Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.</li>
<li>We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the "Wassenaar Arrangement." </li>
<li>The price hike of <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> by US$785.38 on February 22 in the US market could signal an important development in the AI sector.</li>
</ul>


Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.
We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the "Wassenaar Arrangement." 
The price hike of NVIDIA Corp (NVDA US) by US$785.38 on February 22 in the US market could signal an important development in the AI sector.


TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Macroeconomics

<ul>
<li>Some recent US data has been stronger than expected especially on the inflation front.</li>
<li>Japanese domestic economy confirmed to be  in recession as we expected</li>
<li>Both markets remain buoyant – the question is for how long?</li>
</ul>


Some recent US data has been stronger than expected especially on the inflation front.
Japanese domestic economy confirmed to be  in recession as we expected
Both markets remain buoyant – the question is for how long?


Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

<ul>
<li>Key Events: 1) Nvidia Results Coming Today in the U.S. 2) Elan &amp; ChipMOS Tomorrow in Taiwan 3) U.S. PC Maker Results Next Week</li>
<li>Why United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel </li>
<li>Novatek a Top Gainer After Reports of Alliance with ARM to Build Neoverse V2 for AI</li>
</ul>


Key Events: 1) Nvidia Results Coming Today in the U.S. 2) Elan &amp; ChipMOS Tomorrow in Taiwan 3) U.S. PC Maker Results Next Week
Why United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel 
Novatek a Top Gainer After Reports of Alliance with ARM to Build Neoverse V2 for AI


Taiwan Tech Weekly: AI Plays Weak Ahead of Nvidia Results Today; Intel & UMC; ARM & Novatek

<ul>
<li>Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally</li>
<li>Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting</li>
<li>Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break </li>
</ul>


Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally
Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting
Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break 


Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>, a supplier of advanced semiconductors, is offering <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.</li>
<li>Back in June 2021, Altium <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02382370-2A1302312" target="_blank" rel="noopener">rejected</a> a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant <a href="https://www.smartkarma.com/entities/autodesk-inc" target="_blank" data-smartkarma-citation="entities:13211:1" rel="noopener">Autodesk</a>. This was discussed in <a href="https://skr.ma/we6mt" target="_blank" rel="noopener">Altium Ltd (ALU) Rebuffs Autodesk Offer </a>
</li>
<li>This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.</li>
</ul>



Renesas Electronics (6723 JP), a supplier of advanced semiconductors, is offering Altium Ltd (ALU AU) shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.
Back in June 2021, Altium rejected a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant Autodesk. This was discussed in Altium Ltd (ALU) Rebuffs Autodesk Offer 

This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.


United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Patrick Liao

Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.

Rikki Malik

Taiwan Tech Weekly: AI Plays Weak Ahead of Nvidia Results Today; Intel & UMC; ARM & Novatek

Key developments: Nvidia results today, Elan & ChipMOS tomorrow, and U.S. PC maker results next week. UMC a potential acquisition for Intel?...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

Renesas' Transformative Offer For Altium

Trading at a gross/annualised spread - assuming September completion - of 4.6%/7.9%. Inclusive of a A$0.25/share interim dividend. Pretty clean...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

​February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

Patrick Liao

Strong US and Weak Japanese Data Shifts Interest Rate Expectations – Implications for Stock Markets?

​US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.

Rikki Malik

Taiwan Tech Weekly: AI Plays Weak Ahead of Nvidia Results Today; Intel & UMC; ARM & Novatek

Key developments: Nvidia results today, Elan & ChipMOS tomorrow, and U.S. PC maker results next week. UMC a potential acquisition for Intel?...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

Renesas' Transformative Offer For Altium

Trading at a gross/annualised spread - assuming September completion - of 4.6%/7.9%. Inclusive of a A$0.25/share interim dividend. Pretty clean...

David Blennerhassett

February's few working days may lead to low revenue; Taiwanese government may want TSMC to build fabs in Wassenaar Arrangement countries; NVIDIA's...

US data stronger than expected, Japanese economy in recession as predicted, markets remain buoyant but uncertainty looms.