Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Intel and Brookefield Asset Management recently announced that they intend to jointly invest US$30 billion into building Intel foundries in Arizona, leveraging on the US CHIPS Act.</li>
<li>Although inflation and declining consumer demand continue to affect all chipmakers, U.S. strategic objectives and policies will set Intel on a new growth trajectory and competitive position in our view.</li>
<li>A Long Intel/ Short Taiwan semiconductor strategy present a compelling opportunity. We prefer Long Intel vs. Short UMC, however, we expect Long Intel vs. Short TSMC to also be profitable.</li>
</ul>


Intel and Brookefield Asset Management recently announced that they intend to jointly invest US$30 billion into building Intel foundries in Arizona, leveraging on the US CHIPS Act.
Although inflation and declining consumer demand continue to affect all chipmakers, U.S. strategic objectives and policies will set Intel on a new growth trajectory and competitive position in our view.
A Long Intel/ Short Taiwan semiconductor strategy present a compelling opportunity. We prefer Long Intel vs. Short UMC, however, we expect Long Intel vs. Short TSMC to also be profitable.


US CHIPS Act: Long Intel Vs. Short TSMC or UMC?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 23 August, Intel announced that it will partner with Canada's Brookfield Asset Management to jointly fund up to $30 billion to make advanced semiconductor chips in Arizona. </li>
<li>Despite Intel's aggressive plans to expand the semiconductor chip production, we are more concerned about the overall downturn in the semiconductor sector which lead to further decline in sales. </li>
<li>Despite our negative view of Intel's shares in the near term, Intel could gain market share versus Samsung and TSMC in the semiconductor sector in the next three years.</li>
</ul>


On 23 August, Intel announced that it will partner with Canada's Brookfield Asset Management to jointly fund up to $30 billion to make advanced semiconductor chips in Arizona. 
Despite Intel's aggressive plans to expand the semiconductor chip production, we are more concerned about the overall downturn in the semiconductor sector which lead to further decline in sales. 
Despite our negative view of Intel's shares in the near term, Intel could gain market share versus Samsung and TSMC in the semiconductor sector in the next three years.


Intel's $30 Billion JV with Brookfield Asset Mgmt: To Take Away Market Share from TSMC & Samsung?

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 has witnessed a rapid and sudden decline in sales activity which resulted in the company delivering a very weak quarterly result where it failed to meet Wall Street expectations in terms of revenues as well as earnings.</li><li>In its efforts to refocus itself on its core, the management continued to carry out various corporate restructuring efforts.</li><li>We provide the stock of Intel with a ‘Hold’ rating and a revision in the target price.</li></ul>

Intel has witnessed a rapid and sudden decline in sales activity which resulted in the company delivering a very weak quarterly result where it failed to meet Wall Street expectations in terms of revenues as well as earnings.In its efforts to refocus itself on its core, the management continued to carry out various corporate restructuring efforts.We provide the stock of Intel with a ‘Hold’ rating and a revision in the target price.

Intel Corporation: The Ananki Acquisition & Other Developments

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>AEM reported stellar 1H22 results beating street estimates as well as far outpacing their own guidance. CHIPS act in USA will benefit company in FY23.</li>
<li>Stock reaction (+6%) muted despite great outlook and management optimism. Despite record results and strong outlook, stock is down YTD. </li>
<li>AEM is cheap trading at only +/-10x FY22 EPS, too low given the growth and consistent margins profile. Fair Value remains 8 SGD.</li>
</ul>


AEM reported stellar 1H22 results beating street estimates as well as far outpacing their own guidance. CHIPS act in USA will benefit company in FY23.
Stock reaction (+6%) muted despite great outlook and management optimism. Despite record results and strong outlook, stock is down YTD. 
AEM is cheap trading at only +/-10x FY22 EPS, too low given the growth and consistent margins profile. Fair Value remains 8 SGD.


AEM: Stellar 1H22; Deeply Undervalued. Fair Value Remains at 8 SGD.

<ul>
<li>On 12 August, the South Korean government finally gave a presidential pardon to Samsung's heir Lee Jae-Yong.</li>
<li>With Lee Jae-Yong given the presidential pardon, there is an increasing likelihood that the Samsung Group could become more aggressive in making major global M&amp;As in the next several years.</li>
<li>Three major M&amp;As that Samsung could make in the next several years include ARM, Infineon, and NXP Semiconductor. </li>
</ul>


On 12 August, the South Korean government finally gave a presidential pardon to Samsung's heir Lee Jae-Yong.
With Lee Jae-Yong given the presidential pardon, there is an increasing likelihood that the Samsung Group could become more aggressive in making major global M&amp;As in the next several years.
Three major M&amp;As that Samsung could make in the next several years include ARM, Infineon, and NXP Semiconductor. 


Samsung's Lee Jae-Yong Receives Pardon & Get Out of Jail Card: A Signal of Major M&As by Samsung?

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)

US CHIPS Act: Long Intel Vs. Short TSMC or UMC?

Intel plans to invest US$30bn into building foundries in the US. This could set Intel on a new growth trajectory and creates an opportunity for a...

Vincent Fernando, CFA

Intel Corporation: The Ananki Acquisition & Other Developments

Intel has witnessed a rapid and sudden decline in sales activity which resulted in the company delivering a very weak quarterly result where it...

Baptista Research

AEM: Stellar 1H22; Deeply Undervalued. Fair Value Remains at 8 SGD.

AEM reported a great set of 1H22 results and raised guidance. Long term thesis remains intact as stock trades at 10x FY22 EPS. Fair value remains...

Nicolas Van Broekhoven

Samsung's Lee Jae-Yong Receives Pardon & Get Out of Jail Card: A Signal of Major M&As by Samsung?

With Lee Jae-Yong given the presidential pardon, there is an increasing likelihood that the Samsung Group could become more aggressive in making...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US CHIPS Act: Long Intel Vs. Short TSMC or UMC?

Intel plans to invest US$30bn into building foundries in the US. This could set Intel on a new growth trajectory and creates an opportunity for a...

Vincent Fernando, CFA

Intel's $30 Billion JV with Brookfield Asset Mgmt: To Take Away Market Share from TSMC & Samsung?

On 23 August, Intel announced that it will partner with Canada's Brookfield Asset Management to jointly fund up to $30 billion to make advanced...

Douglas Kim

Intel Corporation: The Ananki Acquisition & Other Developments

Intel has witnessed a rapid and sudden decline in sales activity which resulted in the company delivering a very weak quarterly result where it...

Baptista Research

AEM: Stellar 1H22; Deeply Undervalued. Fair Value Remains at 8 SGD.

AEM reported a great set of 1H22 results and raised guidance. Long term thesis remains intact as stock trades at 10x FY22 EPS. Fair value remains...

Nicolas Van Broekhoven

Samsung's Lee Jae-Yong Receives Pardon & Get Out of Jail Card: A Signal of Major M&As by Samsung?

With Lee Jae-Yong given the presidential pardon, there is an increasing likelihood that the Samsung Group could become more aggressive in making...

Douglas Kim