Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. </li>
<li>We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.</li>
<li>The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.</li>
</ul>


We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. 
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.


ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Our aggregate analysis of the 1Q23 earnings season showed a more balanced beat/miss ratio than 4Q22 likely due to already-downgraded forecasts presenting a lower expectations hurdle.</li>
<li>Semiconductor's inventory situation overall appeared to get worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies. Margins fell to the last cycle lows.</li>
<li>Hardware showed small signs of overall inventory improvement. Margins fell further but remained pretty high relative to the previous cycle.</li>
</ul>


Our aggregate analysis of the 1Q23 earnings season showed a more balanced beat/miss ratio than 4Q22 likely due to already-downgraded forecasts presenting a lower expectations hurdle.
Semiconductor's inventory situation overall appeared to get worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies. Margins fell to the last cycle lows.
Hardware showed small signs of overall inventory improvement. Margins fell further but remained pretty high relative to the previous cycle.


Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle

<ul>
<li>The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.</li>
<li>Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.</li>
<li>Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.</li>
</ul>


The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.
Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.
Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.


Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Taiwan

AP Memory Technology Corporation operates as an integrated circuit design and marketing company. The Company engages in the operation of memory integrated circuit research, development, manufacture, and sale. AP Memory Technology serves customers worldwide.

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

AP Memory Technology (6531 TT)

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

Vincent Fernando, CFA

Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle

Semiconductor's inventory situation got worse in 1Q23... Excess inventory digestion is still a few quarters away for many semiconductor companies....

Vincent Fernando, CFA

Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Also more signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)