Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-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

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

<ul>
<li>China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.</li>
<li>Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.</li>
<li>Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.</li>
</ul>


China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.
Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.
Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.


Taiwan Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

<ul>
<li>TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.</li>
<li>Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.</li>
<li>Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.</li>
</ul>


TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.
Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.
Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.


Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

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>Micron's earnings call gives a good advanced warning of similar companies' reports</li>
<li>The company's downturn is the worst in the past 13 years</li>
<li>Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.</li>
</ul>


Micron's earnings call gives a good advanced warning of similar companies' reports
The company's downturn is the worst in the past 13 years
Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Applied Materials delivered a strong quarterly performance and managed to surpass Wall Street expectations in terms of revenues as well as earnings.</li><li>Demand remains very high in cutting-edge foundry/logic, with customers vying for leadership and driving significant technological inflections that decide their respective competitive positions.</li><li>AMAT should have a strong resilience because of their substantial backlog, expanding service business, and strong customer demand for their leading technologies that support significant technological inflection points.</li></ul>

Applied Materials delivered a strong quarterly performance and managed to surpass Wall Street expectations in terms of revenues as well as earnings.Demand remains very high in cutting-edge foundry/logic, with customers vying for leadership and driving significant technological inflections that decide their respective competitive positions.AMAT should have a strong resilience because of their substantial backlog, expanding service business, and strong customer demand for their leading technologies that support significant technological inflection points.

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

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 Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

Up to 45nm chips may now hobbled by Japan & Netherlands joining U.S. with restrictions. Mediatek sees signs of slight smartphone stablization; key...

Vincent Fernando, CFA

Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.

Vincent Fernando, CFA

Micron Earnings Give Semi Market Outlook

Micron's just-announced revenues indicate trouble today for its peers and trouble next year for tool makers, but other sectors should fare much...

Jim Handy

Applied Materials: Key Drivers

Applied Materials delivered a strong quarterly performance and managed to surpass Wall Street expectations in terms of revenues as well as...

Baptista Research

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