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>Q1FY24 revenues of $4.7 billion, up 18% QoQ and up 16% YoY, and $100 million above guided high end, as already flagged on November 28</li>
<li>Q2FY24 guidance of $5.3 billion, a ~13% increase QoQ. This will once again be loss-making quarter to the tune of an EPS loss of 28 cents.</li>
<li>Things are looking up for Micron, but 2024 will still be a "recovery" year.</li>
</ul>


Q1FY24 revenues of $4.7 billion, up 18% QoQ and up 16% YoY, and $100 million above guided high end, as already flagged on November 28
Q2FY24 guidance of $5.3 billion, a ~13% increase QoQ. This will once again be loss-making quarter to the tune of an EPS loss of 28 cents.
Things are looking up for Micron, but 2024 will still be a "recovery" year.


Micron. Earnings Puts & Takes. Take Your Pick

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Dec 22nd which has an aggregated short interest worth USD9.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Dec 22nd which has an aggregated short interest worth USD9.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.


KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>'s revenue outlook for 1Q24F is expected to show a decline of around negative high single digits QoQ.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> aims to receive x86 CPU technology from TSMC 3nm in 1H24F.</li>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> plans to utilize 3nm technology for manufacturing smartphone SoCs in 2H24F, which will narrow the gap with <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>.  </li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT)'s revenue outlook for 1Q24F is expected to show a decline of around negative high single digits QoQ.

Intel Corp (INTC US) aims to receive x86 CPU technology from TSMC 3nm in 1H24F.

Mediatek Inc (2454 TT) plans to utilize 3nm technology for manufacturing smartphone SoCs in 2H24F, which will narrow the gap with Qualcomm Inc (QCOM US).  


TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

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

uPI Semiconductor Corp / Equity Bottom-Up

<ul>
<li>UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.</li>
<li>UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.</li>
<li>UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.</li>
</ul>


UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.
UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.
UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.


Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

<ul>
<li>Relative Value Trade in Micron Has Worked Since Our Last Piece; Results Blow Away Expectations</li>
<li>Memory Pricing Improvement Continues, Management Expects Pricing Increases Through Calendar Year 2024 and 2025</li>
<li>We Remain Structurally Long Memory; Now See Relative Value in SK Hynix</li>
</ul>


Relative Value Trade in Micron Has Worked Since Our Last Piece; Results Blow Away Expectations
Memory Pricing Improvement Continues, Management Expects Pricing Increases Through Calendar Year 2024 and 2025
We Remain Structurally Long Memory; Now See Relative Value in SK Hynix


Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Micron. Earnings Puts & Takes. Take Your Pick

Q1FY24 revenue $4.7 billion, +18% QoQ, +16% YoY. Q2FY24 guidance of $5.3 billion, + 13% QoQ. Things are looking up for Micron, but 2024 will still...

William Keating

KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

We analyzed KRX short interest report for the past week and highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...

Patrick Liao

Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade

We expect memory volume growth and rising memory chip prices to continue through both calendar years 2024 & 2025. Our Micron relative trade has...

Vincent Fernando, CFA

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Micron. Earnings Puts & Takes. Take Your Pick

Q1FY24 revenue $4.7 billion, +18% QoQ, +16% YoY. Q2FY24 guidance of $5.3 billion, + 13% QoQ. Things are looking up for Micron, but 2024 will still...

William Keating

KRX Short Interest Weekly (Dec 22nd): Hanwha Solutions, Samsung Electron, Hyundai Motor

We analyzed KRX short interest report for the past week and highlight short interest changes in Hanwha Solutions, Samsung Electron, Hyundai Motor.

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): The 1Q24F Revenue Outlook and the Progress for Intel, MediaTek and Samsung.

​TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...

Patrick Liao

Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

UPI's clients include most of the world's leading tech companies for chip distribution and AI products. UPI shares have lagged the strong...

Vincent Fernando, CFA

Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade

We expect memory volume growth and rising memory chip prices to continue through both calendar years 2024 & 2025. Our Micron relative trade has...

Vincent Fernando, CFA

TSMC shows a likely decline in 1Q24F. Intel aims to receive technology from TSMC for 3nm demand. Mediatek plans to narrow the gap with QCOM by...