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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.</li>
<li>Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 33 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.
Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.
We highlight 33 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

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>The semiconductor revenue decline took a short break in October.</li>
<li>Spot market prices for DRAM and NAND flash have slowed their decrease.</li>
<li>These are signs that the current market collapse is slowing, although we haven't hit bottom yet.</li>
</ul>


The semiconductor revenue decline took a short break in October.
Spot market prices for DRAM and NAND flash have slowed their decrease.
These are signs that the current market collapse is slowing, although we haven't hit bottom yet.


Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>At this point, one constituent change is expected, and LG Chem is expected to replace KT&amp;G.</li>
<li>The return of the equal-weighted long/short basket trade for the constituent changes in the past two years was recorded from 2.3% to 3.8%.</li>
<li>Both LG Chem and KT&amp;G are expected to have a significant rebalancing flow impact. It can be an event that brings a juicy day trading return.</li>
</ul>


At this point, one constituent change is expected, and LG Chem is expected to replace KT&amp;G.
The return of the equal-weighted long/short basket trade for the constituent changes in the past two years was recorded from 2.3% to 3.8%.
Both LG Chem and KT&amp;G are expected to have a significant rebalancing flow impact. It can be an event that brings a juicy day trading return.


Introducing KODEX Top 5 Plus ETF Rebalancing Event

<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

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

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

Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023. We highlight 33 pair trades that...

Douglas Kim

Is The Semiconductor Collapse Slowing?

One week before most chip companies report revenues, the semiconductor market seems to be slowing its decline. Although the market hasn't yet hit...

Jim Handy

Introducing KODEX Top 5 Plus ETF Rebalancing Event

KODEX Top 5 Plus ETF rebalancing will likely feature one constituent change, which can deliver a juicy day trading return.

Sanghyun Park

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

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