Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

Infineon Technologies  / Equity Bottom-Up

<ul><li><p>Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.</p><section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.</li><li>So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.</li></ul>

Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

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>This is our first report on GlobalFoundries Inc, a multinational semiconductor contract manufacturing and design company.</li><li>Despite these challenges, the company observed healthy demand in growing segments such as industrial IoT, aerospace, defense, and automotive markets.</li><li>Throughout the quarter, GlobalFoundries demonstrated its dedication to executing targets, delivering value to customers, and sustaining its position in the industry.</li></ul>

This is our first report on GlobalFoundries Inc, a multinational semiconductor contract manufacturing and design company.Despite these challenges, the company observed healthy demand in growing segments such as industrial IoT, aerospace, defense, and automotive markets.Throughout the quarter, GlobalFoundries demonstrated its dedication to executing targets, delivering value to customers, and sustaining its position in the industry.

GlobalFoundries Inc.: Initiation of Coverage – Increasing Manufacturing Capacity & Other Drivers

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>Q1’23 revenues of US$630.8 million, up 6.1% YoY and flat sequentially.</li>
<li>Gross margin was 32.1%, up 5.2 points YoY but down 6.1 points sequentially.</li>
<li>HH is playing a blinder through the downturn and likely beyond...</li>
</ul>


Q1’23 revenues of US$630.8 million, up 6.1% YoY and flat sequentially.
Gross margin was 32.1%, up 5.2 points YoY but down 6.1 points sequentially.
HH is playing a blinder through the downturn and likely beyond...


Hua Hong Semi (1347.HK) Q1'23 Revenue US$630.8 Million, Flat QoQ, +6.1% YoY. Q2'23 Flat QoQ

<ul>
<li>Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range</li>
<li>Remains on track for &gt;50% wafer capacity growth between 2021 and 2024</li>
<li>Muted CY'23 outlook sends shares down ~10% by close. </li>
</ul>


Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range
Remains on track for &gt;50% wafer capacity growth between 2021 and 2024
Muted CY'23 outlook sends shares down ~10% by close. 


GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>This week we digest key takeaways from some of the latest key industry results that came out (ASE Technologies (TW), Novatek (TW), and Tokyo Electron (JP)).</li>
<li>ASE and Tokyo Electron exhibited their insulated positions during the current inventory corrections happening, delivering decent margins and beating expectations. Novatek also beat expectations.</li>
<li>Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus view, however?</li>
</ul>


This week we digest key takeaways from some of the latest key industry results that came out (ASE Technologies (TW), Novatek (TW), and Tokyo Electron (JP)).
ASE and Tokyo Electron exhibited their insulated positions during the current inventory corrections happening, delivering decent margins and beating expectations. Novatek also beat expectations.
Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus view, however?


Taiwan Tech Weekly: Latest Key Results Add More Expectations for a 2H23E Turnaround

United States

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

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GLOBALFOUNDRIES (GFS US)

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Analog inventory, Coherent's ghost guide, and whipsaw China read through. Infineon’s big news is that they, too, will be building one of the...

Fabricated Knowledge

GlobalFoundries Inc.: Initiation of Coverage – Increasing Manufacturing Capacity & Other Drivers

This is our first report on GlobalFoundries Inc, a multinational semiconductor contract manufacturing and design company. Despite these...

Baptista Research

Hua Hong Semi (1347.HK) Q1'23 Revenue US$630.8 Million, Flat QoQ, +6.1% YoY. Q2'23 Flat QoQ

Q1’23 revenues of US$630.8 million, up 6.1% YoY and flat sequentially. Gross margin 32.1%, up 5.2 points YoY but down 6.1 points QoQ. HH is playing...

William Keating

GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

Q1’23 revenues of $1.84 billion, -12% QoQ and - 5% YoY, within guidance. On track for >50% wafer capacity growth 2021 to 2024. Muted CY'23 outlook...

William Keating

Taiwan Tech Weekly: Latest Key Results Add More Expectations for a 2H23E Turnaround

Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus...

Vincent Fernando, CFA

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