Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

<ul>
<li>Q1’23 revenues of NT$95.7 billion, down 11.6% sequentially and 33% year-over-year.</li>
<li>Q2'23 revenues sequentially flat at the midpoint. Longer replacement cycles and growing refurbishment market will see 2023 unit shipments decline a further ~10% YoY.</li>
<li>Strength in Smart Edge products (TV, Tablet, Telco, Automotive) continues to offset weakness in smartphones</li>
</ul>


Q1’23 revenues of NT$95.7 billion, down 11.6% sequentially and 33% year-over-year.
Q2'23 revenues sequentially flat at the midpoint. Longer replacement cycles and growing refurbishment market will see 2023 unit shipments decline a further ~10% YoY.
Strength in Smart Edge products (TV, Tablet, Telco, Automotive) continues to offset weakness in smartphones


MediaTek Q1'23 Earnings NT$95.7 Billion, -11.6% QoQ , -33% YoY. Q2'23 Flat QoQ

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

<ul>
<li>Mediatek results showed it may be in one of the stronger positions through this cycle, part of the stronger group of company's in what appears a 'two-track' semi industry recovery.</li>
<li>The company reported notable strength in TV end-demand relative to the rest of the consumer electronics space.</li>
<li>The company implied 2Q23E could be the company's cycle bottom.</li>
</ul>


Mediatek results showed it may be in one of the stronger positions through this cycle, part of the stronger group of company's in what appears a 'two-track' semi industry recovery.
The company reported notable strength in TV end-demand relative to the rest of the consumer electronics space.
The company implied 2Q23E could be the company's cycle bottom.


Mediatek: TV Demand Peculiarly Strong Within Consumer Electronics Malaise

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.

Iridium Communications / Equity Bottom-Up

<ul>
<li>IRDM reported first quarter results continuing its recent trend of adding more billable subscribers to its network. </li>
<li>The first quarter is seasonally a period when there are fewer maritime customers, but Internet of Things (“IOT”) data subscribers grew sequentially</li>
<li>Equipment revenue has grown over the past year. IRDM’s partners do not stock inventory. Therefore, any planned installs should result in higher subscriber revenue as these units are activated</li>
</ul>


IRDM reported first quarter results continuing its recent trend of adding more billable subscribers to its network. 
The first quarter is seasonally a period when there are fewer maritime customers, but Internet of Things (“IOT”) data subscribers grew sequentially
Equipment revenue has grown over the past year. IRDM’s partners do not stock inventory. Therefore, any planned installs should result in higher subscriber revenue as these units are activated


Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Qualcomm has appeared on the radar for attractive dividend plays.</li>
<li>The current yield is among the highest in the sector and also appears safe based on historical data.</li>
<li>There are a number of important risks that overshadow Qualcomm's ability to consistently increase its dividend.</li>
</ul>


Qualcomm has appeared on the radar for attractive dividend plays.
The current yield is among the highest in the sector and also appears safe based on historical data.
There are a number of important risks that overshadow Qualcomm's ability to consistently increase its dividend.


Qualcomm's Dividend Increase: A Positive Sign But Not A Silver Bullet

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)

MediaTek Q1'23 Earnings NT$95.7 Billion, -11.6% QoQ , -33% YoY. Q2'23 Flat QoQ

Q1’23 revenues of NT$95.7 billion, -11.6% QoQ & -33% YoY. Q2'23 revenues sequentially flat at the midpoint. Strength in TV, Tablet, Telco &...

William Keating

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

Mediatek: TV Demand Peculiarly Strong Within Consumer Electronics Malaise

Mediatek results showed it may be in one of the stronger positions through this cycle, part of the stronger group of company's in what appears a...

Vincent Fernando, CFA

IRDM: Compounding Free Cash Flow

Subscriber count continues to increase as customers purchase devices with IRDM's satellite connectivity. The QCOM partnership should lead to...

BWS Financial Inc

Qualcomm's Dividend Increase: A Positive Sign But Not A Silver Bullet

Qualcomm has appeared on the radar for attractive dividend plays.The current yield is among the highest in the sector and also appears safe based...

Vladimir Dimitrov, CFA

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