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>While most of the semi industry is reducing capex due to market weakness -- Samsung says it will still expand capacity next year.</li>
<li>China chip restrictions get more severe -- Now Arm is not selling its most advanced chip architectures to Chinese firms.</li>
<li>TSMC in advanced talks to set up its first European production capacity in Germany.</li>
</ul>


While most of the semi industry is reducing capex due to market weakness -- Samsung says it will still expand capacity next year.
China chip restrictions get more severe -- Now Arm is not selling its most advanced chip architectures to Chinese firms.
TSMC in advanced talks to set up its first European production capacity in Germany.


Taiwan Tech Weekly: Samsung Will Keep Expanding Capacity, China Chip Restrictions Tighten Further

<ul>
<li>Micron's recent results, where it showed a major margin slide and swung to a net loss, imply weak results ahead for Nanya Tech.</li>
<li>We believe that Nanya's FY2023E consensus figures are likely to be revised down.</li>
<li>We see more downside risk ahead for Nanya Tech shares, and will await lower levels before buying based on deep-value.</li>
</ul>


Micron's recent results, where it showed a major margin slide and swung to a net loss, imply weak results ahead for Nanya Tech.
We believe that Nanya's FY2023E consensus figures are likely to be revised down.
We see more downside risk ahead for Nanya Tech shares, and will await lower levels before buying based on deep-value.


Nanya Technology: Consensus Numbers Likely Too High, Net Loss Potential

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Micron released its latest results, missing expectations and implying more near-term pain for the memory chip space.</li>
<li>Hon Hai could shift 30% of its production for Apple outside of China according to an industry report.</li>
<li>Intel delays German expansion citing cost inflation, seeking additional government subsidies.</li>
</ul>


Micron released its latest results, missing expectations and implying more near-term pain for the memory chip space.
Hon Hai could shift 30% of its production for Apple outside of China according to an industry report.
Intel delays German expansion citing cost inflation, seeking additional government subsidies.


Taiwan Tech Weekly: Micron Earnings Miss Implies Margin Downside, Hon Hai Moving 30% Apple Business

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai's Zhengzhou iPhone plant to return to full production? Shares pop</li>
<li>Nanya Tech shares worst performers last week - We remain near-term negative</li>
<li>Intel &amp; TSMC trade flattish last week -- Intel currently at UBS's TMT conference</li>
</ul>


Hon Hai's Zhengzhou iPhone plant to return to full production? Shares pop
Nanya Tech shares worst performers last week - We remain near-term negative
Intel &amp; TSMC trade flattish last week -- Intel currently at UBS's TMT conference


Taiwan Tech Weekly: Hon Hai IPhone Plant Recovery, Nanya Slumps, Intel Foundry Potential in 2023

<ul>
<li>Nanya Tech shares have dropped, but there's still a 10% trading sell from these levels.</li>
<li>The company had dramatically outperformed the Taiwan market and Memory chip peers, yet is heading into weakening end-demand with inventory levels at multi-year highs.</li>
<li>We see the potential for inventory write-downs and a negative operating margin in the coming quarters. Meanwhile, opportunities for near-term good news appear limited.</li>
</ul>


Nanya Tech shares have dropped, but there's still a 10% trading sell from these levels.
The company had dramatically outperformed the Taiwan market and Memory chip peers, yet is heading into weakening end-demand with inventory levels at multi-year highs.
We see the potential for inventory write-downs and a negative operating margin in the coming quarters. Meanwhile, opportunities for near-term good news appear limited.


Nanya Technology: Inventory Risk, A 10% Downside Trade Is Still Available

Taiwan

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)

Taiwan Tech Weekly: Samsung Will Keep Expanding Capacity, China Chip Restrictions Tighten Further

China chip restrictions get more severe -- Now Arm is not selling its most advanced chip architectures to Chinese firms.

Vincent Fernando, CFA

Nanya Technology: Consensus Numbers Likely Too High, Net Loss Potential

Micron's recent results imply more downside risk ahead for Nanya Tech shares, and we will await lower levels before buying based on deep-value.

Vincent Fernando, CFA

Taiwan Tech Weekly: Micron Earnings Miss Implies Margin Downside, Hon Hai Moving 30% Apple Business

Micron released its latest results, missing expectations and implying more near-term pain for the memory chip space. Also -- U.S. chip restrictions...

Vincent Fernando, CFA

Taiwan Tech Weekly: Hon Hai IPhone Plant Recovery, Nanya Slumps, Intel Foundry Potential in 2023

Intel & TSMC trade flattish last week -- Intel currently at UBS's TMT conference. Reuters reports that Hon Hai's Zhengzhou facility is recovering.

Vincent Fernando, CFA

Nanya Technology: Inventory Risk, A 10% Downside Trade Is Still Available

We see the potential for inventory write-downs and a negative operating margin in the coming quarters. Meanwhile, opportunities for near-term good...

Vincent Fernando, CFA

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