Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<h3>[UPDATE] This webinar has been postponed to the 26th of July due to unforseen circumstances.</h3>
<p><br>In the next installment of our Webinar Wednesdays, we go live with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/vincent-fernando-cfa-f29d1c28-fc02-4296-afcd-5e900f012d86" target="_blank" data-smartkarma-citation="accounts:6634" rel="noopener">Vincent Fernando, CFA</a>. Vincent will be sharing with us his top picks in the Taiwanese Tech space. From trends in the industry, its opportunities, and insights into his top picks, join us as we hear more from Vincent.</p>
<h3>The webinar will be hosted on Wednesday, 26 July 2023, 17:00 SGT/HKT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89582049418" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p><a href="https://www.smartkarma.com/profiles/vincent-fernando-cfa-f29d1c28-fc02-4296-afcd-5e900f012d86" target="_blank" data-smartkarma-citation="accounts:6634" rel="noopener">Vincent Fernando, CFA</a> has 20 years of experience researching capital markets in Asia and the USA. He is currently the Managing Director and founder of Zero One Partners. He has more than 15 years of investment research &amp; capital raising experience working at both boutique firms and larger investment banks such as Citi and Macquarie. He has traveled extensively during his career, having been based in New York, Hong Kong, Thailand, and finally Singapore where he was Director of Equity Research covering Southeast Asia where he originated and marketed multiple investment banking deals.</p>

[UPDATE] This webinar has been postponed to the 26th of July due to unforseen circumstances.
 In the next installment of our Webinar Wednesdays, we go live with Smartkarma Insight Provider, Vincent Fernando, CFA. Vincent will be sharing with us his top picks in the Taiwanese Tech space. From trends in the industry, its opportunities, and insights into his top picks, join us as we hear more from Vincent.
The webinar will be hosted on Wednesday, 26 July 2023, 17:00 SGT/HKT.


























Register for the Webinar here


























Vincent Fernando, CFA has 20 years of experience researching capital markets in Asia and the USA. He is currently the Managing Director and founder of Zero One Partners. He has more than 15 years of investment research &amp; capital raising experience working at both boutique firms and larger investment banks such as Citi and Macquarie. He has traveled extensively during his career, having been based in New York, Hong Kong, Thailand, and finally Singapore where he was Director of Equity Research covering Southeast Asia where he originated and marketed multiple investment banking deals.

Smartkarma Webinar | Top Taiwan Tech Ideas

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.</li>
<li>Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.</li>
<li>Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.</li>
</ul>


TSMC reduced capex guidance to the bottom of its guidance range but maintained revenue expectations and still expects substantial growth in 2024E.
Dell, HP, and Qualcomm comments signal an AI-Driven PC refresh cycle ahead and 2024E PC Growth. Windows 11 upgrades could be accelerated as new PC AI applications roll out.
Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected to experience triple-digit growth.


Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

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>Taiwan Semiconductor had a weak quarter and the company's revenue declined 16.1% in U.S. dollars due to weaker macroeconomic conditions and declining end-market demand.</li><li>However, fabless semiconductor inventories increased in the fourth quarter at a significantly greater level.</li><li>Additionally, the end market demand recovery due to the channels' reopening is considerably less than the company anticipated.</li></ul>

Taiwan Semiconductor had a weak quarter and the company's revenue declined 16.1% in U.S. dollars due to weaker macroeconomic conditions and declining end-market demand.However, fabless semiconductor inventories increased in the fourth quarter at a significantly greater level.Additionally, the end market demand recovery due to the channels' reopening is considerably less than the company anticipated.

Taiwan Semiconductor Manufacturing: 3 nm Technology Saving The Day? – Key Drivers

<ul>
<li>Investors in the U.S. market seem to be having a more bullish outlook towards U.S.-listed semiconductor names than investors are having for Taiwan's semi names so far.</li>
<li>Stocks with highest short interest as % of float -- Some of the top names squeezed... Is HTC next? Also can consider Long Wiwynn vs. Short Wistron.</li>
<li>Highest short ratios -- Asus, UMC, Transcend shorts squeezed... Could WPG be next? Also can consider continuing Long Asus vs. Short Acer.</li>
</ul>


Investors in the U.S. market seem to be having a more bullish outlook towards U.S.-listed semiconductor names than investors are having for Taiwan's semi names so far.
Stocks with highest short interest as % of float -- Some of the top names squeezed... Is HTC next? Also can consider Long Wiwynn vs. Short Wistron.
Highest short ratios -- Asus, UMC, Transcend shorts squeezed... Could WPG be next? Also can consider continuing Long Asus vs. Short Acer.


Taiwan Shorts Monitor: Top Shorted Names Have Been Squeezed; U.S. Semis Outperforming Taiwan

<ul>
<li>The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to near all-time highs.</li>
<li>TSMC and UMC's ADR premiums don't appear sustainable given their trading history.</li>
<li>Telecom CHT wasn't affected by the Nvidia rally and now has one of the lowest ADR discounts in its history.</li>
</ul>


The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to near all-time highs.
TSMC and UMC's ADR premiums don't appear sustainable given their trading history.
Telecom CHT wasn't affected by the Nvidia rally and now has one of the lowest ADR discounts in its history.


Taiwan Dual-Listings: ADR Premiums Surge to Near All-Time Highs on 'Nvidia-Rally'

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)

Smartkarma Webinar | Top Taiwan Tech Ideas

In the next installment of our Webinar Wednesdays, we go live with Smartkarma Insight Provider, Vincent Fernando, as he will shares with us his top...

Smartkarma Research

Taiwan Tech Weekly: TSMC Cuts Capex; Hon Hai AI Servers in Demand; ASE Winning TSMC Orders

Hon Hai reported that it gained market share globally in 2022, and that it has 40% global market share for servers. Hon Hai's AI servers expected...

Vincent Fernando, CFA

Taiwan Semiconductor Manufacturing: 3 nm Technology Saving The Day? – Key Drivers

Taiwan Semiconductor had a weak quarter and the company's revenue declined 16.1% in U.S. dollars due to weaker macroeconomic conditions and...

Baptista Research

Taiwan Shorts Monitor: Top Shorted Names Have Been Squeezed; U.S. Semis Outperforming Taiwan

Investors in the U.S. market seem to be having a more bullish outlook towards U.S.-listed semiconductor names than investors are having for...

Vincent Fernando, CFA

Taiwan Dual-Listings: ADR Premiums Surge to Near All-Time Highs on 'Nvidia-Rally'

The semiconductor stock rally in the U.S. caused by Nvidia's monster results and guidance last week has caused multiple ADR premiums to surge to...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)