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>Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.</li>
<li>We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.</li>
<li>Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.</li>
</ul>


Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.
We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.
Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.


Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chipmos-technologies-inc" target="_blank" data-smartkarma-citation="entities:1864:1" rel="noopener">Chipmos Technologies (8150 TT)</a> reported results last week, beating expectations and showing an increase in capacity utilization QoQ.</li>
<li>The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.</li>
<li>Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.</li>
</ul>



Chipmos Technologies (8150 TT) reported results last week, beating expectations and showing an increase in capacity utilization QoQ.
The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.
Memory is expected to have a delayed recovery according to ChipMOS, potentially coming in 3Q23. Adjusted our model -- We continue to believe ChipMOS is cheap through the cycle.


ChipMOS Industry View: Display Downturn Rebounding, Memory Delayed, Guidance Proving Prescient

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

<ul>
<li>TSMC's ADR spread just experienced one of its largest one-period drops in recent history. The ADRs are now trading at a 2.3% premium after a 4.2% drop.</li>
<li>UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC earnings coming this week.</li>
<li>ASE ADR's are trading at a 4.7% premium. ASE's Taiwan shares are down 10% since end-March, compared to a 5% drop for the TAIEX Semiconductor Index.</li>
</ul>


TSMC's ADR spread just experienced one of its largest one-period drops in recent history. The ADRs are now trading at a 2.3% premium after a 4.2% drop.
UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC earnings coming this week.
ASE ADR's are trading at a 4.7% premium. ASE's Taiwan shares are down 10% since end-March, compared to a 5% drop for the TAIEX Semiconductor Index.


Taiwan Dual-Listings: TSMC ADR Premium Hit by Large 1-Period Drop, UMC Discount & Earnings This Week

<ul>
<li>Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to run for Taiwan president.</li>
<li>The extreme Delta Thailand vs. Delta Taiwan valuation disconnect has finally reverted hard; Delta Thailand shares have crashed recently relative to Delta Taiwan not trading.</li>
<li>The long holiday has opened up some rare ADR discounts for Taiwan dual-listed names.</li>
</ul>


Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to run for Taiwan president.
The extreme Delta Thailand vs. Delta Taiwan valuation disconnect has finally reverted hard; Delta Thailand shares have crashed recently relative to Delta Taiwan not trading.
The long holiday has opened up some rare ADR discounts for Taiwan dual-listed names.


Taiwan Tech Weekly: Market Re-Opens After Long Holiday; U.S.-China Chip War Heats Up Further

Taiwan

Everlight Electronics Co., Ltd. manufactures and markets optoelectronic components.  The Company's main products are surface mount devices light emitting diodes (LEDs), super bright LED lamps, special purpose LEDs, dot matrix displays, photo transistors, and infrared LEDs.

Ardentec Corporation develops and provides IC (integrated circuit) wafer test and IC final test services.

ITE Technology Inc. is a fabless IC design house.  The Company develops, manufactures, and markets various kinds of ICs (Integrated Circuits) for the use in PCs (Personal Computers), IAs (Internet Appliances), and LCDs (Liquid Crystal Displays).

Sitronix Technology Corp. designs MCU (Memory Control Unit) ICs (Integrated Circuits) and LCD (Liquid Crystal Display) driver ICs.

Shunsin Technology Holdings Ltd was established in 2008. The company engages in the semiconductor industry. ShunSin is a dedicated high-tech enterprise for electronic communication products and semiconductor packaging and testing services.

PixArt Imaging Inc. designs, develops, and markets image sensors.

Fitipower Integrated Technology Inc designs and manufactures digital & analog signal mix display drive integrated circuit(IC). The Company's products include Fitipwer Display Driver IC.

Fitipower Integrated Technology (4961 TT)

Elite Semiconductor Memory Technology Inc. manufactures, sells, designs, and develops DRAM (Dynamic Random Access Memory) and SRAM (Static Random Access Memory).  The Company also provides related services.

Elite Semiconductor Memory Technology (3006 TT)

Sigurd Microelectronics Corporation provides integrated circuit (IC) testing and packaging services.  The Company also designs and manufactures ICs.

Foxsemicon Integrated Technology Inc develops, designs, manufactures and sells semi-conductor equipment and system assemblies. The Company manufactures thin film transistor (TFT), liquid crystal displays (LCDs) and semiconductor wafers.

Hana Micron Inc. designs, develops, manufactures, and sells semiconductor packages for memory and non-memory semiconductor products.  The Company also produces USB flash drive (UFD), a mobile storage devices which can substitute floppy disk drives.

Grinm Advanced Materials Co Ltd. develops and manufactures semiconductor materia ls. The Company's products include monocrystalline silicon, germanium,  compound  semiconductor materials, and other related electronic materials. Grinm Advanced Materials also invests in technology development and provides technical  and processing services.

UT Group Co., Ltd. is a holding company.  The Group specializes in semiconductor and LCD (Liquid Crystal Display) related products and provides outsourcing services to electronics manufacturers.

Tri Chemical Laboratories Inc. develops, produces, and markets semiconductor and optic fiber materials.  The Company also designs and manufactures containers for chemicals.

D&O Green Technologies Bhd, through its subsidiary, manufactures semiconductor components. The Company manufactures and assembles semiconductor components under original equipment manufacturer contract manufacturing and captive line arrangements.  D&O serves multinational corporations.

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

Eugene Technology Company Ltd. manufactures tools for wafer fabs.  The Company uses the wafer fabs to produce integrated circuits in volume.

JinkoSolar Holding Company Limited manufactures solar products. The Company produces silicon wafers, solar cells and solar modules.

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

ChipMOS TECHNOLOGIES INC. offers semiconductor testing and packaging solutions to companies, integrated device manufacturers, and foundries. The Company provides a broad range of back-end testing services for high density memory, mixed-signal and liquid crystal display.

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Chipmos Technologies (8150 TT)

Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

ChipMOS Industry View: Display Downturn Rebounding, Memory Delayed, Guidance Proving Prescient

The company reported notable strength in Display Driver related demand, and capacity utilization for the segment may have bottomed back in 3Q22.

Vincent Fernando, CFA

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC ADR Premium Hit by Large 1-Period Drop, UMC Discount & Earnings This Week

UMC ADR's are trading at a -1.1% discount to their Taiwan shares. The spread has mostly been trading in negative territory over the last month. UMC...

Vincent Fernando, CFA

Taiwan Tech Weekly: Market Re-Opens After Long Holiday; U.S.-China Chip War Heats Up Further

Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to...

Vincent Fernando, CFA

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