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>SK Hynix reported Q423 revenues of 11.31 trillion won, up 25% QoQ and up 47% YoY</li>
<li>Operating profit of 346 billion won, marking the first quarter of profit following four straight quarters of losses.</li>
<li>SK Hynix is investing heavily in custom memory solutions driven by AI-related demand. It's a far better and more profitable business model than the mainstream commodity one.</li>
</ul>


SK Hynix reported Q423 revenues of 11.31 trillion won, up 25% QoQ and up 47% YoY
Operating profit of 346 billion won, marking the first quarter of profit following four straight quarters of losses.
SK Hynix is investing heavily in custom memory solutions driven by AI-related demand. It's a far better and more profitable business model than the mainstream commodity one.


SK Hynix & The Dawn Of Custom Memory Solutions

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 Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-16955'>SK Hynix</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Lippo Malls Indonesia Retail TrustSK Hynix

Morning Views Asia: Lippo Malls Indonesia Retail Trust, SK Hynix

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>SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.</li>
<li>Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.</li>
<li>SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities</li>
</ul>


SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.
Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.
SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities


What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

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>August's WSTS semiconductor revenues registered a record high of more than $53 billion</li>
<li>Nobody seemed to notice, including the organization making the announcement</li>
<li>There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales</li>
</ul>


August's WSTS semiconductor revenues registered a record high of more than $53 billion
Nobody seemed to notice, including the organization making the announcement
There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales


Semis Just Broke a Record.  Why Did Nobody Notice?

Technology / Semiconductor / Internet Research

Nicolas Baratte

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Following AMD AI conference on 10 Oct, many question AMD's estimate of the AI Accelerators market reaching US$500bn by 2028 (from $45bn in 2023).  </li>
<li>AI Accelerators market value is increasing by 150% in 2024, reaching US$113bn. Based on TSMC CoWoS capacity, we  think reasonable to expect 115% growth over 2025-26 or US$276bn in 2026.</li>
<li>TSMC makes all the chips. HBM is dominated by Hynix. Nvidia should remain the dominant vendor for years. AMD and Broadcom should grow faster than NVDA. Outsourcing: Alchip, Marvel, Mediatek. </li>
</ul>


Following AMD AI conference on 10 Oct, many question AMD's estimate of the AI Accelerators market reaching US$500bn by 2028 (from $45bn in 2023).  
AI Accelerators market value is increasing by 150% in 2024, reaching US$113bn. Based on TSMC CoWoS capacity, we  think reasonable to expect 115% growth over 2025-26 or US$276bn in 2026.
TSMC makes all the chips. HBM is dominated by Hynix. Nvidia should remain the dominant vendor for years. AMD and Broadcom should grow faster than NVDA. Outsourcing: Alchip, Marvel, Mediatek. 


How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC

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 & The Dawn Of Custom Memory Solutions

SK Hynix reported Q423 revenues of 11.31 trillion won, +25% QoQ, +47% YoY. Op profit 346 billion won, first in five quarters. A pivot to custom...

William Keating

Morning Views Asia: Lippo Malls Indonesia Retail Trust, SK Hynix

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

Semis Just Broke a Record. Why Did Nobody Notice?

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC

AMD estimates AI Accelerators will reach US$500bn by 2028 ($45bn in 2023). Accelerators increased by 150% in 2024, $113bn. Based on TSMC CoWoS,...

Nicolas Baratte

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SK Hynix & The Dawn Of Custom Memory Solutions

SK Hynix reported Q423 revenues of 11.31 trillion won, +25% QoQ, +47% YoY. Op profit 346 billion won, first in five quarters. A pivot to custom...

William Keating

Morning Views Asia: Lippo Malls Indonesia Retail Trust, SK Hynix

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

​SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

Semis Just Broke a Record. Why Did Nobody Notice?

​August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC

AMD estimates AI Accelerators will reach US$500bn by 2028 ($45bn in 2023). Accelerators increased by 150% in 2024, $113bn. Based on TSMC CoWoS,...

Nicolas Baratte

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...