Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. </li>
<li>We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.</li>
<li>The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.</li>
</ul>


We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. 
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.


ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

<ul>
<li>Nanya Tech management extrapolated on their recent results call that they believe 2Q23 was the bottom for the DRAM cycle.</li>
<li>We've updated our Nanya Tech financial model and estimates; we still see a short-term trade back to Nanya Tech's mid-June high. However, Elan Microelectronics is a Long with more edge.</li>
<li>While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and Samsung appears to be turning a corner.</li>
</ul>


Nanya Tech management extrapolated on their recent results call that they believe 2Q23 was the bottom for the DRAM cycle.
We've updated our Nanya Tech financial model and estimates; we still see a short-term trade back to Nanya Tech's mid-June high. However, Elan Microelectronics is a Long with more edge.
While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and Samsung appears to be turning a corner.


Memory Monitor: Nanya Management Provides More Color on DRAM Cycle Bottom; Elan a Long W/ More Edge

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

<ul>
<li>TSMC winning with Nvidia's business, beating Samsung due to TSMC's advanced packaging technology; this highlights the rising importance and complexity of chip packaging.</li>
<li>China export restrictions for rare earths used in semiconductors highlight opportunity for U.S. and Australian rare earths producers. We identify two potential plays.</li>
<li>Nanya Technology Earnings: DRAM market has bottomed, sees industry improvement ahead. We see a trading Long opportunity.</li>
</ul>


TSMC winning with Nvidia's business, beating Samsung due to TSMC's advanced packaging technology; this highlights the rising importance and complexity of chip packaging.
China export restrictions for rare earths used in semiconductors highlight opportunity for U.S. and Australian rare earths producers. We identify two potential plays.
Nanya Technology Earnings: DRAM market has bottomed, sees industry improvement ahead. We see a trading Long opportunity.


Taiwan Tech Weekly: TSMC Packaging Tech Ahead of Samsung; China Rare Earths Restrictions Plays; DRAM

<ul>
<li>Netherlands expands range of semiconductor tech restricted for export; Tightening the vice further on China's semiconductor industry.</li>
<li>AI In The Family: Nvidia founder Jensen Huang a distant cousin of AMD CEO Lisa Su.</li>
<li>TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and Delta.</li>
</ul>


Netherlands expands range of semiconductor tech restricted for export; Tightening the vice further on China's semiconductor industry.
AI In The Family: Nvidia founder Jensen Huang a distant cousin of AMD CEO Lisa Su.
TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and Delta.


Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Micron reported FQ3’23 revenues of $3.8 billion, up 2% sequentially and down 57% year-over-year.</li>
<li>Despite upbeat AI notes among others, Micron quietly delivered more bad news than good with their overall outlook worsening in many key respects. </li>
<li>In the company's own words, "Profitability and cash flow will remain extremely challenged for some time". For "some time", you could insert "at least 12 months"</li>
</ul>


Micron reported FQ3’23 revenues of $3.8 billion, up 2% sequentially and down 57% year-over-year.
Despite upbeat AI notes among others, Micron quietly delivered more bad news than good with their overall outlook worsening in many key respects. 
In the company's own words, "Profitability and cash flow will remain extremely challenged for some time". For "some time", you could insert "at least 12 months"


Taiwan

eMemory Technology, Inc. develops and provides logic non-volatile memory (LogicNVM) technology. The company licenses its intellectual property to semiconductor foundries, integrated devices manufacturers (IDMs), and fabless design houses around the world.

Sino-American Silicon Products Inc. supplies silicon-based products, including silicon lapped wafer, silicon diffusion wafer, silicon ingot, silicon diffused diode chip, and automobile rectifier.  The Company sells its products worldwide.

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

Global Unichip Corporation designs and produces a wide variety of silicon chips.

ASPEED Technology Inc. is a fabless IC-design house that specializes in server management, PC/AV extensions solution, desktop virtualization and security enhancement. The Company's products range from silicon chips, IPs to software products that enable sophisticated SOC- centric multimedia, praphics and new work applications.

Powertech Technology Inc. tests, packages, and assembles integrated circuits (ICS).  The Company's products and services include memory product test and various kinds of IC package services, such as thin small-outline package (TSOP) services.

Asmedia Technology Inc designs mulitmedia integrated control(IC) chip and high frequency mixed mode IC chip. The company's products inlcude high speed digit switch, nand flash controller and super speed USB controller.

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

GCL-Poly Energy Holdings Ltd is a Chinese power company that produces solar grade polysilicon and operates cogeneration plants and in China.

Gcl Poly Energy Holdings Limited (3800 HK)

Sanan Optoelectronics Co., Ltd. operates in the business of researching, producing and selling of LED epitaxial wafers and wafers.

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

Tianjin Zhonghuan Semiconductor Co., Ltd. manufactures discrete semiconductor devices. The Company's main products are High Voltage Diode, Silicon Rectifier Diode, Silicon Bridge Rectifier, MWO High Voltage Silicon Diode and special High Voltage Silicon Diode .

Tianjin Zhonghuan Semiconductor (002129 CH)

Hua Hong Semiconductor Limited manufactures semiconductors on 200mm wafers for specialty applications. The Company's products are used in the consumer electronic, communication, computing and industrial, and automotive industries.

Rambus Inc. designs, develops, licenses, and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems, and other electronic systems.  The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating Rambus interface technology.

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

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Nanya Technology (2408 TT)

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

Vincent Fernando, CFA

Memory Monitor: Nanya Management Provides More Color on DRAM Cycle Bottom; Elan a Long W/ More Edge

While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Packaging Tech Ahead of Samsung; China Rare Earths Restrictions Plays; DRAM

China export restrictions for rare earths used in semiconductors highlight opportunity for U.S. and Australian rare earths producers.

Vincent Fernando, CFA

Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family

Also -- TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and...

Vincent Fernando, CFA

Micron. Clutching At AI Straws

FQ3’23 revenues $3.8 billion, + 2% QoQ & -57% YoY. Micron: "Profitability and cash flow will remain extremely challenged for some time". For "some...

William Keating

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