Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

TSMC is dealing with increasing geopolitical and geophysical risks through a combination of advanced technology and overseas expansion.<ol>
<li>Recycling is the solution to water shortages in Taiwan and Arizona.</li>
<li>New production and R&amp;D facilities in the U.S. and Japan mark the beginning of large-scale operations in those countries. Investment in Europe seems likely to follow.</li>
<li>A 3D packaging venture with Japanese equipment and materials suppliers is taking the lead in back-end technology development.</li>
<li>Approval of a new fab at the 2-nm node in Taiwan should keep the world's most advanced front-end process technology at home.</li>
<li>TSMC and other companies are working with the Taiwanese government and local universities to increase the number of engineering graduates trained to work in the semiconductor industry.</li>
</ol>These initiatives address the main challenges facing TSMC as it navigates between China and the U.S. and creates new growth opportunities worldwide. We expect them to succeed. For a review of TSMC's latest overseas investment, see <a href="https://www.smartkarma.com/insights/tsmc-first-details-of-japanese-investment-emerge" target="_blank" data-smartkarma-citation="insights:58681" rel="noopener">TSMC – First Details of Japanese Investment Emerge</a> by Mio Kato.

TSMC is dealing with increasing geopolitical and geophysical risks through a combination of advanced technology and overseas expansion.
Recycling is the solution to water shortages in Taiwan and Arizona.
New production and R&amp;D facilities in the U.S. and Japan mark the beginning of large-scale operations in those countries. Investment in Europe seems likely to follow.
A 3D packaging venture with Japanese equipment and materials suppliers is taking the lead in back-end technology development.
Approval of a new fab at the 2-nm node in Taiwan should keep the world's most advanced front-end process technology at home.
TSMC and other companies are working with the Taiwanese government and local universities to increase the number of engineering graduates trained to work in the semiconductor industry.
These initiatives address the main challenges facing TSMC as it navigates between China and the U.S. and creates new growth opportunities worldwide. We expect them to succeed. For a review of TSMC's latest overseas investment, see TSMC – First Details of Japanese Investment Emerge by Mio Kato.

TSMC (2330 TT): Future Growth Through Advanced Technology and Overseas Expansion

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Capital Markets

GLOBALFOUNDRIES  / Equity Capital Markets

We offer some thoughts on Global Foundries coming IPO. We admire the strategic pivot the company took two years ago, and think there is alot to like here. The proposed $25-30B valuation does seem a bit high given TSMC trades at 13x forward EBITDA and this would be closer to 20x. Maybe they should see if Intel is still interested...<div class="content-highlight">Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</div>

We offer some thoughts on Global Foundries coming IPO. We admire the strategic pivot the company took two years ago, and think there is alot to like here. The proposed $25-30B valuation does seem a bit high given TSMC trades at 13x forward EBITDA and this would be closer to 20x. Maybe they should see if Intel is still interested...Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Global Foundries: Some Thoughts on the IPO

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

The <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/Sony-considering-investment-in-TSMC-s-first-chip-plant-in-Japan" target="_blank" rel="noopener">Nikkei just reported</a> that Sony was considering jointly investing in a new $7bn manufacturing facility with TSMC. These are the first details to emerge regarding the TSMC investment in Japan that has been a point of discussion since it first announced it was setting up a research centre here.

The Nikkei just reported that Sony was considering jointly investing in a new $7bn manufacturing facility with TSMC. These are the first details to emerge regarding the TSMC investment in Japan that has been a point of discussion since it first announced it was setting up a research centre here.

TSMC – First Details of Japanese Investment Emerge

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

GLOBALFOUNDRIES has filed for an IPO in the US.  The company's filing reveals a strategy that may not be focused on the leading edge of the market, but it seems to be well aimed at good margins and manageable R&amp;D costs.

GLOBALFOUNDRIES has filed for an IPO in the US.  The company's filing reveals a strategy that may not be focused on the leading edge of the market, but it seems to be well aimed at good margins and manageable R&amp;D costs.

Samsung's revenues have risen above Intel's for the second time in history, making Samsung the semiconductor market leader.  This should be a short-lived distinction, though, as was Samsung's similar distinction in 2018.  This Insight explains why Samsung will lose it's first-ranked position, and what the company would need to do to gain a sustainable leadership of the market.

Samsung's revenues have risen above Intel's for the second time in history, making Samsung the semiconductor market leader.  This should be a short-lived distinction, though, as was Samsung's similar distinction in 2018.  This Insight explains why Samsung will lose it's first-ranked position, and what the company would need to do to gain a sustainable leadership of the market.

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)

TSMC (2330 TT): Future Growth Through Advanced Technology and Overseas Expansion

TSMC is addressing environmental and strategic risks with a combination of advanced technology, overseas expansion and collaboration with its...

Scott Foster

Global Foundries: Some Thoughts on the IPO

We offer some thoughts on Global Foundries coming IPO. We admire the strategic pivot the company took two years ago. Valuation seems high though,...

Aaron Gabin

TSMC – First Details of Japanese Investment Emerge

Sony is considering jointly investing in a new $7bn manufacturing facility with TSMC. These are the first details to emerge regarding the TSMC...

Mio Kato

GLOBALFOUNDRIES IPO - Good Timing

Is this a good time for GLOBALFOUNDRIES to go public? Given the company's focus on older processes, and the market's current shortages, it seems...

Jim Handy

Can Samsung Stay At Top of Chip Market?

Samsung has outstripped Intel as the leading chip maker, but this lead will soon disappear. Why is that? And what must Samsung do to enjoy a...

Jim Handy

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