Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<ul>
<li>IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device</li>
<li>IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue. </li>
<li>The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024</li>
</ul>


IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device
IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue. 
The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

<ul>
<li>TSMC reported 3Q23 results yesterday -- Gross margin beat expectations and remains near historical highs.</li>
<li>TSMC maintains expectation of a 15-20% earnings CAGR through 2026E. Gross margin guided to remain near all-time highs.</li>
<li>Accumulate TSMC as a Structural Long position -- Undemanding multiple can drive Target Price NT$760 for ~40% Upside.</li>
</ul>


TSMC reported 3Q23 results yesterday -- Gross margin beat expectations and remains near historical highs.
TSMC maintains expectation of a 15-20% earnings CAGR through 2026E. Gross margin guided to remain near all-time highs.
Accumulate TSMC as a Structural Long position -- Undemanding multiple can drive Target Price NT$760 for ~40% Upside.


TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.</li>
<li>Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.</li>
<li>Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.</li>
</ul>


Samsung Electronics and Nanya Technology will report their results this week. Samsung could reportedly increase NAND prices this month, giving a potential hint to the memory outlook they will provide.
Hon Hai will begin mass production of its Model C electric car in 4Q23E in Taiwan. This will provide a proof point for Hon Hai's global EV platform business model.
Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.


Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

<ul>
<li>The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then</li>
<li>IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend</li>
<li>We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024</li>
</ul>


The theme of this year’s investor day at Iridium Communications (IRDM) was 2030 and what the Company was looking to achieve between now and then
IRDM did not announce any new products. The event was about IRDM’s ability to generate free cash flow that would be used to repurchase shares and increase the cash dividend
We, like many others, were looking to hear more about IRDM’s relationship with Qualcomm (QCOM), which was not the case. We are expecting an update from QCOM in January 2024


<ul>
<li>Micron results this week. The company is likely to call a trough for memory prices and highlight its development of the next most advanced type of HBM DRAM for AI. </li>
<li>Taiwan's market fell, with previous AI-rally beneficiaries continuing to be some of the top losers. Interestingly, Taiwan AI-names outperformed Nvidia over the last three months.</li>
<li>Intel's Innovation Conference wrapped up last week, with its new Meteor Lake PC CPUs launching Dec 14th, which is positive for the PC supply chain. Intel shares fell slightly however.</li>
</ul>


Micron results this week. The company is likely to call a trough for memory prices and highlight its development of the next most advanced type of HBM DRAM for AI. 
Taiwan's market fell, with previous AI-rally beneficiaries continuing to be some of the top losers. Interestingly, Taiwan AI-names outperformed Nvidia over the last three months.
Intel's Innovation Conference wrapped up last week, with its new Meteor Lake PC CPUs launching Dec 14th, which is positive for the PC supply chain. Intel shares fell slightly however.


Taiwan Tech Weekly: Micron Results Ahead; Taiwan AI Plays Slump But Still Beat Nvidia Last 3 Months

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

IRDM: Valuation Reset, Cash Flow Rising

IRDM's management downplayed the timing of when IRDM would generate royalties from its partnership with QCOM leading to the stock to remove the...

BWS Financial Inc

TSMC Results Highlight PC, Smartphone, Auto Turn-Arounds; Undemanding Valuation Can Drive 40% Upside

TSMC maintained its expectation of a 15-20% earnings CAGR through 2026E. It also reiterated its view that it can maintain its gross margin near all...

Vincent Fernando, CFA

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Top gainers recently have included rebounding AI names -- One can consider using the bounce to find AI shorts to pair against an Nvidia long.

Vincent Fernando, CFA

IRDM: Highlights from Investor Day

IRDM hosted an investor day to highlight the importance of the US Government business. IRDM did mention the upcoming release of direct to device,...

BWS Financial Inc

Taiwan Tech Weekly: Micron Results Ahead; Taiwan AI Plays Slump But Still Beat Nvidia Last 3 Months

Taiwan's market fell, with previous AI-rally beneficiaries continuing to be some of the top losers. Interestingly, Taiwan AI-names outperformed...

Vincent Fernando, CFA

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