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>Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).  </li>
<li>Hon Hai is receiving local government support to recruit/return workers in order to ease its crisis there. Meanwhile, it will also quadruple its India-based iPhone manufacturing staff.</li>
<li>UMC's ADR premium is 0% and could see a bounce given the surge in TSMC.</li>
</ul>


Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).  
Hon Hai is receiving local government support to recruit/return workers in order to ease its crisis there. Meanwhile, it will also quadruple its India-based iPhone manufacturing staff.
UMC's ADR premium is 0% and could see a bounce given the surge in TSMC.


Taiwan Tech Weekly: Buffet Invests in TSMC, Hon Hai Issues Improving, China Chip Imports Slump

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Despite a few tumultuous trading days, the S&amp;P 500 remains above its 200-week MA (3590-3600) and the Russell 2000 (IWM) remains above $163 -- both important support levels moving forward.</li>
<li>We continue to see potential for a bear market rally (~+10% from the lows) as long as these support levels hold.</li>
<li>Bear market rallies would be confirmed by bullish reversals of the 2-month downtrends, or above 3810 on the SPX and above $174 on the IWM, and the latter happened today.</li>
</ul>


Despite a few tumultuous trading days, the S&amp;P 500 remains above its 200-week MA (3590-3600) and the Russell 2000 (IWM) remains above $163 -- both important support levels moving forward.
We continue to see potential for a bear market rally (~+10% from the lows) as long as these support levels hold.
Bear market rallies would be confirmed by bullish reversals of the 2-month downtrends, or above 3810 on the SPX and above $174 on the IWM, and the latter happened today.


Bear Market Rally Remains in Play; Russell 2000 (IWM) Short-Term Breakout; Buys in Banks & Insurance

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> has recorded a more respectable result this year compared to the peers such as Tesla, Nio, and Xpeng. </li>
<li>Overseas sales could be the next growth engine if the domestic market sales may stall. </li>
<li>The price increase early this year to the customers did not deter the company's growth rate which indicates its pricing power. </li>
</ul>



BYD (1211 HK) has recorded a more respectable result this year compared to the peers such as Tesla, Nio, and Xpeng. 
Overseas sales could be the next growth engine if the domestic market sales may stall. 
The price increase early this year to the customers did not deter the company's growth rate which indicates its pricing power. 


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul>
<li>China’s largest new-energy vehicle (NEV) manufacturer BYD Co. Ltd. reported record sales last month as China stepped up stimulus to shore up sluggish economic growth.</li>
<li>In September, Hong Kong- and Shenzhen-listed BYD sold 201,259 NEVs, a category that includes electric and hybrid vehicles.</li>
<li>The figure was up 183% year-on-year and marked the seventh consecutive month of growth.</li>
</ul>


China’s largest new-energy vehicle (NEV) manufacturer BYD Co. Ltd. reported record sales last month as China stepped up stimulus to shore up sluggish economic growth.
In September, Hong Kong- and Shenzhen-listed BYD sold 201,259 NEVs, a category that includes electric and hybrid vehicles.
The figure was up 183% year-on-year and marked the seventh consecutive month of growth.


BYD Sales Hit Record High as China Steers Stimulus to Auto Market

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> are pre-marketing a US$1.5 billion and US$2.0 billion HKEx IPO, respectively.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (2007699D HK) and Onewo Space-Tech (ONEWO HK) are pre-marketing a US$1.5 billion and US$2.0 billion HKEx IPO, respectively.
Event-Driven developments - BYD (1211 HK), Giordano International (709 HK), MACA Ltd (MLD AU), Nitro Software Ltd (NTO AU), Link Net (LINK IJ).


Weekly Deals Digest (04 Sep) - Giordano, BYD, Link Net, MACA, Nitro, Nearmap, Leapmotor, Onewo

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.

Apollo Global Management, Inc. operates as an alternative investment management company. The Company focuses on investing in yield, hybrid, and equity markets to generate retirement and investment income for clients. Apollo Global Management serves businesses and individuals worldwide.

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

Equitable Holdings, Inc. is an independent U.S.-based financial services company. The Company, through its subsidiaries, provides advice, protection, retirement strategies, and investment-management and research.

Voya Financial, Inc. is a retirement, investment and insurance company. The Company offers asset accumulation, asset protection and asset distribution products and services to individual and institutional customers in the United States.

PennyMac Financial Services, Inc. provides mortgage lending services. The Company offers credit risk transfers, loan servicing and production, investment management, and other related financial services. PennyMac Financial Services serves customers in the United States.

Paymentus Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, develops cloud-based bill payment technology and solutions. Paymentus Holdings serves customers worldwide.

Fannie Mae buys and holds mortgages, and issues and sells guaranteed mortgage-backed securities to facilitate housing ownership for low to middle-income Americans. The Company was chartered by the United States Congress, but went public in 1970.

Compass Diversified Holdings is an investment holding company. The Company acquires controlling interests in profitable small to middle market businesses in niche industries as well as works with management to pursue growth opportunities and provide strategic support.

Cannae Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, manages and operates a group of companies and investments. Cannae Holdings serves investors in the State of Nevada.

Investor AB is an industrial holding company. The Company owns significant shareholdings in major public multinational companies and conducts private equity activities in Europe, North America, and Asia. Investor takes an active ownership role in many of the companies it owns.

Bajaj Finserv Ltd. is currently engaged in life insurance; general insurance and consumer finance businesses and has plans to expand its business by offering a wide array of financial products and services in India. The Company is also active in wind-energy generation.

ORIX Corporation provides comprehensive financial services throughout the world. The Company's business lines include leasing, real estate loans, life insurance, banking, and consumer finance.  The Company also operates Environment related business and Private equity investment business. ORIX has a professional baseball team, the ORIX Buffalos.

Fubon Financial Holding Co., Ltd. is a financial holding company, formed through the merger of Fubon Insurance, Fubon Securities, Fubon Commercial Bank, and Fubon Life Assurance.

FirstRand Limited is a portfolio of separately branded, integrated financial services businesses offering a universal set of transactional, lending, investment and insurance products and services in South Africa, certain markets in sub-Saharan Africa and the UK.

Indian Railway Finance Corporation Limited (IRFC) provides financial services. The Company raises money from the market through bonds and off-shores borrowings to finance the plan outlay of railways and other various developmental programs. IRFC serves customers in India. 

Indian Railway Finance Corporation (IRFC IN)

Adyen N.V. provides payment solutions. The Company offers a platform that enable merchants and businesses to process payments online, mobile, and point-of-sale systems with payment methods including card schemes, mobile wallets, and other local methods. Adyen serves customers worldwide.

Rural Electrification Corporation Limited engages in the financing and promotion of transmission, distribution and generation projects in India. The Company provides funding to clients to assist them in formulating and implementing various types of power project-related schemes.

Power Finance Corporation funds power projects in India.  The Company serves state power utilities, central power sector utilities, power departments, private power sector utilities, joint sector power utilities, power equipment manufacturers, and municipal power utilities.

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Berkshire Hathaway Inc Cl B (BRK/B US)

Taiwan Tech Weekly: Buffet Invests in TSMC, Hon Hai Issues Improving, China Chip Imports Slump

Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).

Vincent Fernando, CFA

Bear Market Rally Remains in Play; Russell 2000 (IWM) Short-Term Breakout; Buys in Banks & Insurance

A bear market rally (+10% from the lows) remains in play as long as the $SPX remains above its 200-week MA (3590-3600) and the $IWM remains above...

Vermilion Research

BYD (1211): Respectable Result

BYD currently trading at 0.46 forward PEG, a 36% discount compared to Tesla which is trading at 0.72x forward PEG. Its monthly sales growth rate is...

Henry Soediarko

BYD Sales Hit Record High as China Steers Stimulus to Auto Market

China’s largest new-energy vehicle (NEV) manufacturer BYD Co. Ltd. reported record sales last month as China stepped up stimulus to shore up...

Caixin Global

Weekly Deals Digest (04 Sep) - Giordano, BYD, Link Net, MACA, Nitro, Nearmap, Leapmotor, Onewo

Last week, notable developments occurred in Event-Driven (BYD, Giordano, MACA, Nitro, Link Net) and ECM (Leapmotor, Onewo).

Arun George

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