Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>SK hynix reported increased DRAM and NAND flash revenues in the third quarter, with DRAM's price increasing about 10%</li>
<li>NAND inventory is higher than DRAM's so NAND production capacity will not be increased</li>
<li>This bodes well for DRAM makers and poorly for NAND makers like WDC and Kioxia</li>
</ul>


SK hynix reported increased DRAM and NAND flash revenues in the third quarter, with DRAM's price increasing about 10%
NAND inventory is higher than DRAM's so NAND production capacity will not be increased
This bodes well for DRAM makers and poorly for NAND makers like WDC and Kioxia


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.</li>
<li>EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.</li>
<li>TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure</li>
</ul>


Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.
EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.
TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure


EM Semiconductors:  Positioning Deep Dive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR raised around US$730m via selling a stake in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric's (6525 JP)</a> (KE) Japan IPO.</li>
<li>KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.</li>
<li>In our previous notes we have looked at the company’s past performance, undertaken a peer comparison and looked at valuations. In this note, we talk about the trading dynamics.</li>
</ul>


KKR raised around US$730m via selling a stake in Kokusai Electric's (6525 JP) (KE) Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance, undertaken a peer comparison and looked at valuations. In this note, we talk about the trading dynamics.


Kokusai Electric IPO Trading - Decent Demand, Now for the Real Test

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

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.</li>
<li>TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.</li>
<li>Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.</li>
</ul>


This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.
TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.
Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.


Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

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

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/medco-energi-internasional-tbk-pt' target='_blank' rel='noopener'>Medco Energi</a></li><li><a href='/entities/nagacorp-ltd' target='_blank' rel='noopener'>NagaCorp Ltd</a></li><li><a href='/entities/china-vanke-co-ltd' target='_blank' rel='noopener'>China Vanke </a></li><li><a href='/entities/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Medco EnergiNagaCorp LtdChina Vanke Lippo Malls Indonesia Retail TrustTata Motors Ltdand more...

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.

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SK Hynix (000660 KS)

SK Hynix Call Bad News for WDC

Kioxia announced a second quarter of growth, but that growth is mainly from DRAM. That's good news for DRAM makers (Samsung and Micron) and bad...

Jim Handy

EM Semiconductors: Positioning Deep Dive

The momentum in Semiconductor positioning witnessed between 2019 and 2021 has stalled. In this report we identifying the funds and the companies...

Steven Holden

Kokusai Electric IPO Trading - Decent Demand, Now for the Real Test

KKR raised around US$730m via selling a stake in Kokusai Electric's (6525 JP) (KE) Japan IPO. In this note we talk about the trading dynamics.

Sumeet Singh

Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and...

Vincent Fernando, CFA

Weekly Wrap - 20 Oct 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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