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>Apple &amp; Hon Hai are lobbying for easier labor laws in India, setting the ground for a major shift of production to the country.</li>
<li>TSMC is being heavily courted by Singapore to set up a manufacturing facility in the city state.</li>
<li>Hon Hai will report earnings this week. We are structurally long the company despite potential for weak 4Q numbers.</li>
</ul>


Apple &amp; Hon Hai are lobbying for easier labor laws in India, setting the ground for a major shift of production to the country.
TSMC is being heavily courted by Singapore to set up a manufacturing facility in the city state.
Hon Hai will report earnings this week. We are structurally long the company despite potential for weak 4Q numbers.


Taiwan Tech Weekly: Apple & Hon Hai Push for India Labor Changes, Singapore Heavily Courting TSMC

<ul>
<li>TSMC's ADR premium has fallen substantially from early February and late January levels. Berkshire's U-turn on the shares is likely one contributing factor.</li>
<li>UMC and ChipMOS ADRs are trading at discounts that are unlikely to last much longer given the historical trading behavior.</li>
<li>Chunghwa Telecom ADRs are trading at a discount - If the ADRs drop in today's U.S. trading then will open up a historically rare discount.</li>
</ul>


TSMC's ADR premium has fallen substantially from early February and late January levels. Berkshire's U-turn on the shares is likely one contributing factor.
UMC and ChipMOS ADRs are trading at discounts that are unlikely to last much longer given the historical trading behavior.
Chunghwa Telecom ADRs are trading at a discount - If the ADRs drop in today's U.S. trading then will open up a historically rare discount.


Taiwan Dual-Listings: Taiwan Exchange Holiday Opens Up Potential Spread Opportunities

<ul>
<li>The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.</li>
<li>Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.</li>
<li>One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.</li>
</ul>


The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.
Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.
One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.


AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

<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

United States

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety of business sectors.  The Company's principal operations are insurance business conducted nationwide on a primary basis and worldwide on a reinsurance basis. Berkshire's other operations include a railway company, a specialty chemical company, and an international association of diversified businesses.

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Berkshire Hathaway Inc Cl A (BRK/A US)

Taiwan Tech Weekly: Apple & Hon Hai Push for India Labor Changes, Singapore Heavily Courting TSMC

Hon Hai results are coming out March 15th. The U.S. is also reportedly preparing even more China restrictions for semiconductor equipment.

Vincent Fernando, CFA

Taiwan Dual-Listings: Taiwan Exchange Holiday Opens Up Potential Spread Opportunities

TSMC's ADR premium has fallen substantially from early February and late January levels. Berkshire's U-turn on the shares is likely one...

Vincent Fernando, CFA

AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand. All three names hold important...

Vincent Fernando, CFA

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

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