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>Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).  </li>
<li>Hon Hai is receiving local government support to recruit/return workers in order to ease its crisis there. Meanwhile, it will also quadruple its India-based iPhone manufacturing staff.</li>
<li>UMC's ADR premium is 0% and could see a bounce given the surge in TSMC.</li>
</ul>


Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).  
Hon Hai is receiving local government support to recruit/return workers in order to ease its crisis there. Meanwhile, it will also quadruple its India-based iPhone manufacturing staff.
UMC's ADR premium is 0% and could see a bounce given the surge in TSMC.


Taiwan Tech Weekly: Buffet Invests in TSMC, Hon Hai Issues Improving, China Chip Imports Slump

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Chinese inflation data; Malaysian and Indonesian GDP growth</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/reliance-communications-ltd" target="_blank" data-smartkarma-citation="entities:5197:1" rel="noopener">Reliance Communications (RCOM IN)</a>, Jio</li>
</ul>


The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese inflation data; Malaysian and Indonesian GDP growth

 Companies mentioned:Taiwan Semiconductor (TSMC) (2330 TT), Reliance Communications (RCOM IN), Jio


GEM Weekly (11 Nov 2022): Chinese Inflation, Malaysia, Indonesia GDP; Reliance, Jio, TSMC

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

Taiwan Semiconductor (TSMC) - ADR / Technical Analysis

<ul>
<li>The development of TSS has been a life's work. We are pleased to acknowledge that our second TSS publication on Smartkarma produced an impressive and rapid result.</li>
<li>On 7 November we determined that the new interim downtrend low below 59.51 had failed and would likely produce a minimum 6-8% correction in 1-2 weeks. </li>
<li>TSM US subsequently produced a 13.4% gain in the following 3 days. Job done! Chart and further details attached.</li>
</ul>


The development of TSS has been a life's work. We are pleased to acknowledge that our second TSS publication on Smartkarma produced an impressive and rapid result.
On 7 November we determined that the new interim downtrend low below 59.51 had failed and would likely produce a minimum 6-8% correction in 1-2 weeks. 
TSM US subsequently produced a 13.4% gain in the following 3 days. Job done! Chart and further details attached.


Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS Target Achieved in 3 Days (+13.4%)

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC is planning to build a second Arizona fab that could produce its highest-end 3nm chips, according to the WSJ.</li>
<li>TSMC ADR Premium Impact: The TSMC ADR premium is near zero, and increased U.S. investor enthusiasm could lead to a significant bounce for the premium.</li>
<li>INTC vs. TSMC Impact: News flow could favor TSMC over Intel over the next few days, at least until a November 14th conference Intel will be attending.</li>
</ul>


TSMC is planning to build a second Arizona fab that could produce its highest-end 3nm chips, according to the WSJ.
TSMC ADR Premium Impact: The TSMC ADR premium is near zero, and increased U.S. investor enthusiasm could lead to a significant bounce for the premium.
INTC vs. TSMC Impact: News flow could favor TSMC over Intel over the next few days, at least until a November 14th conference Intel will be attending.


Intel Vs. TSMC & ADR Monitor: TSMC to Build New High-End Fab In Arizona, Premium Bounce Potential

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a>  announced today that it will invest up to US$170m into <a href="https://www.smartkarma.com/entities/lordstown-motors-corp" target="_blank" data-smartkarma-citation="entities:33123:1" rel="noopener">Lordstown Motors Corp (RIDE US).</a>
</li>
<li>The deal represents favorable terms for Hon Hai in our view, given the conversion price of preferred shares involved in the deal and the after-market price for Lordstown shares.</li>
<li>Germany is expected to block a chip facility acquisition by <a href="https://www.smartkarma.com/entities/navtech-inc-china" target="_blank" data-smartkarma-citation="entities:25361:1" rel="noopener">Navtech Inc/China (300456 CH)</a>; Alibaba and Biren are slowing chip speeds due to U.S. curbs; Lithuan-Taiwan chip partnership.</li>
</ul>



Hon Hai Precision Industry (2317 TT)  announced today that it will invest up to US$170m into Lordstown Motors Corp (RIDE US).

The deal represents favorable terms for Hon Hai in our view, given the conversion price of preferred shares involved in the deal and the after-market price for Lordstown shares.
Germany is expected to block a chip facility acquisition by Navtech Inc/China (300456 CH); Alibaba and Biren are slowing chip speeds due to U.S. curbs; Lithuan-Taiwan chip partnership.


Taiwan Tech Weekly: Hon Hai U.S. Listco EV Deal, Germany Likely to Block China Co's Factory Purchase

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

Global Unichip Corporation designs and produces a wide variety of silicon chips.

Novatek Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs).  The Company's products are used in telecommunication, computer peripherals, and LCD (liquid crystal display) drivers.

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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.

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

Taiwan Tech Weekly: Buffet Invests in TSMC, Hon Hai Issues Improving, China Chip Imports Slump

Berkshire Hathaway Inc Cl B (BRK/B US) disclosed that it has acquired about 60.1m shares in Taiwan Semiconductor (TSMC) - ADR (TSM US).

Vincent Fernando, CFA

GEM Weekly (11 Nov 2022): Chinese Inflation, Malaysia, Indonesia GDP; Reliance, Jio, TSMC

The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...

Wium Malan, CFA

Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS Target Achieved in 3 Days (+13.4%)

Our proprietary Trend Sustainability Score (TSS) methodolody is proven to identify high probability reversals in exhausted interim trends.

David Coloretti, CMT

Intel Vs. TSMC & ADR Monitor: TSMC to Build New High-End Fab In Arizona, Premium Bounce Potential

TSMC ADR Premium Impact: The TSMC ADR premium is near zero, and increased U.S. investor enthusiasm could lead to a significant bounce for the premium.

Vincent Fernando, CFA

Taiwan Tech Weekly: Hon Hai U.S. Listco EV Deal, Germany Likely to Block China Co's Factory Purchase

Hon Hai-Lordstown deal represents favorable terms for Hon Hai in our view, given the conversion price of preferred shares involved in the deal.

Vincent Fernando, CFA

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