Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg. Co. Ltd.</a> reports a better 2Q16 and guides a stronger 3Q16 but hints 4Q16 inventory and demand adjustment. We believe most of analysts will remain their views unchanged but be struggling between long term positive catalysts vs. short term seasonal adjustments after recent strong share price performance (26% ytd vs. 11% std on Taiwan Weighted Index). Analysts will need to know what will be likely seasonal sales decline and margin contraction in 4Q16 and 1Q17 in order to…

Taiwan Semiconductor Mfg. Co. Ltd. reports a better 2Q16 and guides a stronger 3Q16 but hints 4Q16 inventory and demand adjustment. We believe most of analysts will remain their views unchanged but be struggling between long term positive catalysts vs. short term seasonal adjustments after recent strong share price performance (26% ytd vs. 11% std on Taiwan Weighted Index). Analysts will need to know what will be likely seasonal sales decline and margin contraction in 4Q16 and 1Q17 in order to…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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More than Just Moore’s Law<ul><li class="p1">Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”</li><li class="p1">We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.</li><li class="p1">This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.</li><li class="p1">In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.</li></ul>Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

More than Just Moore’s LawBuilding semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

Looking Long or Short Term on TSMC?

Taiwan Semiconductor Mfg. Co. Ltd. reports a better 2Q16 and guides a stronger 3Q16 but hints 4Q16 inventory and demand adjustment. We believe most...

Andrew Lu

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

More than Just Moore’s Law Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out...

Morningstar, Inc.

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

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