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

Thematic (Sector/Industry)

<ul>
<li>The current semiconductor market meltdown can be expected to continue through the end of 2024</li>
<li>This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023</li>
<li>Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.</li>
</ul>


The current semiconductor market meltdown can be expected to continue through the end of 2024
This will reduce 2022 market growth to 5%, and will drive a decline of 19% in 2023
Stocks will be unevenly influenced by this, with the most dramatic declines hitting makers of volume commodities, smaller declines in differentiated products, and a weak impact on older technology products.


2023 High Conviction: Semiconductor Down Market

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.</li>
<li>Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.</li>
<li>TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.</li>
</ul>


Unprecedented protests have emerged in China; Hon Hai is offering an $1,800 bonus per month to keep workers on site.
Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.
TSMC to build its most advanced fab yet, a 1-nanometer class facility, in Taoyuan. The price tag? $32bn.


Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a>  guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> shares look at risk of near-term pullback.</li>
<li>Foreigners massively net-bought Taiwan over the last two weeks, and <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> has been a major recipient of capital. ADR premium still has legs.</li>
<li>
<a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> received 100,000+ new worker applications but now has trouble finding space for them! We remain structurally bullish on the company.</li>
</ul>



Applied Materials (AMAT US)  guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make Nanya Technology (2408 TT) shares look at risk of near-term pullback.
Foreigners massively net-bought Taiwan over the last two weeks, and United Microelectronics Corp (2303 TT) has been a major recipient of capital. ADR premium still has legs.

Hon Hai Precision Industry (2317 TT) received 100,000+ new worker applications but now has trouble finding space for them! We remain structurally bullish on the company.


Taiwan Tech Weekly: AMAT Results Buoy Market, But Nanya at Risk, Foreigners Massively Buy Taiwan

<ul>
<li>TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.</li>
<li>Foreseeable company-specific events or news flow over the next 30 days appears limited.</li>
<li>Valuation remains supportive for INTC and we believe it could recover part of its recent underperformance in the next month.</li>
</ul>


TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.
Foreseeable company-specific events or news flow over the next 30 days appears limited.
Valuation remains supportive for INTC and we believe it could recover part of its recent underperformance in the next month.


Intel Vs. TSMC Monitor: TSMC Soars on Buffett Investment, Why INTC Could Now Revert

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Intel continues to face growing economic headwinds and delivered no growth in its revenues on a sequential basis.</li><li>The service share of the company is tracking in line with its expectations, and against its product roadmap.</li><li>The company launched its 13th Generation Intel Core processor family, which is led by the 13th Generation Intel Core i9-13900L.</li></ul>

Intel continues to face growing economic headwinds and delivered no growth in its revenues on a sequential basis.The service share of the company is tracking in line with its expectations, and against its product roadmap.The company launched its 13th Generation Intel Core processor family, which is led by the 13th Generation Intel Core i9-13900L.

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

2023 High Conviction: Semiconductor Down Market

What's happening in semiconductors? When will the downturn end? What does this mean to chip stock prices? This Insight provides some concrete...

Jim Handy

Taiwan Tech Weekly: Unprecedented China Protests, Memory Slump, TSMC Keeping Taiwan Fabs Ahead of US

Taiwan memory chip makers are slashing production in response to end-demand weakness, Nanya Tech looks at risk of a pullback.

Vincent Fernando, CFA

Taiwan Tech Weekly: AMAT Results Buoy Market, But Nanya at Risk, Foreigners Massively Buy Taiwan

Applied Materials (AMAT US) guidance buoyed the overall industry, but negative Memory news from AMAT and Micron make Nanya Technology (2408 TT)...

Vincent Fernando, CFA

Intel Vs. TSMC Monitor: TSMC Soars on Buffett Investment, Why INTC Could Now Revert

TSMC has outperformed INTC by 23% in just two weeks, which is an extreme divergence in a short period of time by historical standards.

Vincent Fernando, CFA

Intel Corp: New Launches & Other Drivers

Intel continues to face growing economic headwinds and delivered no growth in its revenues on a sequential basis. The service share of the company...

Baptista Research

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