Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC is planning to build a second Arizona fab that could produce its highest-end 3nm chips, according to the WSJ.</li>
<li>TSMC ADR Premium Impact: The TSMC ADR premium is near zero, and increased U.S. investor enthusiasm could lead to a significant bounce for the premium.</li>
<li>INTC vs. TSMC Impact: News flow could favor TSMC over Intel over the next few days, at least until a November 14th conference Intel will be attending.</li>
</ul>


TSMC is planning to build a second Arizona fab that could produce its highest-end 3nm chips, according to the WSJ.
TSMC ADR Premium Impact: The TSMC ADR premium is near zero, and increased U.S. investor enthusiasm could lead to a significant bounce for the premium.
INTC vs. TSMC Impact: News flow could favor TSMC over Intel over the next few days, at least until a November 14th conference Intel will be attending.


Intel Vs. TSMC & ADR Monitor: TSMC to Build New High-End Fab In Arizona, Premium Bounce Potential

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>AEM reported its best PBT 3Q and 9M22 results ever, yet investors remain skeptical of its FY23 outlook</li>
<li>Management reiterated guidance and provided a bullish statement about the coming years</li>
<li>AEM EPS likely to reach at least 0.42 SGD leaving the stock trading at only 7.8x P/E FY22 </li>
</ul>


AEM reported its best PBT 3Q and 9M22 results ever, yet investors remain skeptical of its FY23 outlook
Management reiterated guidance and provided a bullish statement about the coming years
AEM EPS likely to reach at least 0.42 SGD leaving the stock trading at only 7.8x P/E FY22 


AEM: Another Solid Earnings Report, but Mr. Market Remains Worried on Outlook

<ul>
<li>Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.</li>
<li>Memory chip takeaways - SK Hynix, Samsung see better supply/demand in 2023E. PC market -- Recent results discuss slight decline, potential stabilization in 2023E.</li>
<li>Mobile phones -- Relative strength in high-end vs. low-end. Auto &amp; Industrial -- Relative strength seen continuing. AMD, Qualcom, Elan, CHIPMos, Acer, Globalwafers results ahead.</li>
</ul>


Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.
Memory chip takeaways - SK Hynix, Samsung see better supply/demand in 2023E. PC market -- Recent results discuss slight decline, potential stabilization in 2023E.
Mobile phones -- Relative strength in high-end vs. low-end. Auto &amp; Industrial -- Relative strength seen continuing. AMD, Qualcom, Elan, CHIPMos, Acer, Globalwafers results ahead.


Taiwan Tech Weekly: Earnings Insights Emerging for Memory, Mobiles, PCs, and Autos

<ul>
<li>Intel's 3Q22 earnings beat expectations, and the shares reacted positively, rising 10.7%.</li>
<li>The company announced $3bn of cost savings for 2023E and $8-10bn in annual cost savings by 2025E. 2023E earnings guidance will be provided at the company's February Investor Day.</li>
<li>Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the companies into its next earnings.</li>
</ul>


Intel's 3Q22 earnings beat expectations, and the shares reacted positively, rising 10.7%.
The company announced $3bn of cost savings for 2023E and $8-10bn in annual cost savings by 2025E. 2023E earnings guidance will be provided at the company's February Investor Day.
Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the companies into its next earnings.


Intel Vs. TSMC/​​​​​UMC Long/​​​​​Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Intel put forth a significant cost cutting program to generate $3B in savings in 2023 and $8-10B by 2025.</li>
<li>CEO Gelsinger's PC forecasting track record is horrendous, we wouldn't bet on a down MSD 2023 market.</li>
<li>Datacenter...which once carried near 60% margins hit breakeven this quarter... an astonishing fall.</li>
</ul>


Intel put forth a significant cost cutting program to generate $3B in savings in 2023 and $8-10B by 2025.
CEO Gelsinger's PC forecasting track record is horrendous, we wouldn't bet on a down MSD 2023 market.
Datacenter...which once carried near 60% margins hit breakeven this quarter... an astonishing fall.


United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Intel Vs. TSMC & ADR Monitor: TSMC to Build New High-End Fab In Arizona, Premium Bounce Potential

TSMC ADR Premium Impact: The TSMC ADR premium is near zero, and increased U.S. investor enthusiasm could lead to a significant bounce for the premium.

Vincent Fernando, CFA

AEM: Another Solid Earnings Report, but Mr. Market Remains Worried on Outlook

AEM reported solid results over the first 9 months. None of this seems to matter as the market has sold off the entire tech sector and investors do...

Nicolas Van Broekhoven

Taiwan Tech Weekly: Earnings Insights Emerging for Memory, Mobiles, PCs, and Autos

Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.

Vincent Fernando, CFA

Intel 3Q22: Still Too Optimistic

Intel's cost cutting program is overly optimistic, much like every other forecast Pat Gelsinger has made since becoming CEO two years ago. Fade...

Aaron Gabin

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Intel Vs. TSMC & ADR Monitor: TSMC to Build New High-End Fab In Arizona, Premium Bounce Potential

TSMC ADR Premium Impact: The TSMC ADR premium is near zero, and increased U.S. investor enthusiasm could lead to a significant bounce for the premium.

Vincent Fernando, CFA

AEM: Another Solid Earnings Report, but Mr. Market Remains Worried on Outlook

AEM reported solid results over the first 9 months. None of this seems to matter as the market has sold off the entire tech sector and investors do...

Nicolas Van Broekhoven

Taiwan Tech Weekly: Earnings Insights Emerging for Memory, Mobiles, PCs, and Autos

Last week saw a wave of major tech companies report earnings with significance toward the semiconductor and technology space in Taiwan.

Vincent Fernando, CFA

Intel Vs. TSMC/​​​​​UMC Long/​​​​​Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate

Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the...

Vincent Fernando, CFA

Intel 3Q22: Still Too Optimistic

Intel's cost cutting program is overly optimistic, much like every other forecast Pat Gelsinger has made since becoming CEO two years ago. Fade...

Aaron Gabin

Intel Vs. TSMC/UMC Long/Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate