Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> , <a href="https://www.smartkarma.com/entities/infosys-ltd-sp-adr" target="_blank" data-smartkarma-citation="entities:268:1" rel="noopener">Infosys Ltd Sp Adr (INFY US)</a> and <a href="https://www.smartkarma.com/entities/borgwarner-inc" target="_blank" data-smartkarma-citation="entities:18392:1" rel="noopener">Borgwarner Inc (BWA US)</a>
</li>
<li>For the two weeks ended 2 Dec the large cap portfolio was up 2.8%, the midcap was up 3.4% and the small cap was up2.1%, all in US$ terms.</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Taiwan Semiconductor (TSMC) - ADR (TSM US) , Infosys Ltd Sp Adr (INFY US) and Borgwarner Inc (BWA US)

For the two weeks ended 2 Dec the large cap portfolio was up 2.8%, the midcap was up 3.4% and the small cap was up2.1%, all in US$ terms.


Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Chinese RRR and PMI data, Indian GDP growth, Asian PMI data</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>
</li>
</ul>


The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese RRR and PMI data, Indian GDP growth, Asian PMI data

 Companies mentioned:Baidu (9888 HK), Taiwan Semiconductor (TSMC) (2330 TT)



GEM Weekly (2 Dec 2022): China RRR, Asian PMI Data, India GDP; Baidu, TSMC

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>Intel has eked out a small outperformance vs. TSMC most recently, and we believe there is more to come.</li>
<li>Events appear to be in Intel's favor in the near-term.</li>
<li>TSMC has outperformed by a historically extreme amount in just three weeks.</li>
</ul>


Intel has eked out a small outperformance vs. TSMC most recently, and we believe there is more to come.
Events appear to be in Intel's favor in the near-term.
TSMC has outperformed by a historically extreme amount in just three weeks.


Intel Vs. TSMC Monitor: TSMC Outperformed Too Much Too Soon?

<ul>
<li>TSMC -- Trading near parity, decent setup opportunity at the current level.</li>
<li>UMC -- Trading at a discount, another decent setup opportunity.</li>
<li>Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range.</li>
</ul>


TSMC -- Trading near parity, decent setup opportunity at the current level.
UMC -- Trading at a discount, another decent setup opportunity.
Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range.


Taiwan Dual-Listings: TSMC & UMC Nice Setup Opportunities, Chunghwa Rare Deep Discount

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

<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

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

The Innovation Portfolios - Week 2

We assess how the three portfolios did for the first two weeks since inception and discuss the case for inclusion of one stock each from the large,...

Pyari Menon

GEM Weekly (2 Dec 2022): China RRR, Asian PMI Data, India GDP; Baidu, TSMC

The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...

Wium Malan, CFA

Intel Vs. TSMC Monitor: TSMC Outperformed Too Much Too Soon?

TSMC has outperformed by a historically extreme amount in just three weeks. Intel may attract value and contrarian buyers through year-end.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC & UMC Nice Setup Opportunities, Chunghwa Rare Deep Discount

Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range. TSMC and UMC also present decent...

Vincent Fernando, CFA

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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