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>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

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX Flat as Chips stocks sell off on potential new China restrictions;  Fed Chair Powell keeps hawkish stance saying more hikes on the horizon; Micron calling bottom on Memory. </li>
<li>JAPAN. NKY Futs +0.1% vs Cash; USDJPY 144.4; Japan FX Tsar concerned saying govt will  respond "appropriately" on excessive weakness; Final Fantasy 16 off to a solid start</li>
<li>NUGGET. Katitas - specialist in remodelling vacant homes. 40% YTD underpeformance vs TPX. Govt stepping up support of vacant home sector - supportive of Katitas's business.</li>
</ul>


OVERSEAS. SPX Flat as Chips stocks sell off on potential new China restrictions;  Fed Chair Powell keeps hawkish stance saying more hikes on the horizon; Micron calling bottom on Memory. 
JAPAN. NKY Futs +0.1% vs Cash; USDJPY 144.4; Japan FX Tsar concerned saying govt will  respond "appropriately" on excessive weakness; Final Fantasy 16 off to a solid start
NUGGET. Katitas - specialist in remodelling vacant homes. 40% YTD underpeformance vs TPX. Govt stepping up support of vacant home sector - supportive of Katitas's business.


Ohayo Japan|Chips Sell Off; Micron Calls Memory Bottom; NUGGET: Katitas(8919)-Future Looks Bright

<ul>
<li>Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.</li>
<li>We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.</li>
<li>While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.</li>
</ul>


Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.
We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.
While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.


Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

<ul>
<li>Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.</li>
<li>Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.</li>
<li>AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.</li>
</ul>


Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.
Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.
AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.


Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

<ul><li>1st chart shows us the 2023 % returns &amp; the holdings weightings while the 2nd table is a return attribution analysis which tells us exactly that 10.25% (1025 b.p basis points) are due to just 7 stocks, the M7 (Magnificent Seven) tech stocks: Apple, Microsoft, Nvidia, Amazon, Tesla, Meta/Facebook &amp; Google/Alphabet. Let that sink in!</li><li>The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023</li><li>To continues smoothly here, the S&amp;P 500 with the stocks above their 52-week lows &amp; below their 52-week highs: tech, AI, semiconductors and consumer discretionary are leading and hot, while energy, cruises &amp; travel cooled off in the last year</li></ul>

1st chart shows us the 2023 % returns &amp; the holdings weightings while the 2nd table is a return attribution analysis which tells us exactly that 10.25% (1025 b.p basis points) are due to just 7 stocks, the M7 (Magnificent Seven) tech stocks: Apple, Microsoft, Nvidia, Amazon, Tesla, Meta/Facebook &amp; Google/Alphabet. Let that sink in!The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023To continues smoothly here, the S&amp;P 500 with the stocks above their 52-week lows &amp; below their 52-week highs: tech, AI, semiconductors and consumer discretionary are leading and hot, while energy, cruises &amp; travel cooled off in the last year

The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics - Ed #2

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

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

Ohayo Japan|Chips Sell Off; Micron Calls Memory Bottom; NUGGET: Katitas(8919)-Future Looks Bright

SPX Flat; Chip stocks sell off; NKY Futs +0.1% vs Cash; USDJPY 144.4; Japan FX Tsar concerned saying govt will respond "appropriately" on...

Mark Chadwick

Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

We spoke with management. Opportunity to acquire a stock with strong fundamentals... Without having to chase a hyped-up share price.

Vincent Fernando, CFA

Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning...

Vincent Fernando, CFA

The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics - Ed #2

The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023

Maverick Equity Research

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