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) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Biden makes the most definitive statement to date that the US will defend Taiwan.</li>
<li>Texas Instruments hikes dividend, annouces additional buyback. Will other cash rich semiconductor stocks follow suit?</li>
<li>Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.</li>
</ul>


Biden makes the most definitive statement to date that the US will defend Taiwan.
Texas Instruments hikes dividend, annouces additional buyback. Will other cash rich semiconductor stocks follow suit?
Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.


Taiwan Tech Weekly: Biden Says US Will Defend Taiwan, Texas Instruments Gives Hope

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>Texas Instruments delivered its third consecutive all-around beat in the recent result with a reported revenue of $5.21 billion this quarter.</li><li>Among major developments, Texas Instruments has recently broken the ground on the new semiconductor plants of 300-mm for water fabrication in Sherman, Texas.</li><li>Texas Instruments has a strong balance sheet and the management continues investing in building capacity.</li></ul>

Texas Instruments delivered its third consecutive all-around beat in the recent result with a reported revenue of $5.21 billion this quarter.Among major developments, Texas Instruments has recently broken the ground on the new semiconductor plants of 300-mm for water fabrication in Sherman, Texas.Texas Instruments has a strong balance sheet and the management continues investing in building capacity.

Texas Instruments: New Semiconductor Plants & Other Developments

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ.</li>
<li>Asian clients are turning weak, and US clients are getting stronger.</li>
<li>The mainland China demand could be making an impact because of the COVID-19 pandemic.</li>
</ul>


We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ.
Asian clients are turning weak, and US clients are getting stronger.
The mainland China demand could be making an impact because of the COVID-19 pandemic.


UMC (UMC.US; 2303.TT): 3Q22 Order Is Full- The Demand from Asia Is Turning Weak, but US Is Stronger

<ul>
<li>The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, with revenue growing 50% YoY and -2.6% QoQ. Silergy considers its own business will grow quarter by quarter in 2022.</li>
<li>Silergy expects to see ~3% revenue contribution for Automotive in 2022, which means it should grow over 3% by the end of 2022.</li>
<li>Silergy’s order visibility is extended from 3 quarters to over 6~8 quarters now. Meanwhile, Silergy aims to split the share to let more retail investors to hold their shares.    </li>
</ul>


The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, with revenue growing 50% YoY and -2.6% QoQ. Silergy considers its own business will grow quarter by quarter in 2022.
Silergy expects to see ~3% revenue contribution for Automotive in 2022, which means it should grow over 3% by the end of 2022.
Silergy’s order visibility is extended from 3 quarters to over 6~8 quarters now. Meanwhile, Silergy aims to split the share to let more retail investors to hold their shares.    


Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.

Equity Capital Markets

Texas Instruments / Equity Capital Markets

<ul><li>Texas Instruments delivered a strong set of results in the first quarter of 2022, with revenue of $4.9 billion, up 14% year over year.</li><li>The company’s quarterly gross margin of 70% showed an increase of 500 basis points year over year despite the inflationary environment which was truly remarkable.</li><li>Texas Instruments is witnessing lower demand in China due to Covid-19 restrictions with respect to the latest new wave that is affecting the company's customers' manufacturing operations.</li></ul>

Texas Instruments delivered a strong set of results in the first quarter of 2022, with revenue of $4.9 billion, up 14% year over year.The company’s quarterly gross margin of 70% showed an increase of 500 basis points year over year despite the inflationary environment which was truly remarkable.Texas Instruments is witnessing lower demand in China due to Covid-19 restrictions with respect to the latest new wave that is affecting the company's customers' manufacturing operations.

Texas Instruments: Competitive Positioning

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

Taiwan Tech Weekly: Biden Says US Will Defend Taiwan, Texas Instruments Gives Hope

Also: Intel vs. TSMC/UMC Trade Monitor: We look at performance streaks for the pairs. Intel outperforming over the last trading sessions.

Vincent Fernando, CFA

Texas Instruments: New Semiconductor Plants & Other Developments

Texas Instruments delivered its third consecutive all-around beat in the recent result with a reported revenue of $5.21 billion this...

Baptista Research

UMC (UMC.US; 2303.TT): 3Q22 Order Is Full- The Demand from Asia Is Turning Weak, but US Is Stronger

We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ. Asian clients are turning weak, and US clients are getting stronger.

Patrick Liao

Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.

The 1Q22 revenue/GM/OPM was US$215mn/55%/36% respectively, which revenue grew 50% YoY and -2.6% QoQ. Silergy considers its own business will grow...

Patrick Liao

Texas Instruments: Competitive Positioning

Texas Instruments delivered a strong set of results in the first quarter of 2022, with revenue of $4.9 billion, up 14% year over year. The...

Baptista Research

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