exactly to the move. TECHI splits into its four pillars (tap or click one to see its eight tiers); TERMI splits into the eight tiers. A pillar with no new quarterly filing in the period is hatched and marked not updated. The bars follow Breadth; the revenue-weighted read is the sentence in the hero above.