Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>US bans high end chip sales to China, Nvidia shares sink in reaction, as do Nvida suppliers and the overall sector.</li>
<li>Broadcom's fiscal Q3 results beat expectations and its optimistic outlook bucks the industry trend.</li>
<li>Yulon motors soars 9%; its JV with Hon Hai has received 10,000 EV pre-orders in two days.</li>
</ul>


US bans high end chip sales to China, Nvidia shares sink in reaction, as do Nvida suppliers and the overall sector.
Broadcom's fiscal Q3 results beat expectations and its optimistic outlook bucks the industry trend.
Yulon motors soars 9%; its JV with Hon Hai has received 10,000 EV pre-orders in two days.


Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

<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.


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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<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

<ul>
<li>Intel and Brookefield Asset Management recently announced that they intend to jointly invest US$30 billion into building Intel foundries in Arizona, leveraging on the US CHIPS Act.</li>
<li>Although inflation and declining consumer demand continue to affect all chipmakers, U.S. strategic objectives and policies will set Intel on a new growth trajectory and competitive position in our view.</li>
<li>A Long Intel/ Short Taiwan semiconductor strategy present a compelling opportunity. We prefer Long Intel vs. Short UMC, however, we expect Long Intel vs. Short TSMC to also be profitable.</li>
</ul>


Intel and Brookefield Asset Management recently announced that they intend to jointly invest US$30 billion into building Intel foundries in Arizona, leveraging on the US CHIPS Act.
Although inflation and declining consumer demand continue to affect all chipmakers, U.S. strategic objectives and policies will set Intel on a new growth trajectory and competitive position in our view.
A Long Intel/ Short Taiwan semiconductor strategy present a compelling opportunity. We prefer Long Intel vs. Short UMC, however, we expect Long Intel vs. Short TSMC to also be profitable.


US CHIPS Act: Long Intel Vs. Short TSMC or UMC?

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars

Nvidia shares sink in reaction to US banning high-end chip sales to China, Taiwan's Nvida suppliers and the overall sector fall as well. Broadcom...

Vincent Fernando, CFA

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

US CHIPS Act: Long Intel Vs. Short TSMC or UMC?

Intel plans to invest US$30bn into building foundries in the US. This could set Intel on a new growth trajectory and creates an opportunity for a...

Vincent Fernando, CFA

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