Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

ASUS Q1'23 Revenues NT$ 102,376 Million,- 13% QoQ & -20% YoY. PC Segment to Grow ~20% in Q2'23

Long Acer Vs. Short Asustek: 6.9% Performance in One Week, Can REVERSE the Trade Again

Taiwan Tech Weekly: PC Market Bottoming, AMAT, Quanta Outperforms Peers, Samsung Tesla Meeting

Elan Microelectronics: Capacity for Share Buybacks in 2023E, Intel Event Could Provide Cycle Clarity

Taiwan Tech Weekly: Nvidia's Latest Strategy Unveil Tonight; AUO Says PC Panel Demand Normalizing

PC Industry Monitor: Signs of Inventory Improvement at PC Industry's Leading Edge; Shares Diverged

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>The PC supply/demand outlook appears to be improving and Elan's leading position providing touch technologies for PCs and other devices makes it an interesting play on the cycle rebound.</li>
<li>Elan's results were recently weak due to industry-cycle factors; its company-specific strengths haven't been affected and its product leadership makes it well positioned for an industry rebound.</li>
<li>Just retracing half its distance from 52-week highs would imply 24% upside and an undemanding valuation in our view.</li>
</ul>


The PC supply/demand outlook appears to be improving and Elan's leading position providing touch technologies for PCs and other devices makes it an interesting play on the cycle rebound.
Elan's results were recently weak due to industry-cycle factors; its company-specific strengths haven't been affected and its product leadership makes it well positioned for an industry rebound.
Just retracing half its distance from 52-week highs would imply 24% upside and an undemanding valuation in our view.


Elan Microelectronics: Specialized Upstream Play on Improving PC Industry Supply/Demand