Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Q1 2023 revenue of ~US$16.7 billion was at the bottom end of the guided range </li>
<li>Despite the inauspicious start, Q1 revenue still represents sequential growth of 3.6% year on year.</li>
<li>TSMC's earnings commentary on April 20 next will set the stage for how recovery looks across the broader semiconductor industry</li>
</ul>


Q1 2023 revenue of ~US$16.7 billion was at the bottom end of the guided range 
Despite the inauspicious start, Q1 revenue still represents sequential growth of 3.6% year on year.
TSMC's earnings commentary on April 20 next will set the stage for how recovery looks across the broader semiconductor industry


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 announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.</li>
<li>Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.</li>
<li>Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.</li>
</ul>


Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.
Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.
Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.


Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Samsung Electronics Pref Shares / Equity Bottom-Up

<ul>
<li>In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 2Q 2023. </li>
<li>The excessive gaps in the preferred and common shares of CJ Corp, Samsung Electronics, and LG Electronics could reverse in the next several months, in our view. </li>
<li>We see some attractive longer-term opportunities for Amorepacific Corp, Doosan Fuelcell, LG Electronics, and Samsung SDI which have especially high discounts for the preferred shares versus their counterpart common shares.</li>
</ul>


In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 2Q 2023. 
The excessive gaps in the preferred and common shares of CJ Corp, Samsung Electronics, and LG Electronics could reverse in the next several months, in our view. 
We see some attractive longer-term opportunities for Amorepacific Corp, Doosan Fuelcell, LG Electronics, and Samsung SDI which have especially high discounts for the preferred shares versus their counterpart common shares.


Gap Trades in Korean Prefs Vs Common Share Pairs in 2Q 2023

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

<ul>
<li>At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.</li>
<li>LT RSI's typically maintain a 40-80 range in sustainable uptrends and a 20-60 range in sustainable downtrends. Quarterly RSI has maintained a 45-85 range since 2001 (LT uptrend bias).</li>
<li>The material correction of 2021/2022 has produced a high probability confirmation of a renewed LT uptrend (quarterly Morning Star pattern). Minimum target range at 74300/79610 (+15-25%) in the coming year.</li>
</ul>


At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
LT RSI's typically maintain a 40-80 range in sustainable uptrends and a 20-60 range in sustainable downtrends. Quarterly RSI has maintained a 45-85 range since 2001 (LT uptrend bias).
The material correction of 2021/2022 has produced a high probability confirmation of a renewed LT uptrend (quarterly Morning Star pattern). Minimum target range at 74300/79610 (+15-25%) in the coming year.


Samsung Electronics (005930 KS) - Bullish LT Uptrend Confirmation in Q1 2023 Implies 15-25% Upside

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>The three companies we write about this week are <strong><a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/cj-cheiljedang-corp" target="_blank" data-smartkarma-citation="entities:1970:1" rel="noopener">CJ Cheiljedang (097950 KS)</a></strong>   </li>
<li>For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms</li>
<li>For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%</li>
</ul>


The three companies we write about this week are Tata Consultancy Svcs (TCS IN) , LG Chem Ltd (051910 KS) and CJ Cheiljedang (097950 KS)   
For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms
For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%


The Innovations Portfolios - Week Nineteen

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)

TSMC March Revenue Falls 10.9% MoM

Q1 2023 revenue of ~US$16.7 billion was at the bottom end of the guided range. Despite the inauspicious start, Q1 revenue still represents...

William Keating

Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

Samsung reversed its production capacity strategy after suffering losses. Also, Japan's semiconductor manufacturing equipment export restrictions...

Vincent Fernando, CFA