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>Taiwan's government has passed new major tax subsidies to support semiconductor firms' R&amp;D and capex spending.</li>
<li>TSMC results will be out this afternoon; Interestingly, TSMC's CEO has been buying shares during October, November, and December.</li>
<li>Hon Hai has begun iPhone 15 trial production, and Zhengzhou is back to 100%.</li>
</ul>


Taiwan's government has passed new major tax subsidies to support semiconductor firms' R&amp;D and capex spending.
TSMC results will be out this afternoon; Interestingly, TSMC's CEO has been buying shares during October, November, and December.
Hon Hai has begun iPhone 15 trial production, and Zhengzhou is back to 100%.


Taiwan Tech Weekly: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

<ul>
<li>TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.</li>
<li>Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.</li>
<li>Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.</li>
</ul>


TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.
Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.
Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.


Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

<ul>
<li>Intel outperformed TSMC in 1H December, and then TSMC outperformed after some negative rumors about an Intel product delay/cancellation.</li>
<li>After a quiet December, January will be a big month as we will have 4Q22E result for both companies. The expectatioins bar for INTC is set very low.</li>
<li>We see a potential Long INTC vs. Short TSMC opportunity <strong><em>after</em></strong> TSMC has released results and before INTC has released its results.</li>
</ul>


Intel outperformed TSMC in 1H December, and then TSMC outperformed after some negative rumors about an Intel product delay/cancellation.
After a quiet December, January will be a big month as we will have 4Q22E result for both companies. The expectatioins bar for INTC is set very low.
We see a potential Long INTC vs. Short TSMC opportunity after TSMC has released results and before INTC has released its results.


Intel Vs. TSMC Monitor: After a Quiet December, January Will Be a Big Month

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Micron's earnings call gives a good advanced warning of similar companies' reports</li>
<li>The company's downturn is the worst in the past 13 years</li>
<li>Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.</li>
</ul>


Micron's earnings call gives a good advanced warning of similar companies' reports
The company's downturn is the worst in the past 13 years
Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>VinFast Auto ("VinFast") is getting ready to complete its IPO on Nasdaq in January 2023.</li>
<li>We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year. </li>
<li>The fact that the company is trying to hurry up to complete this IPO in early 2023 suggests that there could be some bigger concerns about long-term financing of VinFast.</li>
</ul>


VinFast Auto ("VinFast") is getting ready to complete its IPO on Nasdaq in January 2023.
We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year. 
The fact that the company is trying to hurry up to complete this IPO in early 2023 suggests that there could be some bigger concerns about long-term financing of VinFast.


VinFast IPO Preview - Too Big to Fail In Vietnam

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: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

TSMC results will be released this afternoon. Notably, TSMC's CEO has been buying shares over the last three months. Hon Hai begins iPhone 15 trial...

Vincent Fernando, CFA

Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.

Vincent Fernando, CFA

Intel Vs. TSMC Monitor: After a Quiet December, January Will Be a Big Month

We see a potential Long INTC vs. Short TSMC opportunity after TSMC has released results and before INTC has released its results.

Vincent Fernando, CFA

Micron Earnings Give Semi Market Outlook

Micron's just-announced revenues indicate trouble today for its peers and trouble next year for tool makers, but other sectors should fare much...

Jim Handy

VinFast IPO Preview - Too Big to Fail In Vietnam

We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year.

Douglas Kim

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