Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<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

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 2 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


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

<ul>
<li>TSMC’s ADR premium falls past the lower bound of its 3-year range</li>
<li>All dual-listed Taiwan semiconductor companies have seen a decline in premiums or an increase in discounts.</li>
<li>ChipMOS ADR’s discount to the company’s Taiwan listing widens further.</li>
</ul>


TSMC’s ADR premium falls past the lower bound of its 3-year range
All dual-listed Taiwan semiconductor companies have seen a decline in premiums or an increase in discounts.
ChipMOS ADR’s discount to the company’s Taiwan listing widens further.


Taiwan Dual-Listings – TSMC Premium Continues to Decline, ChipMOS ADR Discount Widens

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 23 August, Intel announced that it will partner with Canada's Brookfield Asset Management to jointly fund up to $30 billion to make advanced semiconductor chips in Arizona. </li>
<li>Despite Intel's aggressive plans to expand the semiconductor chip production, we are more concerned about the overall downturn in the semiconductor sector which lead to further decline in sales. </li>
<li>Despite our negative view of Intel's shares in the near term, Intel could gain market share versus Samsung and TSMC in the semiconductor sector in the next three years.</li>
</ul>


On 23 August, Intel announced that it will partner with Canada's Brookfield Asset Management to jointly fund up to $30 billion to make advanced semiconductor chips in Arizona. 
Despite Intel's aggressive plans to expand the semiconductor chip production, we are more concerned about the overall downturn in the semiconductor sector which lead to further decline in sales. 
Despite our negative view of Intel's shares in the near term, Intel could gain market share versus Samsung and TSMC in the semiconductor sector in the next three years.


Intel's $30 Billion JV with Brookfield Asset Mgmt: To Take Away Market Share from TSMC & Samsung?

<ul>
<li>TSMC’s ADR premium has fallen substantially and is at the lower end of its 3-year range</li>
<li>ASE’s ADR premium is in contrast near the upper end of its range</li>
<li>ChipMOS ADRs are now trading at a discount to their Taiwan shares</li>
</ul>


TSMC’s ADR premium has fallen substantially and is at the lower end of its 3-year range
ASE’s ADR premium is in contrast near the upper end of its range
ChipMOS ADRs are now trading at a discount to their Taiwan shares


Taiwan Dual-Listings – TSMC Premium Decline Could Highlight Foreign Vs. Domestic Sentiment Mismatch

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/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

Screening for GEMs: September 2022

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Taiwan Dual-Listings – TSMC Premium Continues to Decline, ChipMOS ADR Discount Widens

We take a look at Taiwan's dual-listed companies to identify opportunities arising from mismatches between foreign and domestic sentiments.

Vincent Fernando, CFA

Taiwan Dual-Listings – TSMC Premium Decline Could Highlight Foreign Vs. Domestic Sentiment Mismatch

We take a look at Taiwan dual-listings to identify if there are significant mismatches between foreign and domestic sentiments.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Screening for GEMs: September 2022

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Taiwan Dual-Listings – TSMC Premium Continues to Decline, ChipMOS ADR Discount Widens

We take a look at Taiwan's dual-listed companies to identify opportunities arising from mismatches between foreign and domestic sentiments.

Vincent Fernando, CFA

Intel's $30 Billion JV with Brookfield Asset Mgmt: To Take Away Market Share from TSMC & Samsung?

On 23 August, Intel announced that it will partner with Canada's Brookfield Asset Management to jointly fund up to $30 billion to make advanced...

Douglas Kim

Taiwan Dual-Listings – TSMC Premium Decline Could Highlight Foreign Vs. Domestic Sentiment Mismatch

We take a look at Taiwan dual-listings to identify if there are significant mismatches between foreign and domestic sentiments.

Vincent Fernando, CFA