Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p><em>This week in StubWorld ...</em></p>
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<li>
<a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">Tokyo Electron (8035 JP)</a> outperforms as global carmakers face a chip shortage;</li>
<li>
<a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> increases its questionable stake in <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>; and</li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>'s ramps up its buybacks.</li>
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<p>Preceding my comments on these holdcos are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...




Tokyo Electron (8035 JP) outperforms as global carmakers face a chip shortage;

Gulf Energy Development Public Company (GULF TB) increases its questionable stake in Intouch Holdings (INTUCH TB); and

Jardine Matheson Holdings (JM SP)'s ramps up its buybacks.




Preceding my comments on these holdcos are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


StubWorld: TBS/Tokyo Electron, Intouch/Gulf, Jardines' Buybacks

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

<p>Things took a dramatic turn for the worse at <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel</a> last week with the publication of a letter from activist hedge fund Third Point to Intel's board chairman, Dr Omar Ishrak. Having taken a significant stake in the company, Third Point is now setting out to drive sweeping changes at Intel. What are the implications for Intel and how is the company likely to respond to this challenge? Here's our thoughts on the matter.</p>

Things took a dramatic turn for the worse at Intel last week with the publication of a letter from activist hedge fund Third Point to Intel's board chairman, Dr Omar Ishrak. Having taken a significant stake in the company, Third Point is now setting out to drive sweeping changes at Intel. What are the implications for Intel and how is the company likely to respond to this challenge? Here's our thoughts on the matter.

Intel Beware ! The Vultures Are Circling.

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

<p>Micron reported earnings above guidance in its first fiscal quarter, and told of a new effort to increase its share of industry profits without changing its share of industry gigabit sales.  Although the company was hit in early December by both a power outage and an earthquake, production has not been substantially reduced.  Customer demand is currently somewhat constrained by shortages of chips that Micron does not produce.</p>

Micron reported earnings above guidance in its first fiscal quarter, and told of a new effort to increase its share of industry profits without changing its share of industry gigabit sales.  Although the company was hit in early December by both a power outage and an earthquake, production has not been substantially reduced.  Customer demand is currently somewhat constrained by shortages of chips that Micron does not produce.

Micron Reports Solid 1QFY21, Adds New Twist to Strategy

Thematic (Sector/Industry)

<p>The Semiconductor Industry Association released world semiconductor revenues for November.  The trend is still positive with year-to-date revenues 5.9% above those of 2019.  This helps underscore the improved guidance chip makers are providing.</p>

The Semiconductor Industry Association released world semiconductor revenues for November.  The trend is still positive with year-to-date revenues 5.9% above those of 2019.  This helps underscore the improved guidance chip makers are providing.

November Semiconductor Sales Continue Upward Trend

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<div>
<p>In a follow up to similar styled notes from 2017-2018-2019</p>
<p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2019-and-5-high-conviction-ideas-going-into-2020" target="_blank" data-smartkarma-citation="insights:35000" rel="noopener">Overview of My Winners and Losers in 2019... And 5 High Conviction Ideas Going into 2020</a> </p>
</div><div><p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2018-and-5-high-conviction-ideas-going-into-2019" target="_blank" data-smartkarma-citation="insights:26696" rel="noopener">Overview of My Winners and Losers in 2018...and 5 High Conviction Ideas Going into 2019</a> </p></div><div><p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2017-and-5-high-conviction-ideas-going-into-2018" target="_blank" data-smartkarma-citation="insights:16368" rel="noopener">Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018</a></p></div><div><p>I again look at my stock ideas that have worked out in 2020, those that have not, and those where the verdict is still pending. I will also highlight 5 new high conviction ideas for 2021.</p></div><div><p>Last year I provided 5 high conviction ideas and here is their performance:</p></div><div><table class="table table-striped"><tbody>
<tr>
<td style="width: 188.19px;">Company</td>
<td style="width: 135.71px;">Share Price 19 Dec 2019</td>
<td style="width: 173.14px;">Share Price 24 December 2020</td>
<td style="width: 64.07px;">Dividends</td>
<td style="width: 80.89px;">% Total Return</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM Holdings (AEM SP)</a> </td>
<td style="width: 135.71px;">1.89 SGD</td>
<td style="width: 173.14px;">3.43 SGD</td>
<td style="width: 64.07px;">0.0081 SGD</td>
<td style="width: 80.89px;">+81.91%</td>
</tr>
<tr>
<td style="width: 188.19px;"><a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1" rel="noopener">Procurri Corporation (PROC SP)</a></td>
<td style="width: 135.71px;">0.48 SGD</td>
<td style="width: 173.14px;">0.28 SGD</td>
<td style="width: 64.07px;">0.000 SGD</td>
<td style="width: 80.89px;">-41.66%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> </td>
<td style="width: 135.71px;">0.57 SGD</td>
<td style="width: 173.14px;">0.76 SGD</td>
<td style="width: 64.07px;">0.0025 SGD</td>
<td style="width: 80.89px;">+33.77%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/ips-securex-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15717:1" rel="noopener">IPS Securex (IPSS SP)</a> </td>
<td style="width: 135.71px;">0.004 SGD</td>
<td style="width: 173.14px;">0.08 SGD</td>
<td style="width: 64.07px;">0.000 SGD</td>
<td style="width: 80.89px;">+100%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/cosco-shipping-international-8a9750d4-23c7-4832-9b67-2032ca7ec1f3" target="_blank" data-smartkarma-citation="entities:672:1" rel="noopener">Cosco International Holdings (517 HK)</a> </td>
<td style="width: 135.71px;">2.01 HKD</td>
<td style="width: 173.14px;">2.38 HKD</td>
<td style="width: 64.07px;">0.16 HKD</td>
<td style="width: 80.89px;">+26.50%</td>
</tr>
</tbody></table></div>


In a follow up to similar styled notes from 2017-2018-2019
Overview of My Winners and Losers in 2019... And 5 High Conviction Ideas Going into 2020 
Overview of My Winners and Losers in 2018...and 5 High Conviction Ideas Going into 2019 Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018I again look at my stock ideas that have worked out in 2020, those that have not, and those where the verdict is still pending. I will also highlight 5 new high conviction ideas for 2021.Last year I provided 5 high conviction ideas and here is their performance:

Company
Share Price 19 Dec 2019
Share Price 24 December 2020
Dividends
% Total Return



AEM Holdings (AEM SP) 
1.89 SGD
3.43 SGD
0.0081 SGD
+81.91%


Procurri Corporation (PROC SP)
0.48 SGD
0.28 SGD
0.000 SGD
-41.66%



Sunpower Group (SPWG SP) 
0.57 SGD
0.76 SGD
0.0025 SGD
+33.77%



IPS Securex (IPSS SP) 
0.004 SGD
0.08 SGD
0.000 SGD
+100%



Cosco International Holdings (517 HK) 
2.01 HKD
2.38 HKD
0.16 HKD
+26.50%



Overview of My Winners and Losers in 2020...And 5 High Conviction Ideas Going into 2021

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

StubWorld: TBS/Tokyo Electron, Intouch/Gulf, Jardines' Buybacks

Tokyo Electron (8035 JP) outperforms as global carmakers face a chip shortage; Gulf Energy increases its questionable stake in Intouch; and Jardine...

David Blennerhassett

Intel Beware ! The Vultures Are Circling.

Intel has been targeted by activist hedge fund Third Point. Do the charges they lay against Intel have merit and if so, how serious are they?

William Keating

Micron Reports Solid 1QFY21, Adds New Twist to Strategy

Micron reported better-than-expected earnings in its January 7 earnings call, with a new strategy and technology leadership to improve...

Jim Handy

November Semiconductor Sales Continue Upward Trend

The just-released November chip sales figures showed surprising strength. This Smartkarma Insight explains why the chip market is burgeoning while...

Jim Handy

Overview of My Winners and Losers in 2020...And 5 High Conviction Ideas Going into 2021

Looking back at our 2020 favorite picks shows good performance across the board except for Procurri which declined over 40%. We also highlight 5...

Nicolas Van Broekhoven

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