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>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a>  guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> shares look at risk of near-term pullback.</li>
<li>Foreigners massively net-bought Taiwan over the last two weeks, and <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> has been a major recipient of capital. ADR premium still has legs.</li>
<li>
<a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> received 100,000+ new worker applications but now has trouble finding space for them! We remain structurally bullish on the company.</li>
</ul>



Applied Materials (AMAT US)  guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make Nanya Technology (2408 TT) shares look at risk of near-term pullback.
Foreigners massively net-bought Taiwan over the last two weeks, and United Microelectronics Corp (2303 TT) has been a major recipient of capital. ADR premium still has legs.

Hon Hai Precision Industry (2317 TT) received 100,000+ new worker applications but now has trouble finding space for them! We remain structurally bullish on the company.


Taiwan Tech Weekly: AMAT Results Buoy Market, But Nanya at Risk, Foreigners Massively Buy Taiwan

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<ul>
<li>This model finds companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.</li>
<li>The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. </li>
<li>Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: Novavax, Micron, Generac, FormFactor</li>
</ul>


This model finds companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.
The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. 
Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: Novavax, Micron, Generac, FormFactor


Breaking Estimate Short Candidates: Novavax, Micron, Generac, FormFactor

<ul>
<li>SK Hynix and Samsung both released their latest earnings last week. The companies are the leading players for Nanya Tech's memory chip industry.</li>
<li>SK Hynix's latest gross margin performance confirms Nanya Tech performing in-line with the industry leaders.</li>
<li>Guidance from both SK Hynix and Samsung indicates a likely improvement in supply/demand dynamics in 2023E for the memory chip space.</li>
</ul>


SK Hynix and Samsung both released their latest earnings last week. The companies are the leading players for Nanya Tech's memory chip industry.
SK Hynix's latest gross margin performance confirms Nanya Tech performing in-line with the industry leaders.
Guidance from both SK Hynix and Samsung indicates a likely improvement in supply/demand dynamics in 2023E for the memory chip space.


Nanya Tech: SK Hynix & Samsung Results Supportive for Memory Chip Industry 2023E Outlook

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>Semiconductor collapses like today's are led by memory chips, which are a commodity</li>
<li>The leading memory manufacturers: Samsung, SK hynix, Micron, and WDC, have announced their 3Q22 earnings, with only Kioxia remaining.  All have suffered substantial revenue declines.</li>
<li>Memory prices are dropping to cost, and should remain at cost until demand catches back up with supply in late 2023</li>
</ul>


Semiconductor collapses like today's are led by memory chips, which are a commodity
The leading memory manufacturers: Samsung, SK hynix, Micron, and WDC, have announced their 3Q22 earnings, with only Kioxia remaining.  All have suffered substantial revenue declines.
Memory prices are dropping to cost, and should remain at cost until demand catches back up with supply in late 2023


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>Micron delivered a mixed set of results for the previous quarter, missing out on the revenue expectations of Wall Street but managing an earnings beat.</li><li>As a result, demand is being reduced for the other parts of the supply chain, which already have more than enough inventory, because the servers cannot be built.</li><li>Therefore, although the overall demand for clouds is generally healthy, this is one factor that is having an impact on it.</li></ul>

Micron delivered a mixed set of results for the previous quarter, missing out on the revenue expectations of Wall Street but managing an earnings beat.As a result, demand is being reduced for the other parts of the supply chain, which already have more than enough inventory, because the servers cannot be built.Therefore, although the overall demand for clouds is generally healthy, this is one factor that is having an impact on it.

Micron Technology: The New York Mega Fab & Other Drivers

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Taiwan Tech Weekly: AMAT Results Buoy Market, But Nanya at Risk, Foreigners Massively Buy Taiwan

Applied Materials (AMAT US) guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make Nanya Technology (2408 TT)...

Vincent Fernando, CFA

Breaking Estimate Short Candidates: Novavax, Micron, Generac, FormFactor

This model uncovers companies facing recent declines in estimates. This week we flag: Novavax, Micron, Generac, & FormFactor

Eric Fernandez, CFA

Nanya Tech: SK Hynix & Samsung Results Supportive for Memory Chip Industry 2023E Outlook

Guidance from both SK Hynix and Samsung indicates a likely improvement in supply/demand dynamics in 2023E for the memory chip space.

Vincent Fernando, CFA

How Bad Is Today's Chip Collapse?

Do you understand the current chip collapse? It is following a path that it has followed in the past, and those who read this post can invest more...

Jim Handy

Micron Technology: The New York Mega Fab & Other Drivers

Micron delivered a mixed set of results for the previous quarter, missing out on the revenue expectations of Wall Street but managing an earnings...

Baptista Research

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