Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>New China semiconductor restrictions could be announced by the Netherlands and Japan by end-January.</li>
<li>Realtek 4Q22 results -- Signals weakness for companies serving the PC market, and could get worse in 1Q23E.</li>
<li>Western Digital &amp; Kioxia could merge NAND flash units to create a rival to Samsung.</li>
</ul>


New China semiconductor restrictions could be announced by the Netherlands and Japan by end-January.
Realtek 4Q22 results -- Signals weakness for companies serving the PC market, and could get worse in 1Q23E.
Western Digital &amp; Kioxia could merge NAND flash units to create a rival to Samsung.


Taiwan Tech Weekly: Dutch & Japan China Restrictions End-January, Realtek Results Show Pain in PCs

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Micron's earnings call gives a good advanced warning of similar companies' reports</li>
<li>The company's downturn is the worst in the past 13 years</li>
<li>Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.</li>
</ul>


Micron's earnings call gives a good advanced warning of similar companies' reports
The company's downturn is the worst in the past 13 years
Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>This is our first report on Peloton Interactive, one of the most popular interactive fitness platforms in the world.</li><li>The company delivered a disappointing set of results as it failed to meet Wall Street expectations with respect to revenues as well as earnings.</li><li>We initiate coverage on the stock of Peloton Interactive, Inc. with a ‘Hold’ rating.</li></ul>

This is our first report on Peloton Interactive, one of the most popular interactive fitness platforms in the world.The company delivered a disappointing set of results as it failed to meet Wall Street expectations with respect to revenues as well as earnings.We initiate coverage on the stock of Peloton Interactive, Inc. with a ‘Hold’ rating.

Peloton Interactive Inc.: Initiation of Coverage – Challenging Macro Environment & Other Factors

<ul><li>This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions in the world.</li><li>The HDD revenue of Western Digital during the quarter declined modestly.</li><li>Western Digital is deep into qualifying its most recent generation of hard drives, including its 26-terabyte UltraSMR hard drives, at numerous OEM and U.S. cloud customers.</li></ul>

This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions in the world.The HDD revenue of Western Digital during the quarter declined modestly.Western Digital is deep into qualifying its most recent generation of hard drives, including its 26-terabyte UltraSMR hard drives, at numerous OEM and U.S. cloud customers.

Western Digital Corporation: Initiation of Coverage – Recent Collaborations & Other Drivers

<ul>
<li>The current semiconductor market meltdown can be expected to continue through the end of 2024</li>
<li>This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023</li>
<li>Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.</li>
</ul>


The current semiconductor market meltdown can be expected to continue through the end of 2024
This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023
Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.


2023 High Conviction: Semiconductor Down Market

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Taiwan Tech Weekly: Dutch & Japan China Restrictions End-January, Realtek Results Show Pain in PCs

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Vincent Fernando, CFA

Micron Earnings Give Semi Market Outlook

Micron's just-announced revenues indicate trouble today for its peers and trouble next year for tool makers, but other sectors should fare much...

Jim Handy

Peloton Interactive Inc.: Initiation of Coverage – Challenging Macro Environment & Other Factors

This is our first report on Peloton Interactive, one of the most popular interactive fitness platforms in the world. The company delivered a...

Baptista Research

Western Digital Corporation: Initiation of Coverage – Recent Collaborations & Other Drivers

This is our first report on Western Digital Corporation, one of the largest manufacturers and distributors of data storage devices and solutions...

Baptista Research

2023 High Conviction: Semiconductor Down Market

What's happening in semiconductors? When will the downturn end? What does this mean to chip stock prices? This Insight provides some concrete...

Jim Handy

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