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>Berkshire's TSMC U-Turn. Berkshire's TSMC stake was sold down by 86.2% just months after acquiring it. One had to wonder what the about-face on the investment was based on.</li>
<li>Applied Materials results well received by the market, however provided some caveates in terms of how fast the Memory chip industry recovery will come. (Readthrough: Nanya Tech, Micron, SK hynix)</li>
<li>TSMC believes that the automotive chip crunch is now easing, which should be good news for the auto industry, especially EV.</li>
</ul>


Berkshire's TSMC U-Turn. Berkshire's TSMC stake was sold down by 86.2% just months after acquiring it. One had to wonder what the about-face on the investment was based on.
Applied Materials results well received by the market, however provided some caveates in terms of how fast the Memory chip industry recovery will come. (Readthrough: Nanya Tech, Micron, SK hynix)
TSMC believes that the automotive chip crunch is now easing, which should be good news for the auto industry, especially EV.


Taiwan Tech Weekly: AMAT Results Imply Longer Memory Weakness, Berkshire's U-Turn on TSMC

<ul>
<li>TSMC - Premium holding up despite Berkshire investment sale news. We maintain a model on the company.</li>
<li>UMC - ADR now trading at a discount. Pretty clear opportunity for a reversion back to a premium.</li>
<li>ChipMOS - At parity, results coming February 23rd. We maintain a model on the company.</li>
</ul>


TSMC - Premium holding up despite Berkshire investment sale news. We maintain a model on the company.
UMC - ADR now trading at a discount. Pretty clear opportunity for a reversion back to a premium.
ChipMOS - At parity, results coming February 23rd. We maintain a model on the company.


Taiwan Dual-Listings: TSMC Premium Holding Despite Buffett Exit, UMC Discount Opens Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>This week we digest key takeaways from some of the latest key industry results that came out (ASE Technologies (TW), Novatek (TW), and Tokyo Electron (JP)).</li>
<li>ASE and Tokyo Electron exhibited their insulated positions during the current inventory corrections happening, delivering decent margins and beating expectations. Novatek also beat expectations.</li>
<li>Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus view, however?</li>
</ul>


This week we digest key takeaways from some of the latest key industry results that came out (ASE Technologies (TW), Novatek (TW), and Tokyo Electron (JP)).
ASE and Tokyo Electron exhibited their insulated positions during the current inventory corrections happening, delivering decent margins and beating expectations. Novatek also beat expectations.
Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus view, however?


Taiwan Tech Weekly: Latest Key Results Add More Expectations for a 2H23E Turnaround

<ul>
<li>TSMC's ADR premium is in the double digits, representing a major breakout.</li>
<li>ASE Technology's premium is also in the double digits and the company will be reporting results next week.</li>
<li>Chunghwa's premium is high for its tight range, and results will be coming out for the company this week.</li>
</ul>


TSMC's ADR premium is in the double digits, representing a major breakout.
ASE Technology's premium is also in the double digits and the company will be reporting results next week.
Chunghwa's premium is high for its tight range, and results will be coming out for the company this week.


Taiwan Dual-Listings: Post CNY Market Closure, Huge ADR Premiums

<ul>
<li>TSMC ADRs are trading at the high end of the recent premium/discount range.</li>
<li>UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.</li>
<li>ASE's ADR premium is at the upper end of its range.</li>
</ul>


TSMC ADRs are trading at the high end of the recent premium/discount range.
UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.
ASE's ADR premium is at the upper end of its range.


Taiwan Dual-Listings: TSMC Premium In Upper Range, UMC Briefing This Afternoon

Taiwan

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: AMAT Results Imply Longer Memory Weakness, Berkshire's U-Turn on TSMC

Applied Materials results well received by the market, however provided some caveates in terms of how fast the Memory chip industry recovery will...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium Holding Despite Buffett Exit, UMC Discount Opens Up

TSMC - Premium holding up despite Berkshire investment sale news. We maintain a model on the company. UMC ADR discount represents a decent...

Vincent Fernando, CFA

Taiwan Tech Weekly: Latest Key Results Add More Expectations for a 2H23E Turnaround

Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus...

Vincent Fernando, CFA

Taiwan Dual-Listings: Post CNY Market Closure, Huge ADR Premiums

TSMC's ADR premium is in the double digits, representing a major breakout. ASE's premium is also in the double digits and will release results next...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium In Upper Range, UMC Briefing This Afternoon

UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.

Vincent Fernando, CFA

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