Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>Mediatek's business continues to grow YoY, albeit slower than earlier expected. Management comments provided insight into the inventory cycle.</li>
<li>Management expects to see the worst impact of the inventory correction cycle in 4Q22E, but then in 1H23E sees potential for a turn around.</li>
<li>We are still developing a conviction view, however we see the latest results as net-positive for the shares given signs of a turn around ahead and the stock's laggard status.</li>
</ul>


Mediatek's business continues to grow YoY, albeit slower than earlier expected. Management comments provided insight into the inventory cycle.
Management expects to see the worst impact of the inventory correction cycle in 4Q22E, but then in 1H23E sees potential for a turn around.
We are still developing a conviction view, however we see the latest results as net-positive for the shares given signs of a turn around ahead and the stock's laggard status.


Mediatek Results Takeaways -- Inventory Correction Bottom Potential 4Q22, Mobile, TV Recovery 1H23?

Mediatek Inc

Mediatek Results Takeaways -- Inventory Correction Bottom Potential 4Q22, Mobile, TV Recovery 1H23?