Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<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>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


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>KRX proposes three new rules: 1. trader pre-registration, 2. brokerages' risk management measures, and 3. traders' risk management tools
</li>
<li>KRX plans to implement it in January next year with a grace period of three months for the pre-registration after the effective date.</li>
<li>The key is to what extent KRX will flexibly monitor and supervise this. If not, market liquidity will be significantly reduced, resulting in a distortion that widens the market spread.</li>
</ul>


KRX proposes three new rules: 1. trader pre-registration, 2. brokerages' risk management measures, and 3. traders' risk management tools

KRX plans to implement it in January next year with a grace period of three months for the pre-registration after the effective date.
The key is to what extent KRX will flexibly monitor and supervise this. If not, market liquidity will be significantly reduced, resulting in a distortion that widens the market spread.


Detailing KRX's Proposed New Rules (Pre-Registration/Monitoring) For High-Frequency Traders

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Samsung C&amp;T had outstanding results that soundly beat consensus estimates in 3Q 2022.</li>
<li>Samsung C&amp;T generated operating profit of 796.8 billion won in 3Q 2022, up 465% YoY and 67.7% higher than the consensus estimates. </li>
<li>The strong growth of sales and operating profit was led by the biologics, construction, fashion, and resort businesses.</li>
</ul>


Samsung C&amp;T had outstanding results that soundly beat consensus estimates in 3Q 2022.
Samsung C&amp;T generated operating profit of 796.8 billion won in 3Q 2022, up 465% YoY and 67.7% higher than the consensus estimates. 
The strong growth of sales and operating profit was led by the biologics, construction, fashion, and resort businesses.


Samsung C&T: Soundly Beat Consensus Operating Profit Estimates by 68% in 3Q 2022

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

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

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

Detailing KRX's Proposed New Rules (Pre-Registration/Monitoring) For High-Frequency Traders

KRX proposed stricter rules to monitor and supervise high-frequency algorithm traders in the local market. This post details the new rules and...

Sanghyun Park

Samsung C&T: Soundly Beat Consensus Operating Profit Estimates by 68% in 3Q 2022

Samsung C&T had outstanding results that soundly beat consensus estimates in 3Q 2022. Samsung C&T generated operating profit of 796.8 billion won...

Douglas Kim

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