AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.</li>
<li>Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.</li>
<li>Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.</li>
</ul>


Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.


Networking Powers Nvidia's Quarter, but Core Growth Under Scrutiny

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>A look at Asian markets' PE relative to future EPS growth and PBV relative to future ROE re-establishes the conclusion that Korea and Philippines are cheap, and India is expensive. </li>
<li>Market buoyancy and EPS estimate downgrades have taken Asia-ex- Japan's and HK/China's 12-month forward PE to 15-17% higher than long-term average.  So are Korea (6%), Taiwan (21%) and India (26%).</li>
<li>We're cautious on India. We'll watch HK/China's valuation closely but aren't too worried about them. Korea's valuation can expand further. We'll turn watchful here only after another 10% appreciation.</li>
</ul>


A look at Asian markets' PE relative to future EPS growth and PBV relative to future ROE re-establishes the conclusion that Korea and Philippines are cheap, and India is expensive. 
Market buoyancy and EPS estimate downgrades have taken Asia-ex- Japan's and HK/China's 12-month forward PE to 15-17% higher than long-term average.  So are Korea (6%), Taiwan (21%) and India (26%).
We're cautious on India. We'll watch HK/China's valuation closely but aren't too worried about them. Korea's valuation can expand further. We'll turn watchful here only after another 10% appreciation.


Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy</li>
<li>NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand</li>
<li>Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective </li>
</ul>


Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 


Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

<ul>
<li>Samsung has scaled back its Texas fab plans from 44 billion to 37 billion, but the summit may bring a top-up with Intel and Amkor partnerships.</li>
<li>Intel is shifting glass substrate patents to an Arm-like royalty model backed by SoftBank’s 2 billion stake and a 10 percent US government holding.</li>
<li>Samsung's partnership would show alignment with US semiconductor policy at a time when subsidies and political backing matter as much as technology.</li>
</ul>


Samsung has scaled back its Texas fab plans from 44 billion to 37 billion, but the summit may bring a top-up with Intel and Amkor partnerships.
Intel is shifting glass substrate patents to an Arm-like royalty model backed by SoftBank’s 2 billion stake and a 10 percent US government holding.
Samsung's partnership would show alignment with US semiconductor policy at a time when subsidies and political backing matter as much as technology.


At the US-Korea Summit, Samsung’s Next Move Could Reshape the US Chipboard

<ul>
<li>TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread</li>
<li>UMC: +2.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity</li>
</ul>


TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity


Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

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)

TSMC (Taiwan Semiconductor Manufacturing)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Networking Powers Nvidia's Quarter, but Core Growth Under Scrutiny

Nvidia exceeded revenue expectations but faces challenges with data centre growth vis-à-vis falling compute, along with uncertainty in China...

Mint Finance

Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More

Many Asian market's valuations are higher than long term averages - notably AxJ (17% premium), CN (15%), HK (17%), TW (21%) & India (26%). KR's 6%...

Manishi Raychaudhuri

Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.

Vincent Fernando, CFA

At the US-Korea Summit, Samsung’s Next Move Could Reshape the US Chipboard

Samsung could weigh deeper US bets through Intel and Amkor bets as Intel pivots glass substrate patents into a licensing model.

Mint Finance

Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Networking Powers Nvidia's Quarter, but Core Growth Under Scrutiny

​Nvidia exceeded revenue expectations but faces challenges with data centre growth vis-à-vis falling compute, along with uncertainty in China...

Mint Finance

Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More

​Many Asian market's valuations are higher than long term averages - notably AxJ (17% premium), CN (15%), HK (17%), TW (21%) & India (26%). KR's 6%...

Manishi Raychaudhuri

Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

​Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.

Vincent Fernando, CFA

At the US-Korea Summit, Samsung’s Next Move Could Reshape the US Chipboard

Samsung could weigh deeper US bets through Intel and Amkor bets as Intel pivots glass substrate patents into a licensing model.

Mint Finance

Taiwan Dual-Listings Monitor: TSMC Premium Spike Opportunity; ASE Hard Bounce to Prem from Discount

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Nvidia exceeded revenue expectations but faces challenges with data centre growth vis-à-vis falling compute, along with uncertainty in China...

Many Asian market's valuations are higher than long term averages - notably AxJ (17% premium), CN (15%), HK (17%), TW (21%) & India (26%). KR's 6%...

Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.