Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Taiwan's government has passed new major tax subsidies to support semiconductor firms' R&amp;D and capex spending.</li>
<li>TSMC results will be out this afternoon; Interestingly, TSMC's CEO has been buying shares during October, November, and December.</li>
<li>Hon Hai has begun iPhone 15 trial production, and Zhengzhou is back to 100%.</li>
</ul>


Taiwan's government has passed new major tax subsidies to support semiconductor firms' R&amp;D and capex spending.
TSMC results will be out this afternoon; Interestingly, TSMC's CEO has been buying shares during October, November, and December.
Hon Hai has begun iPhone 15 trial production, and Zhengzhou is back to 100%.


Taiwan Tech Weekly: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>VinFast Auto ("VinFast") is getting ready to complete its IPO on Nasdaq in January 2023.</li>
<li>We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year. </li>
<li>The fact that the company is trying to hurry up to complete this IPO in early 2023 suggests that there could be some bigger concerns about long-term financing of VinFast.</li>
</ul>


VinFast Auto ("VinFast") is getting ready to complete its IPO on Nasdaq in January 2023.
We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year. 
The fact that the company is trying to hurry up to complete this IPO in early 2023 suggests that there could be some bigger concerns about long-term financing of VinFast.


VinFast IPO Preview - Too Big to Fail In Vietnam

<ul>
<li>Intel's 3Q22 earnings beat expectations, and the shares reacted positively, rising 10.7%.</li>
<li>The company announced $3bn of cost savings for 2023E and $8-10bn in annual cost savings by 2025E. 2023E earnings guidance will be provided at the company's February Investor Day.</li>
<li>Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the companies into its next earnings.</li>
</ul>


Intel's 3Q22 earnings beat expectations, and the shares reacted positively, rising 10.7%.
The company announced $3bn of cost savings for 2023E and $8-10bn in annual cost savings by 2025E. 2023E earnings guidance will be provided at the company's February Investor Day.
Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the companies into its next earnings.


Intel Vs. TSMC/​​​​​UMC Long/​​​​​Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate

<ul>
<li>Mobileye Global (MBLY US) is getting ready to complete its IPO next week. The IPO price range is between $18 and $20 per share.</li>
<li>Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. </li>
<li>Given the low upside in our target price relative to the IPO price range, we have a Negative view of this IPO.</li>
</ul>


Mobileye Global (MBLY US) is getting ready to complete its IPO next week. The IPO price range is between $18 and $20 per share.
Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. 
Given the low upside in our target price relative to the IPO price range, we have a Negative view of this IPO.


<ul>
<li>Mobileye Global (MBLY US) is getting ready for an IPO in the US in late 2022 at an expected market cap valuation of about US$30 billion. </li>
<li>Mobileye Global was acquired by Intel for US$15.3 billion in 2017. Intel currently owns a 100% stake of the company's outstanding common shares.</li>
<li>Mobileye has world-class technologies in the advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions.</li>
</ul>


Mobileye Global (MBLY US) is getting ready for an IPO in the US in late 2022 at an expected market cap valuation of about US$30 billion. 
Mobileye Global was acquired by Intel for US$15.3 billion in 2017. Intel currently owns a 100% stake of the company's outstanding common shares.
Mobileye has world-class technologies in the advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions.


Israel

Mobileye Global Inc. provides software and hardware technologies for automobiles. The Company specializes in development and deployment of driver assistance systems ("ADAS") and autonomous driving technologies and solutions. Mobileye Global serves customers worldwide.

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Mobileye Global (MBLY US)

Taiwan Tech Weekly: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

TSMC results will be released this afternoon. Notably, TSMC's CEO has been buying shares over the last three months. Hon Hai begins iPhone 15 trial...

Vincent Fernando, CFA

VinFast IPO Preview - Too Big to Fail In Vietnam

We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year.

Douglas Kim

Mobileye Global IPO Valuation Analysis

Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. We have a...

Douglas Kim

Mobileye Global IPO Preview

Mobileye Global (MBLY US) is getting ready for an IPO in the US in late 2022 at an expected market cap valuation of about US$30 billion.

Douglas Kim

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Taiwan Tech Weekly: Global Optimism for Semi Stocks, Taiwan's New Subsidies, TSMC CEO Buying Stock

TSMC results will be released this afternoon. Notably, TSMC's CEO has been buying shares over the last three months. Hon Hai begins iPhone 15 trial...

Vincent Fernando, CFA

VinFast IPO Preview - Too Big to Fail In Vietnam

We are cautious on the IPO of VinFast. Timing is awful and investors have slashed share prices of the company's comps in the past year.

Douglas Kim

Intel Vs. TSMC/​​​​​UMC Long/​​​​​Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate

Intel has outperformed TSMC and UMC since our pre-Intel Innovation Conference catalyst piece. Intel could still re-rate further relative to the...

Vincent Fernando, CFA

Mobileye Global IPO Valuation Analysis

Our base case valuation of Mobileye is implied market cap of $15.2 billion or $19 per share, which is within the IPO price range. We have a...

Douglas Kim

Mobileye Global IPO Preview

Mobileye Global (MBLY US) is getting ready for an IPO in the US in late 2022 at an expected market cap valuation of about US$30 billion.

Douglas Kim

Intel Vs. TSMC/UMC Long/Short Monitor: Intel Results Drive Share Spike, Still Can Re-Rate