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.


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>UMC vs. TSMC results review comparison: Vastly different tones of results shows the large gap in industry performance for the most advanced chips products vs. the lesser advanced.</li>
<li>Japan gives mixed signals about rapidly joining U.S. chip restrictions vs. China.</li>
<li>TSMC and UMC were some of the most net-bought stocks in Taiwan by foreigners last week.</li>
</ul>


UMC vs. TSMC results review comparison: Vastly different tones of results shows the large gap in industry performance for the most advanced chips products vs. the lesser advanced.
Japan gives mixed signals about rapidly joining U.S. chip restrictions vs. China.
TSMC and UMC were some of the most net-bought stocks in Taiwan by foreigners last week.


Taiwan Tech Weekly: UMC Vs. TSMC Results' Vastly Different Performance, Japan Cautious on China Bans

<ul>
<li>TSMC ADRs are trading at the high end of the recent premium/discount range.</li>
<li>UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.</li>
<li>ASE's ADR premium is at the upper end of its range.</li>
</ul>


TSMC ADRs are trading at the high end of the recent premium/discount range.
UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.
ASE's ADR premium is at the upper end of its range.


Taiwan Dual-Listings: TSMC Premium In Upper Range, UMC Briefing This Afternoon

<ul>
<li>TSMC's comments during its 4Q22 analyst call indicate the company expects an industry recovery in 2H23E, adding further confirmation to this view expressed by other firms.</li>
<li>TSMC grew faster than the industry in 2022 and expects to grow faster than the industry in 2023E again.</li>
<li>Based on our cycle-adjusted PE valuation metric, TSMC my not be super cheap vs. history, but it is also inexpensive.</li>
</ul>


TSMC's comments during its 4Q22 analyst call indicate the company expects an industry recovery in 2H23E, adding further confirmation to this view expressed by other firms.
TSMC grew faster than the industry in 2022 and expects to grow faster than the industry in 2023E again.
Based on our cycle-adjusted PE valuation metric, TSMC my not be super cheap vs. history, but it is also inexpensive.


TSMC Analyst Call Take-Aways: Signs of Industry Stabilization & 2H23E Recovery

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS:  CPI slows, Fed Pause narrative strengthens; Yields fall; DXY weakens; Equity rally continues; TSMC Optimism add fuel Semis</li>
<li>JAPAN: NKY Futs -1.0% vs Cash;  USDJPY ¥129.24; BOJ to end YCC narrative gather steam - Banks rally; Foreigners Selling JGBs; Earnings: Seven &amp;I beats; Fasty misses;  We are bullish</li>
<li>DAILY NUGGETS: Our meme below says it all - we leave it to the experts to breakdown the data but the evidence indicates  INFLATION DEFEATED.</li>
</ul>


OVERSEAS:  CPI slows, Fed Pause narrative strengthens; Yields fall; DXY weakens; Equity rally continues; TSMC Optimism add fuel Semis
JAPAN: NKY Futs -1.0% vs Cash;  USDJPY ¥129.24; BOJ to end YCC narrative gather steam - Banks rally; Foreigners Selling JGBs; Earnings: Seven &amp;I beats; Fasty misses;  We are bullish
DAILY NUGGETS: Our meme below says it all - we leave it to the experts to breakdown the data but the evidence indicates  INFLATION DEFEATED.


Good Morning Japan |Benign CPI; Fed Pause in the Crosshairs - Equities Extend Rally

Taiwan

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)

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

Taiwan Tech Weekly: UMC Vs. TSMC Results' Vastly Different Performance, Japan Cautious on China Bans

UMC vs. TSMC results review comparison: Vastly different tones of results shows the large gap in industry performance for the most advanced chips...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Premium In Upper Range, UMC Briefing This Afternoon

UMC ADRs are near the middle of their premium/discount range, however the company will host its analyst results call this afternoon.

Vincent Fernando, CFA

TSMC Analyst Call Take-Aways: Signs of Industry Stabilization & 2H23E Recovery

TSMC grew faster than the industry in 2022 and expects to grow faster than the industry in 2023E again. The company also does not appear expensive...

Vincent Fernando, CFA

Good Morning Japan |Benign CPI; Fed Pause in the Crosshairs - Equities Extend Rally

INFLATION DEFEATED ! Fed pause next. JAPAN: NKY Futs -1.0% vs Cash; USDJPY ¥129.24; BOJ to end YCC narrative gather steam - Banks rally;...

Mark Chadwick

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