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>TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.</li>
<li>Foreseeable company-specific events or news flow over the next 30 days appears limited.</li>
<li>Valuation remains supportive for INTC and we believe it could recover part of its recent underperformance in the next month.</li>
</ul>


TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.
Foreseeable company-specific events or news flow over the next 30 days appears limited.
Valuation remains supportive for INTC and we believe it could recover part of its recent underperformance in the next month.


Intel Vs. TSMC Monitor: TSMC Soars on Buffett Investment, Why INTC Could Now Revert

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Taiwan Semiconductor (TSMC) / Equity Capital Markets

<ul><li>This is our first report on Taiwan Semiconductor, the world's largest dedicated contract chip manufacturer.</li><li>The company delivered a mixed set of results for the past quarter with revenues below expectations as it continues to see softness in the consumer end-market category.</li><li>TSMC's other end market categories, like data centers and the automotive industry, are currently stable and it did manage to deliver an earnings beat.</li></ul>

This is our first report on Taiwan Semiconductor, the world's largest dedicated contract chip manufacturer.The company delivered a mixed set of results for the past quarter with revenues below expectations as it continues to see softness in the consumer end-market category.TSMC's other end market categories, like data centers and the automotive industry, are currently stable and it did manage to deliver an earnings beat.

Taiwan Semiconductor: Initiation of Coverage – Geopolitical Challenges & Other Factors

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC ADR's premium has reverted after going as high as 10.9%.</li>
<li>Hon Hai's London-listed GDRs are trading at a historically rare discount.</li>
<li>UMC ADRs also look interesting relative to the Taiwan shares given their rare discount.</li>
</ul>


TSMC ADR's premium has reverted after going as high as 10.9%.
Hon Hai's London-listed GDRs are trading at a historically rare discount.
UMC ADRs also look interesting relative to the Taiwan shares given their rare discount.


Taiwan Dual-Listings: TSMC Premium Reverts, Rare Hon Hai & UMC Discounts

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: The secrets behind a Chinese banking superstar’s fall.</li><li>Xi raises Anti-Secession Law in talks with Biden about Taiwan, foreign minister says.</li><li>Teaching staff who harm children face lifetime ban.</li></ul>

In Depth: The secrets behind a Chinese banking superstar’s fall.Xi raises Anti-Secession Law in talks with Biden about Taiwan, foreign minister says.Teaching staff who harm children face lifetime ban.

CX Daily: The Secrets Behind a Chinese Banking Superstar’s Fall

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

Taiwan Semiconductor (TSMC) - ADR / Event-Driven

<ul>
<li>This insight will discuss the impact of Buffett's investment in Taiwan Semiconductor (TSMC) - ADR (TSM US) on Samsung Electronics (005930 KS) and SK Hynix (000660 KS).</li>
<li>We believe that Buffett's sizeable investment in TSMC is likely to have a positive impact on Samsung Electronics and SK Hynix.</li>
<li>This would be similar to how Buffett's investment in the Japanese trading companies which has had a positive impact on the major Korean trading companies. </li>
</ul>


This insight will discuss the impact of Buffett's investment in Taiwan Semiconductor (TSMC) - ADR (TSM US) on Samsung Electronics (005930 KS) and SK Hynix (000660 KS).
We believe that Buffett's sizeable investment in TSMC is likely to have a positive impact on Samsung Electronics and SK Hynix.
This would be similar to how Buffett's investment in the Japanese trading companies which has had a positive impact on the major Korean trading companies. 


Buffett's Investment in TSMC - Impact on Samsung Electronics and SK Hynix

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Intel Vs. TSMC Monitor: TSMC Soars on Buffett Investment, Why INTC Could Now Revert

TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.

Vincent Fernando, CFA

Taiwan Semiconductor: Initiation of Coverage – Geopolitical Challenges & Other Factors

This is our first report on Taiwan Semiconductor, the world's largest dedicated contract chip manufacturer. The company delivered a mixed set of...

Baptista Research

Taiwan Dual-Listings: TSMC Premium Reverts, Rare Hon Hai & UMC Discounts

Hon Hai's London-listed GDRs are trading at a historically rare discount. UMC ADRs are also at a rare discount relative to history.

Vincent Fernando, CFA

CX Daily: The Secrets Behind a Chinese Banking Superstar’s Fall

In Depth: The secrets behind a Chinese banking superstar’s fall. Xi raises Anti-Secession Law in talks with Biden about Taiwan, foreign minister says.

Caixin Global

Buffett's Investment in TSMC - Impact on Samsung Electronics and SK Hynix

This insight will discuss the impact of Buffett's investment in Taiwan Semiconductor (TSMC) - ADR (TSM US) on Samsung Electronics (005930 KS) and...

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

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