Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>AEM reported weak 1Q23 showing significant revenue and margin pressure across the board</li>
<li>The company mentioned it was an indirect beneficiary of AI and ChatGPT hype going forward</li>
<li>AEM could achieve 0.40 EPS in FY24 once the semiconductor industry rebounds. Fair Value of 6 SGD is unchanged.</li>
</ul>


AEM reported weak 1Q23 showing significant revenue and margin pressure across the board
The company mentioned it was an indirect beneficiary of AI and ChatGPT hype going forward
AEM could achieve 0.40 EPS in FY24 once the semiconductor industry rebounds. Fair Value of 6 SGD is unchanged.


AEM Holding: Weak 1Q23 Not a Surprise, Hoping for Better FY24

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range</li>
<li>Remains on track for &gt;50% wafer capacity growth between 2021 and 2024</li>
<li>Muted CY'23 outlook sends shares down ~10% by close. Buying opportunity?</li>
</ul>


Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range
Remains on track for &gt;50% wafer capacity growth between 2021 and 2024
Muted CY'23 outlook sends shares down ~10% by close. Buying opportunity?


GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Q1’23 revenues of $5.4 billion, down 3.5% QoQ, down 9% YoY, but marginally ahead of the guided midpoint.</li>
<li>AMD’s outlook for the current quarter is for revenues of $5.3 billion at the midpoint, basically flat sequentially:</li>
<li>Data center revenues will grow 50% sequentially in H2'23 compared to H1'23</li>
</ul>


Q1’23 revenues of $5.4 billion, down 3.5% QoQ, down 9% YoY, but marginally ahead of the guided midpoint.
AMD’s outlook for the current quarter is for revenues of $5.3 billion at the midpoint, basically flat sequentially:
Data center revenues will grow 50% sequentially in H2'23 compared to H1'23


AMD Q1'23 Revenue $5.4 Billion, -3.5% QoQ, -9% YoY. Q2 Flat Sequentially.

Thematic (Sector/Industry)

<ul>
<li>Q1’23 revenues of $11.7 billion, down 37% YoY and 16.5% sequentially. It was the company's first earnings beat since Q1’22.</li>
<li>Forecasts Q2'23 revenue of $12 billion at the midpoint, with non-GAAP gross margins sliding a further 0.9 points to 37.5%</li>
<li>Annual GAAP GM has fallen from 61.4% in 2018 to 42.3% in 2022. But why?</li>
</ul>


Q1’23 revenues of $11.7 billion, down 37% YoY and 16.5% sequentially. It was the company's first earnings beat since Q1’22.
Forecasts Q2'23 revenue of $12 billion at the midpoint, with non-GAAP gross margins sliding a further 0.9 points to 37.5%
Annual GAAP GM has fallen from 61.4% in 2018 to 42.3% in 2022. But why?


Intel Q1'23 Earnings Review. No Surprises But Pay Attention To The Gross Margin Story

<ul>
<li>Q1 2023 revenues of $16.72 billion, at the bottom end of the guided range, down 16.1% sequentially and 4.8% compared to the year ago period</li>
<li>TSMC pegged Q2 2023 as their trough quarter of the current semiconductor downturn</li>
<li>2023 CapEx of $34 billion at the midpoint, while flat sequentially, represents yet another in a long series of big bets on the future of semiconductors</li>
</ul>


Q1 2023 revenues of $16.72 billion, at the bottom end of the guided range, down 16.1% sequentially and 4.8% compared to the year ago period
TSMC pegged Q2 2023 as their trough quarter of the current semiconductor downturn
2023 CapEx of $34 billion at the midpoint, while flat sequentially, represents yet another in a long series of big bets on the future of semiconductors


United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

AEM Holding: Weak 1Q23 Not a Surprise, Hoping for Better FY24

AEM reported a weak 1Q23 which was not unexpected given earlier FY23 guidance of 500M revenues. Management remains steadfast in its long-term...

Nicolas Van Broekhoven

GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

Q1’23 revenues of $1.84 billion, -12% QoQ and - 5% YoY, within guidance. On track for >50% wafer capacity growth 2021 to 2024. Muted CY'23 outlook...

William Keating

AMD Q1'23 Revenue $5.4 Billion, -3.5% QoQ, -9% YoY. Q2 Flat Sequentially.

Q1’23 revenues of $5.4 billion, down 3.5% QoQ, down 9% YoY, but marginally ahead of the guided midpoint. Q2 revenues of $5.3 billion. Data center...

William Keating

Intel Q1'23 Earnings Review. No Surprises But Pay Attention To The Gross Margin Story

Q1’23 revenues of $11.7 billion, down 37% YoY and 16.5% sequentially. It was the company's first earnings beat since Q1’22. Annual GAAP GM has...

William Keating

TSMC. Betting Big Is Nothing New

Q1 2023 revenues of $16.72 billion, at the bottom end of the guided range, down 16.1% QoQ and 4.8% YoY. Q2 will be the trough. 2023 CapEx at $34...

William Keating

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