Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>Hon Hai reports YoY increase in January + February sales, maintains outlook.</li>
<li>Hewlett Packard results: CEO says does not expect significant PC recovery in FY2023E. Fitipower results show display ICs potentially bottoming earlier than most segments.</li>
<li>Memory Monitor: Two latest signals indicate lower margins and extended high inventories; biased Long Micron vs. Short Nanya Tech.</li>
</ul>


Hon Hai reports YoY increase in January + February sales, maintains outlook.
Hewlett Packard results: CEO says does not expect significant PC recovery in FY2023E. Fitipower results show display ICs potentially bottoming earlier than most segments.
Memory Monitor: Two latest signals indicate lower margins and extended high inventories; biased Long Micron vs. Short Nanya Tech.


Taiwan Tech Weekly: HP Says No Major PC Recovery in 2023E; Signs of Display ICs Early Turn-Around?

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

<ul>
<li>The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.</li>
<li>Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.</li>
<li>Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.</li>
</ul>


The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.
Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.
Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.


Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

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.

Equity Capital Markets

Hewlett Packard Co / Equity Capital Markets

<ul><li>Unlike its rival Dell, HP delivered a disappointing result failing to meet market expectati0ons in terms of revenues as well as earnings in an environment characterized by a weakening PC demand.</li><li>The management is focused on reducing structural costs and delivered strong free cash flow.</li><li>Moreover, it is launching end-to-end initiatives which will enable quicker conversion from lead generation to free cash flow.</li></ul>

Unlike its rival Dell, HP delivered a disappointing result failing to meet market expectati0ons in terms of revenues as well as earnings in an environment characterized by a weakening PC demand.The management is focused on reducing structural costs and delivered strong free cash flow.Moreover, it is launching end-to-end initiatives which will enable quicker conversion from lead generation to free cash flow.

HP Inc: Solutions For Print Service Providers & Other Drivers

<ul><li>HP Inc also had a significantly below par result along with its rival, Dell Technologies as the industry cycle has commenced its downward trend after the huge upswing during the pandemic.</li><li>The results of this quarter were impacted by macroeconomic challenges, which included a significant slowdown in consumer demand to geopolitical, currency, and inflation challenges.</li><li>Recently, the company introduced its HP Instant Ink for its small business and its innovative LaserJet Pro with HP+.</li></ul>

HP Inc also had a significantly below par result along with its rival, Dell Technologies as the industry cycle has commenced its downward trend after the huge upswing during the pandemic.The results of this quarter were impacted by macroeconomic challenges, which included a significant slowdown in consumer demand to geopolitical, currency, and inflation challenges.Recently, the company introduced its HP Instant Ink for its small business and its innovative LaserJet Pro with HP+.

HP Inc.: Weakened Macro & Other Developments

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> announced a buyback on 5 August. That was its 17th ¥50bn buyback in 15 years. And its first "second buyback within a single year" since 2014.</li>
<li>History suggests outperformance of Peers until the end of the buyback (and it has done well here), then underperformance post-buyback.</li>
<li>Consensus forward EPS and EBIT ratios vs Peers suggest Canon shares have more to catch up, but some of that would involve reclaiming historical "quality premium."</li>
</ul>



Canon Inc (7751 JP) announced a buyback on 5 August. That was its 17th ¥50bn buyback in 15 years. And its first "second buyback within a single year" since 2014.
History suggests outperformance of Peers until the end of the buyback (and it has done well here), then underperformance post-buyback.
Consensus forward EPS and EBIT ratios vs Peers suggest Canon shares have more to catch up, but some of that would involve reclaiming historical "quality premium."


United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

Taiwan Tech Weekly: HP Says No Major PC Recovery in 2023E; Signs of Display ICs Early Turn-Around?

Hewlett Packard results: CEO says does not expect significant PC recovery in FY2023E. Fitipower results show display ICs potentially bottoming...

Vincent Fernando, CFA

Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

Firms are also significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.

Vincent Fernando, CFA

HP Inc: Solutions For Print Service Providers & Other Drivers

Unlike its rival Dell, HP delivered a disappointing result failing to meet market expectati0ons in terms of revenues as well as earnings in an...

Baptista Research

HP Inc.: Weakened Macro & Other Developments

HP Inc also had a significantly below par result along with its rival, Dell Technologies as the industry cycle has commenced its downward trend...

Baptista Research

Canon (7751) - Buyback Progress Update

Canon recently set a 2nd ¥50bn buyback for 2022. Canon Buybacks historically take 15-20 days. This is on track for 15-18. Usually Canon lags peers...

Travis Lundy

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