CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Eight stock remains, and six stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 96% versus the MSCI Asia ex Japan of 48%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Eight stock remains, and six stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 96% versus the MSCI Asia ex Japan of 48%


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.</li>
<li>Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.</li>
<li>Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.</li>
</ul>


ASML and Lam Research beat estimates last week and provided some relief to the semiconductor space.
Major global industry earnings coming this week include -- Samsung, SK Hynix, Texas Instruments, KLA Tencor, Apple, and Intel.
Major Taiwan earnings this week -- AUO, UMC, ASE, Realtek, Delta Electronics, Mediatek.


Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Major milestones for Hon Hai's EV platform could be unveiled at today's Hon Hai Tech Day.</li>
<li>Apple's dropping of a key China supplier shows how international players may want to just avoid even non-restricted products from China.</li>
<li>Senior semiconductor executives across the industry are halting work for China-based firms, including some leading Chinese execs.</li>
</ul>


Major milestones for Hon Hai's EV platform could be unveiled at today's Hon Hai Tech Day.
Apple's dropping of a key China supplier shows how international players may want to just avoid even non-restricted products from China.
Senior semiconductor executives across the industry are halting work for China-based firms, including some leading Chinese execs.


Taiwan Tech Weekly: Hon Hai Tech Day Today, Apple Drops China Supplier; Shows Severity of New Rules

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan’s tech space fell hard last week, with the tech sector down 5.4%, compared to a 4.9% drop for the overall market. Semiconductors performed the worst, down 6.2%.</li>
<li>Hon Hai, Delta, Lite-On -- EV a major theme for the first-ever Taiwan Expo USA coming October 12th.</li>
<li>Taiwan wafer exports were at an all-time high in August. We note that wafer names have underperformed TSMC.</li>
</ul>


Taiwan’s tech space fell hard last week, with the tech sector down 5.4%, compared to a 4.9% drop for the overall market. Semiconductors performed the worst, down 6.2%.
Hon Hai, Delta, Lite-On -- EV a major theme for the first-ever Taiwan Expo USA coming October 12th.
Taiwan wafer exports were at an all-time high in August. We note that wafer names have underperformed TSMC.


Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

External broker reports(aggregated public sources), Capital Securities Corp

Capital Securities

External broker reports(aggregated public sources)

Capital Securities Corp

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<p>Revenue/earnings momentum may decelerate in the short run; adjust from BUY to TRADING BUY. Catalyzed by growth in core businesses, Lite-On’s overall operations have improved. The company has significantly improved its profitability despite flat revenue in FY21. However, considering the lack of revenue/earnings momentum, we adjust Lite-On from BUY to TRADING BUY with TP of NT70 (11x FY22 EPS estimate).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Revenue/earnings momentum may decelerate in the short run; adjust from BUY to TRADING BUY. Catalyzed by growth in core businesses, Lite-On’s overall operations have improved. The company has significantly improved its profitability despite flat revenue in FY21. However, considering the lack of revenue/earnings momentum, we adjust Lite-On from BUY to TRADING BUY with TP of NT70 (11x FY22 EPS estimate).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lite-On Technology (2301 TT, TRADING BUY, NTD63.90)

Taiwan

Lite-On Technology Corp. manufactures and markets a wide range of computer components and Peripheral equipment. The Company's products include computers, digital home products, consumer electronics, communications products, key components and sub-systems, and optoelectronic components. Power Supplies, Enclosures, and LEDs business are the core of Lite-On Technology's business.

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Lite On Technology (2301 TT)

The Stocks to Own in Asia – Vol. 39

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Six stock remains, and eight stocks added to our portfolio.

A. Stotz Investment Research

Taiwan Tech Weekly: ASML & Lam Provide Industry Optimism, Wave of Earnings This Week

Earnings season is now in full swing with a wave of results to be released this week for both the global industry and within Taiwan.

Vincent Fernando, CFA

Taiwan Tech Weekly: Hon Hai Tech Day Today, Apple Drops China Supplier; Shows Severity of New Rules

Major Hon Hai EV developments could be unveiled today. Also, Apple's dropping of a key China supplier shows how international players may want to...

Vincent Fernando, CFA

Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

AU Optronics stock suspended, Intel's Mobileye IPO is back, Samsung takes share from TSMC, Taiwan wafer exports are at an all-time high.

Vincent Fernando, CFA

Lite-On Technology (2301 TT, TRADING BUY, NTD63.90)

Revenue/earnings momentum may decelerate in the short run; adjust from BUY to TRADING BUY. Catalyzed by growth in core businesses, Lite-On’s...

Capital Securities

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