Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/thermo-fisher-scientific-inc" target="_blank" data-smartkarma-citation="entities:7375:1" rel="noopener">Thermo Fisher Scientific Inc (TMO US), </a><a href="https://www.smartkarma.com/entities/ford-motor-co" target="_blank" data-smartkarma-citation="entities:19225:1" rel="noopener">Ford Motor Co (F US) </a>and <a href="https://www.smartkarma.com/entities/sonoco-products-co" target="_blank" data-smartkarma-citation="entities:15651:1" rel="noopener">Sonoco Products Co (SON US)</a> </li>
<li>For the eleven weeks since inception ended 3 Feb the combined innovation portfolio was +4.6%, versus DJIA +.5%, S&amp;P500 +4.3%, Nasdaq +7.7%, Russell2000 +7.3%, MSCI-ACWI-ETF +5.7%, all in US$ terms</li>
<li>Ironically or aptly it was at "China Lake" in California that the infrared technology in the AIM-9X Sidewinder missile that brought down the "spy/weather" balloon was developed.</li>
</ul>


The three companies we write about this week are Thermo Fisher Scientific Inc (TMO US), Ford Motor Co (F US) and Sonoco Products Co (SON US) 
For the eleven weeks since inception ended 3 Feb the combined innovation portfolio was +4.6%, versus DJIA +.5%, S&amp;P500 +4.3%, Nasdaq +7.7%, Russell2000 +7.3%, MSCI-ACWI-ETF +5.7%, all in US$ terms
Ironically or aptly it was at "China Lake" in California that the infrared technology in the AIM-9X Sidewinder missile that brought down the "spy/weather" balloon was developed.


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>Samsung reported 4Q22 detailed results - Semiconductor earnings evaporated and its memory subsegment likely lost money.</li>
<li>Samsung re-iterated that it would NOT cut capex despite the market downturn - Samsung appears ready to endure losses which is negative for Nanya Tech, SK Hynix, and Micron.</li>
<li>Japan and the Netherlands have joined the U.S. with chip technology restrictions for China - Hon Hai is a net winner.</li>
</ul>


Samsung reported 4Q22 detailed results - Semiconductor earnings evaporated and its memory subsegment likely lost money.
Samsung re-iterated that it would NOT cut capex despite the market downturn - Samsung appears ready to endure losses which is negative for Nanya Tech, SK Hynix, and Micron.
Japan and the Netherlands have joined the U.S. with chip technology restrictions for China - Hon Hai is a net winner.


Taiwan Tech Weekly: Samsung Results; Will Bleed Competitors; Japan & Holland Join China Chip Ban

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/roche-holding-ltd" target="_blank" data-smartkarma-citation="entities:976:1" rel="noopener">Roche Holding Ltd (ROG VX)</a> , <a href="https://www.smartkarma.com/entities/siemens-healthineers-ag" target="_blank" data-smartkarma-citation="entities:29221:1" rel="noopener">Siemens Healthineers AG (SHL GR)</a> and <a href="https://www.smartkarma.com/entities/e-ink-holdings-inc" target="_blank" data-smartkarma-citation="entities:17793:1" rel="noopener">E Ink Holdings (8069 TT)</a> </li>
<li>For the ten weeks since inception ended 27 Jan the combined innovation portfolio was +4.0%, versus DJIA +.7%, S&amp;P500 +2.7%, Nasdaq +4.3%, Russell2000 +3.3%, MSCI-ACWI-ETF +5.1%, all in US$ terms</li>
<li>For the first time in decades IBM lost its top position in patent registrations in US. IBM’s patent count declined 44% to 4,743 patents in 2022, versus Samsung Electronics' 8,513</li>
</ul>


The three companies we write about this week are Roche Holding Ltd (ROG VX) , Siemens Healthineers AG (SHL GR) and E Ink Holdings (8069 TT) 
For the ten weeks since inception ended 27 Jan the combined innovation portfolio was +4.0%, versus DJIA +.7%, S&amp;P500 +2.7%, Nasdaq +4.3%, Russell2000 +3.3%, MSCI-ACWI-ETF +5.1%, all in US$ terms
For the first time in decades IBM lost its top position in patent registrations in US. IBM’s patent count declined 44% to 4,743 patents in 2022, versus Samsung Electronics' 8,513


External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.</li><li>For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.</li><li>By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and China COVID-19 impact.For 2022, global smartphone shipment fell 11% YoY to 1.21bn unit, marking the lowest annual shipment since 2013.By brand, Apple/ Samsung/Xiaomi/Oppo/Vivo declined 15%/16%/26%/16%/19% YoY in 4Q22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology - 4Q22 Global Smartphone Shipment Down 18% YoY

<ul>
<li>ASML and Lam Research's latest guidance implies extremely different near-term revenue outlooks but shows an industry pulling back near-term while investing for long-term.</li>
<li>Results show the much weaker situation for Memory chips vs. Logic chips, and little discussion of a recovery for Memory from the firms so far.</li>
<li>Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.</li>
</ul>


ASML and Lam Research's latest guidance implies extremely different near-term revenue outlooks but shows an industry pulling back near-term while investing for long-term.
Results show the much weaker situation for Memory chips vs. Logic chips, and little discussion of a recovery for Memory from the firms so far.
Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.


ASML & Lam Results: Key Take-Aways for Semiconductors in 2023

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

The Innovations Portfolio - Week Eleven

For the eleven weeks since inception ended 3 Feb the combined innovation portfolio was +4.6%, versus DJIA +.5%, S&P500 +4.3%, Nasdaq +7.7%,...

Pyari Menon

Taiwan Tech Weekly: Samsung Results; Will Bleed Competitors; Japan & Holland Join China Chip Ban

Samsung re-iterated that it would NOT cut capex despite the market downturn - Samsung appears ready to endure losses which is negative for Nanya...

Vincent Fernando, CFA

The Innovations Portfolio - Week Ten

For the ten weeks since inception ended 27 Jan the combined innovation portfolio was +4.0%, versus DJIA +.7%, S&P500 +2.7%, Nasdaq +4.3%,...

Pyari Menon

China Technology - 4Q22 Global Smartphone Shipment Down 18% YoY

IDC released 4Q22 global smartphone shipment with 18% YoY decline (vs -9.3% in 3Q22), mainly due to weak consumer demand, rising inflation and...

CMB International

ASML & Lam Results: Key Take-Aways for Semiconductors in 2023

Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.

Vincent Fernando, CFA

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