Senior Equity Derivatives Trader

Simon Harris

Event-Driven

Taiwan Semiconductor (TSMC) - ADR / Event-Driven

<ul>
<li>We published last November about buying upside via selling call ratios and also about a vol pair trade idea versus AAPL US.</li>
<li>Buffet has surprisingly exited the bulk of his stake in the chip maker causing concern that the value investor no longer sees value</li>
<li>We update on the position and consider what to do next</li>
</ul>


We published last November about buying upside via selling call ratios and also about a vol pair trade idea versus AAPL US.
Buffet has surprisingly exited the bulk of his stake in the chip maker causing concern that the value investor no longer sees value
We update on the position and consider what to do next


EQD | TSMC (TSM US): Revisiting the Call Ratio and Vol Pair Trade with AAPL US

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.

Equity Bottom-Up

<ul><li>Apple is one of the few tech majors that has been able to avoid the layoff waves in tech as a result of smart management and no overhiring.</li><li>However, the company’s last result was a complete disappointment as it failed to live up to market expectations with respect to revenues as well as earnings.</li><li>The Mac's revenue was $7.7 billion and iPad sales also increased 30% to $9.4 billion overall which was a good sign.</li></ul>

Apple is one of the few tech majors that has been able to avoid the layoff waves in tech as a result of smart management and no overhiring.However, the company’s last result was a complete disappointment as it failed to live up to market expectations with respect to revenues as well as earnings.The Mac's revenue was $7.7 billion and iPad sales also increased 30% to $9.4 billion overall which was a good sign.

Apple Inc.: Solid Lineup For 2023 & Other Drivers

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>Microsoft news of rolling out ChapGPT into its Bing search browser and eventually into its Microsoft Office product suite has dominated the news cycle the past few weeks as AI computing has garnered Wall St.’s full attention.</li><li>Within two months, OpenAI’s ChatGPT app has registered 100 million users – nearly one-third of the U.S. population.</li><li>Microsoft has not hidden it plans to challenge Google search dominance and erode its existing market share.</li></ul>

Microsoft news of rolling out ChapGPT into its Bing search browser and eventually into its Microsoft Office product suite has dominated the news cycle the past few weeks as AI computing has garnered Wall St.’s full attention.Within two months, OpenAI’s ChatGPT app has registered 100 million users – nearly one-third of the U.S. population.Microsoft has not hidden it plans to challenge Google search dominance and erode its existing market share.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>Since our Long Apple vs. Short Quanta &amp; Pegatron piece, Apple has outperformed by 11.7% in USD-adjusted terms.</li>
<li>Apple has reported results recently, thus the next major events could be Quanta and Pegatron results.</li>
<li>Given Apple has outperformed by a significant amount, we believe the best of Apple's relative outperformance is done for the near-term. One can thus look for levels to unwind.</li>
</ul>


Since our Long Apple vs. Short Quanta &amp; Pegatron piece, Apple has outperformed by 11.7% in USD-adjusted terms.
Apple has reported results recently, thus the next major events could be Quanta and Pegatron results.
Given Apple has outperformed by a significant amount, we believe the best of Apple's relative outperformance is done for the near-term. One can thus look for levels to unwind.


Long Apple Vs. Short Quanta & Pegatron Update: Apple Outperformed 12%, Consider Unwind

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

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

EQD | TSMC (TSM US): Revisiting the Call Ratio and Vol Pair Trade with AAPL US

We revisit some trade ideas from November 2022 in TSM US following the news that Berkshire Hathaway have sold down the majority of their stake.

Simon Harris

Apple Inc.: Solid Lineup For 2023 & Other Drivers

Apple is one of the few tech majors that has been able to avoid the layoff waves in tech as a result of smart management and no...

Baptista Research

Weekly Stock Bullfinder - Week of 2/13

Microsoft news of rolling out ChapGPT into its Bing search browser and eventually into its Microsoft Office product suite has dominated the news...

Weekly Stock Bull Finder

Long Apple Vs. Short Quanta & Pegatron Update: Apple Outperformed 12%, Consider Unwind

Apple has reported results recently and Quanta and Pegatron results should be next. However, Apple's best near-term outperformance may be past.

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

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