Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<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

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei was down -0.8% last week (-4% YTD) while the yen weakened 1.9% to 140/$</li>
<li>The yen declined to its lowest level against the US dollar since 1998 on strength in the US jobs market</li>
<li>Japan revised guidelines for overseas tourists in preparation for a further reopening of the border</li>
</ul>


The Nikkei was down -0.8% last week (-4% YTD) while the yen weakened 1.9% to 140/$
The yen declined to its lowest level against the US dollar since 1998 on strength in the US jobs market
Japan revised guidelines for overseas tourists in preparation for a further reopening of the border


Japan Weekly | Tourism Winners and Semicon Losers

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>Dell Technologies’ stock price has crashed after the company indicated a weak sectoral outlook for PC sales.</li><li>The company observed ISG demand pushing throughout the quarter even though it was still expanding slowly.</li><li>Among new launches, Dell Technologies has also introduced software-driven modern storage solutions throughout its storage portfolio to promote improved intelligence, automation, cyber resilience, and multi-cloud flexibility.</li></ul>

Dell Technologies’ stock price has crashed after the company indicated a weak sectoral outlook for PC sales.The company observed ISG demand pushing throughout the quarter even though it was still expanding slowly.Among new launches, Dell Technologies has also introduced software-driven modern storage solutions throughout its storage portfolio to promote improved intelligence, automation, cyber resilience, and multi-cloud flexibility.

Dell Technologies: New Additions To Storage Portfolio & Other Drivers

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<ul>
<li>Enterprise storage hardware market faces numerous headwinds and increasing commoditization</li>
<li>STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ</li>
<li>Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates</li>
</ul>


Enterprise storage hardware market faces numerous headwinds and increasing commoditization
STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ
Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates


Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Equity Capital Markets

Dell Technologies  / Equity Capital Markets

<ul><li>Dell had another solid first quarter, with revenue of $9.3 billion and a 16% increase.</li><li>In the quarter, the company also increased its profitability and is continuing to focus on cost discipline.</li><li>Additionally, due to current demand and industry-wide supply chain challenges, they expect the backlog to remain high through the company quarters.</li></ul>

Dell had another solid first quarter, with revenue of $9.3 billion and a 16% increase.In the quarter, the company also increased its profitability and is continuing to focus on cost discipline.Additionally, due to current demand and industry-wide supply chain challenges, they expect the backlog to remain high through the company quarters.

Dell Technologies Inc.: Commercial Sales & Other Developments

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

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

Japan Weekly | Tourism Winners and Semicon Losers

The weekly wrap of what is moving the Japanese markets. This week, tourism stocks have bounced as Japan seeks to re-open its borders. Semiconductor...

Mark Chadwick

Dell Technologies: New Additions To Storage Portfolio & Other Drivers

Dell Technologies’ stock price has crashed after the company indicated a weak sectoral outlook for PC sales. The company observed ISG demand...

Baptista Research

Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Market share losses are likely occurring and the "recurring revenue STaaS" story may be decelerating amidst competition, pricing pressure, and...

Robert C Prather Jr

Dell Technologies Inc.: Commercial Sales & Other Developments

Dell had another solid first quarter, with revenue of $9.3 billion and a 16% increase. In the quarter, the company also increased its...

Baptista Research

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