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>Taiwan ADR premiums vs. their local shares have generally decreased across the board.</li>
<li>Is TSMC's high ADR premium a thing of the past?</li>
<li>UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.</li>
</ul>


Taiwan ADR premiums vs. their local shares have generally decreased across the board.
Is TSMC's high ADR premium a thing of the past?
UMC and ChipMOS ADRs are both trading at historically rare discounts to their Taiwan shares.


Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

<ul>
<li>Intel Corp (INTC US)'s upcoming Innovation conference is a potential catalyst for the stock, given we believe there is likelihood of positive product announcements.</li>
<li>Taiwan Semiconductor (TSMC) (2330 TT) and United Microelectronics Corp (2303 TT) have already released their August sales figures at the start of September, with next release not until early October.</li>
<li>Newsflow thus could be in Intel's favor through the end of the month. The stock is trading at an all-time low PBV.</li>
</ul>


Intel Corp (INTC US)'s upcoming Innovation conference is a potential catalyst for the stock, given we believe there is likelihood of positive product announcements.
Taiwan Semiconductor (TSMC) (2330 TT) and United Microelectronics Corp (2303 TT) have already released their August sales figures at the start of September, with next release not until early October.
Newsflow thus could be in Intel's favor through the end of the month. The stock is trading at an all-time low PBV.


Intel Vs. TSMC/​UMC Long/​Short Monitor: Upcoming Intel Conference Catalyst

<ul>
<li>The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.</li>
<li>Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.</li>
<li>Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.</li>
</ul>


The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.
Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.
Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.


Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>US bans high end chip sales to China, Nvidia shares sink in reaction, as do Nvida suppliers and the overall sector.</li>
<li>Broadcom's fiscal Q3 results beat expectations and its optimistic outlook bucks the industry trend.</li>
<li>Yulon motors soars 9%; its JV with Hon Hai has received 10,000 EV pre-orders in two days.</li>
</ul>


US bans high end chip sales to China, Nvidia shares sink in reaction, as do Nvida suppliers and the overall sector.
Broadcom's fiscal Q3 results beat expectations and its optimistic outlook bucks the industry trend.
Yulon motors soars 9%; its JV with Hon Hai has received 10,000 EV pre-orders in two days.


Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

<ul>
<li>On August 31st, Intel’s GM of Data Center &amp; AI spoke at Deutsche Bank’s Technology Conference. On the same day, another executive spoke at Arete Research's fireside chat.</li>
<li>Q2 and Q3E should be the bottom for the business, implying a rebound in Q4. Consensus estimates a similar trend; the latest comments are a confirmation of Q2 results guidance.</li>
<li>We see opportunities for positive news flow in September and Q3 results, as Intel could make key product announcements and guide for Q4 to be a turnaround.</li>
</ul>


On August 31st, Intel’s GM of Data Center &amp; AI spoke at Deutsche Bank’s Technology Conference. On the same day, another executive spoke at Arete Research's fireside chat.
Q2 and Q3E should be the bottom for the business, implying a rebound in Q4. Consensus estimates a similar trend; the latest comments are a confirmation of Q2 results guidance.
We see opportunities for positive news flow in September and Q3 results, as Intel could make key product announcements and guide for Q4 to be a turnaround.


Intel Vs. TSMC/UMC Long/Short Monitor: Take-Aways from DB Conference & Fireside Chat

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 Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

Taiwan ADR premiums vs. their local shares have generally decreased across the board. TSMC's past high premium is interestingly linked to the top...

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Upcoming Intel Conference Catalyst

Newsflow thus could be in Intel's favor through the end of the month with the potential for major product announcements September 27th and 28th....

Vincent Fernando, CFA

Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Also more signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.

Vincent Fernando, CFA

Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

Nvidia shares sink in reaction to US banning high-end chip sales to China, Taiwan's Nvida suppliers and the overall sector fall as well. Broadcom...

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Take-Aways from DB Conference & Fireside Chat

Two Intel execs spoke at Deutsche Bank’s Technology Conference and a fireside chat, we find color on Intel's latest product milestone status and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings – TSMC Premium Almost Wiped Out, UMC & ChipMOS ADRs Trading at Discounts

Taiwan ADR premiums vs. their local shares have generally decreased across the board. TSMC's past high premium is interestingly linked to the top...

Vincent Fernando, CFA

Intel Vs. TSMC/​UMC Long/​Short Monitor: Upcoming Intel Conference Catalyst

Newsflow thus could be in Intel's favor through the end of the month with the potential for major product announcements September 27th and 28th....

Vincent Fernando, CFA

Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Also more signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.

Vincent Fernando, CFA

Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

Nvidia shares sink in reaction to US banning high-end chip sales to China, Taiwan's Nvida suppliers and the overall sector fall as well. Broadcom...

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Take-Aways from DB Conference & Fireside Chat

Two Intel execs spoke at Deutsche Bank’s Technology Conference and a fireside chat, we find color on Intel's latest product milestone status and...

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Upcoming Intel Conference Catalyst