Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.</li>
<li>Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.</li>
<li>Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.</li>
</ul>


ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.
Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.
Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.


Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Mobileye Global (MBLY US) is getting ready to complete its IPO next week. The IPO price range is between $18 and $20 per share.</li>
<li>Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. </li>
<li>Given the low upside in our target price relative to the IPO price range, we have a Negative view of this IPO.</li>
</ul>


Mobileye Global (MBLY US) is getting ready to complete its IPO next week. The IPO price range is between $18 and $20 per share.
Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. 
Given the low upside in our target price relative to the IPO price range, we have a Negative view of this IPO.


Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC says limited impact from U.S. China restrictions -- We crosscheck the comments.</li>
<li>TSMC guidance was strong and gives hope for 1H23 industry improvement. Looks cheap on a cycle-adjusted PE.</li>
<li>Intel has outperformed TSMC shares despite the recent TSMC rebound.</li>
</ul>


TSMC says limited impact from U.S. China restrictions -- We crosscheck the comments.
TSMC guidance was strong and gives hope for 1H23 industry improvement. Looks cheap on a cycle-adjusted PE.
Intel has outperformed TSMC shares despite the recent TSMC rebound.


Intel Vs. TSMC/​​​UMC Long/​​​Short Monitor: Mgmt Call Takeaways, Calculating a Normalized Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India's stock market dropped $386 billion after election results showed a narrower-than-expected lead for Modi</li>
<li>Intel's CEO introduced new AI products at Computex, challenging Nvidia's market dominance</li>
<li>Chinese companies rush to raise funds amid a stock market rebound, driven by investor optimism and future uncertainty</li>
</ul>


India's stock market dropped $386 billion after election results showed a narrower-than-expected lead for Modi
Intel's CEO introduced new AI products at Computex, challenging Nvidia's market dominance
Chinese companies rush to raise funds amid a stock market rebound, driven by investor optimism and future uncertainty


#11Business Buzz: India's Stock Market Plunge, Intel Vs. Nvidia, and China's Fundraising Frenzy

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

<ul>
<li>AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.</li>
<li>U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.</li>
<li>TSMC results coming out this week, expecting all-time high revenue.</li>
</ul>


AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.
U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.
TSMC results coming out this week, expecting all-time high revenue.


Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

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)

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

Mobileye Global IPO Valuation Analysis

Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. We have a...

Douglas Kim

Intel Vs. TSMC/UMC Long/Short Monitor: Mgmt Call Takeaways, Calculating a Normalized Valuation

TSMC guidance was strong and gives hope for 1H23 industry improvement. We perform an analysis based on cycle-adjusting the company's margins and PE.

Vincent Fernando, CFA

#11Business Buzz: India's Stock Market Plunge, Intel Vs. Nvidia, and China's Fundraising Frenzy

India's stock market falls as Modi's lead narrows, Intel challenges Nvidia with new AI products, Chinese companies raise funds amidst market...

Nimish Maheshwari

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

Mobileye Global IPO Valuation Analysis

Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. We have a...

Douglas Kim

Intel Vs. TSMC/​​​UMC Long/​​​Short Monitor: Mgmt Call Takeaways, Calculating a Normalized Valuation

TSMC guidance was strong and gives hope for 1H23 industry improvement. We perform an analysis based on cycle-adjusting the company's margins and PE.

Vincent Fernando, CFA

#11Business Buzz: India's Stock Market Plunge, Intel Vs. Nvidia, and China's Fundraising Frenzy

​India's stock market falls as Modi's lead narrows, Intel challenges Nvidia with new AI products, Chinese companies raise funds amidst market...

Nimish Maheshwari

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Mgmt Call Takeaways, Calculating a Normalized Valuation

India's stock market falls as Modi's lead narrows, Intel challenges Nvidia with new AI products, Chinese companies raise funds amidst market...