Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Summary</h2><ul>
<li>
US said no on Aixtron US acquisition: U.S. President issued an order prohibiting Grand Chip buying Germany’s LED equipment vendor Aixtron's US subsidiary on concerning national security threats related to the military applications in satellite communications and radar.</li>
<li>
No surprise after recently delayed deals: In "<a href="https://www.smartkarma.com/insights/how-will-trump-shape-up-the-global-technology-industry-in-next-four-years" target="_blank" data-smartkarma-citation="insights:6961">How Will Trump Shape up the Global Technology Industry in Next Four Years?</a>" report, we believe US will enhance I.P. protection and national security after Trump got elected…</li>
</ul>

Summary

US said no on Aixtron US acquisition: U.S. President issued an order prohibiting Grand Chip buying Germany’s LED equipment vendor Aixtron's US subsidiary on concerning national security threats related to the military applications in satellite communications and radar.

No surprise after recently delayed deals: In "How Will Trump Shape up the Global Technology Industry in Next Four Years?" report, we believe US will enhance I.P. protection and national security after Trump got elected…


US Said No on Aixtron After Taiwan Delayed on PT/Chipmos Acquisition; Any Way Out for China?

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </li><li>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</li><li>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

Small and mid-cap Asia, Thematic, Corporate Access, Glorious Day, Ltd.

Glorious Day Asia

Small and mid-cap Asia, Thematic, Corporate Access

Glorious Day, Ltd.

Equity Bottom-Up

Global Wafer (6488 TT): Purchase of Sun Edison Semi (Semi US) will move GWC to #3 global supplier and 17% market share, after Shin-Etsu and Sumco and ahead of Siltronics (Wacker Chemie). Semi wafer prices are set to show a modest rebound on industry consolidation and no material increases in industry capacity. Industry growth and market addressing synergies from the merger offset the lack of initial profit accretion.

Global Wafer (6488 TT): Purchase of Sun Edison Semi (Semi US) will move GWC to #3 global supplier and 17% market share, after Shin-Etsu and Sumco and ahead of Siltronics (Wacker Chemie). Semi wafer prices are set to show a modest rebound on industry consolidation and no material increases in industry capacity. Industry growth and market addressing synergies from the merger offset the lack of initial profit accretion.

Global Wafer Corp (6488 TT): Imminent Industry Consolidation a Positive; Company Visit Note Summary

<h2>Executive summary</h2><ul>
<li>DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another strong upward spot price trend (over 30% q/q rebound) for DRAM in 4Q16 but a muted NAND spot price. </li>
<li>
After TSMC/Intel guided 1-2% q/q sales decline and AMD guided 18% q/q drop in 4Q16 coupled with likely over 30% q/q iPhone shipment decline in 1Q17, the seasonal softness might mitigate DRAM/NAND spot price rebound starting late 4Q16 and drive a…</li>
</ul>

Executive summary
DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another strong upward spot price trend (over 30% q/q rebound) for DRAM in 4Q16 but a muted NAND spot price. 

After TSMC/Intel guided 1-2% q/q sales decline and AMD guided 18% q/q drop in 4Q16 coupled with likely over 30% q/q iPhone shipment decline in 1Q17, the seasonal softness might mitigate DRAM/NAND spot price rebound starting late 4Q16 and drive a…


Reasons Why DRAM Price Might Be Better than NAND in 2017

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

US Said No on Aixtron After Taiwan Delayed on PT/Chipmos Acquisition; Any Way Out for China?

Summary US said no on Aixtron US acquisition: U.S. President issued an order prohibiting Grand Chip buying Germany’s LED equipment vendor...

Andrew Lu

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version...

Euromonitor International Ltd.

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

Global Wafer Corp (6488 TT): Imminent Industry Consolidation a Positive; Company Visit Note Summary

Global Wafer (6488 TT): Purchase of Sun Edison Semi (Semi US) will move GWC to #3 global supplier and 17% market share, after Shin-Etsu and Sumco...

Glorious Day Asia

Reasons Why DRAM Price Might Be Better than NAND in 2017

Executive summary DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)