Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.

  In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.   In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market. 

Asia Monthly - August 2024 In Review - Lucror Analytics

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Q424 revenue $7.8 billion which was $200 million above the guided midpoint, up 14% QoQ and up 93% YoY.</li>
<li>Q125 revenue of $8.7 billion with gross margin 39.5%. This will be the company’s highest ever quarterly revenue</li>
<li>On track for ~20% share of a $25 billion HBM market in 2025</li>
</ul>


Q424 revenue $7.8 billion which was $200 million above the guided midpoint, up 14% QoQ and up 93% YoY.
Q125 revenue of $8.7 billion with gross margin 39.5%. This will be the company’s highest ever quarterly revenue
On track for ~20% share of a $25 billion HBM market in 2025


Micron. Zoom, Zoom, Zoom, We're Going To The Moon...

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>KRX faces challenges balancing the Value-Up Index as a benchmark while ensuring real disclosures, but passive inflows remain steady with local pension funds still interested.</li>
<li>KRX's potential December mini rebalancing increases uncertainty but may just lead to minor tweaks, adding KB and Hana while removing a few stocks from Communication Services.</li>
<li>The Value-Up Index resembles the KOSPI 200, using 30-40% GICS stocks and KOSDAQ 150, which may spark trading strategies focused on performance gaps within sectors.</li>
</ul>


KRX faces challenges balancing the Value-Up Index as a benchmark while ensuring real disclosures, but passive inflows remain steady with local pension funds still interested.
KRX's potential December mini rebalancing increases uncertainty but may just lead to minor tweaks, adding KB and Hana while removing a few stocks from Communication Services.
The Value-Up Index resembles the KOSPI 200, using 30-40% GICS stocks and KOSDAQ 150, which may spark trading strategies focused on performance gaps within sectors.


Lowdown from KRX's Emergency Presser on the Value-Up Index Today

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.</li>
<li>Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.</li>
<li>Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.</li>
</ul>


Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.
Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.
Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.


Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium</li>
<li>Investor interest in memory semiconductors, AI derivative stocks has cooled</li>
<li>Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector</li>
</ul>


Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium
Investor interest in memory semiconductors, AI derivative stocks has cooled
Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector


Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price Gauge
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SK Hynix (000660 KS)

Asia Monthly - August 2024 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also...

Lucror Analytics

Micron. Zoom, Zoom, Zoom, We're Going To The Moon...

Q424 $7.8 billion +14% QoQ & +93% YoY. Q125 revenue, $8.7 billion, highest ever. On track for ~20% share of a $25 billion HBM market in 2025. Zoom...

William Keating

Lowdown from KRX's Emergency Presser on the Value-Up Index Today

This post provides the essential details and key takeaways from KRX's emergency press event on the Value-Up Index today, highlighting...

Sanghyun Park

Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Stay Long Micron, SK Hynix, and Silicon Motion into upcoming Micron results on September 25th Mountain Time. Memory outlook unlikely to be overly...

Vincent Fernando, CFA

Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

Neil Campling

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Monthly - August 2024 In Review - Lucror Analytics

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also...

Lucror Analytics

Micron. Zoom, Zoom, Zoom, We're Going To The Moon...

Q424 $7.8 billion +14% QoQ & +93% YoY. Q125 revenue, $8.7 billion, highest ever. On track for ~20% share of a $25 billion HBM market in 2025. Zoom...

William Keating

Lowdown from KRX's Emergency Presser on the Value-Up Index Today

This post provides the essential details and key takeaways from KRX's emergency press event on the Value-Up Index today, highlighting...

Sanghyun Park

Memory Monitor: Upcoming Micron Results & Outlook Key Amid Reports of Inventory Liquidation

Stay Long Micron, SK Hynix, and Silicon Motion into upcoming Micron results on September 25th Mountain Time. Memory outlook unlikely to be overly...

Vincent Fernando, CFA

Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

​IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

Neil Campling

IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...