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

Hon Hai Precision: Nvidia Chip Partnership Shows Emerging EV Advantage, Apple Issues Improving; Buy

Taiwan Tech Weekly: HP Says No Major PC Recovery in 2023E; Signs of Display ICs Early Turn-Around?

Hon Hai Results: Managed Q4 COVID Issues Well, Reiterates Margin Expansion & EV Targets; Stay Long

Hon Hai: EV Growth Will Come Into Focus in 2023E, Can Hit NT$155 Per Share

Hon Hai & Yulon IPO: Media Reports of Electric Vehicle JV 1Q23 Listing, Stock Implications

Taiwan Tech Weekly: Hon Hai IPhone Plant Recovery, Nanya Slumps, Intel Foundry Potential in 2023

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai's upcoming results date hasn't yet been publicly announced, but last year it was 16 March.</li>
<li>Gross margin could come in well below consensus, and net profit could be minimal for 4Q22E. Look for reiteration of its longer-term margin target from management.</li>
<li>We remain structurally bullish on Hon Hai and see it as positioned favorably relative to U.S. China semiconductor restrictions. Our TP for Hon Hai is $155, over 50% above today.</li>
</ul>


Hon Hai's upcoming results date hasn't yet been publicly announced, but last year it was 16 March.
Gross margin could come in well below consensus, and net profit could be minimal for 4Q22E. Look for reiteration of its longer-term margin target from management.
We remain structurally bullish on Hon Hai and see it as positioned favorably relative to U.S. China semiconductor restrictions. Our TP for Hon Hai is $155, over 50% above today.


Hon Hai 4Q22 Results Preview: Brace for a Weak Print, But EV Structural Driver Intact