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

Equity Bottom-Up

<ul>
<li>Pc Partner reported a strong set of 1H22 results last week and held a conf call with investors this week. Importantly, management sees no impact by US/China Nvidia AI situation.</li>
<li>3Q22 results will be weak as old inventory is being discounted in front of the launch of RTX 40 by <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US) in early 4Q22.</a>
</li>
<li>Stock is unlikely to rally before more clarity on inventory situation improvement, but well supported by net cash (5.4 HKD) and high interim dividend (11.4%). </li>
</ul>


Pc Partner reported a strong set of 1H22 results last week and held a conf call with investors this week. Importantly, management sees no impact by US/China Nvidia AI situation.
3Q22 results will be weak as old inventory is being discounted in front of the launch of RTX 40 by NVIDIA Corp (NVDA US) in early 4Q22.

Stock is unlikely to rally before more clarity on inventory situation improvement, but well supported by net cash (5.4 HKD) and high interim dividend (11.4%). 


PC Partner: Strong 1H22 but High Uncertainty into 2H22. Downside Supported by Cash and Dividend.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Thematic (Sector/Industry)

<ul>
<li>Nvidia guidance shook semiconductor stocks last week and remains an overhang this week.</li>
<li>Nvidia's outlook for its different segments may highlight longer-term industry trends, a major shift is coming in terms of semiconductor end-demand growth.</li>
<li>The latest chip prices for DRAM and SPOT are weak, but company margins and balance sheets are very strong going into the latest downturn.</li>
</ul>


Nvidia guidance shook semiconductor stocks last week and remains an overhang this week.
Nvidia's outlook for its different segments may highlight longer-term industry trends, a major shift is coming in terms of semiconductor end-demand growth.
The latest chip prices for DRAM and SPOT are weak, but company margins and balance sheets are very strong going into the latest downturn.


Taiwan Tech Weekly: Nvidia Spooking the Market, Look to Auto Demand Growth

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

<ul>
<li>WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales</li>
<li>Recent chip company earnings calls largely project a down market in the current quarter</li>
<li>This is most likely the beginning of a 1½ -year downturn in semiconductors</li>
</ul>


WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales
Recent chip company earnings calls largely project a down market in the current quarter
This is most likely the beginning of a 1½ -year downturn in semiconductors


Semiconductors Have Reached Turning Point

<ul>
<li>Micron recently announced a record-breaking quarter but guided lower for the current quarter</li>
<li>Consumer demand is slackening although other sectors remain strong for now</li>
<li>Macronix provides a little more insight, as the company reports monthly revenues</li>
</ul>


Micron recently announced a record-breaking quarter but guided lower for the current quarter
Consumer demand is slackening although other sectors remain strong for now
Macronix provides a little more insight, as the company reports monthly revenues


Does Micron's Lower Guidance Mean Doom for Tech?

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Nvidia lost nearly 35% of its value in a matter of months, when the broader market fell by less than 15% during the same period.</li>
<li>The company's share price might not recover to its 2021 highs anytime soon, according to the company's report.</li>
<li>About ten months ago I took a deep dive into NVIDIA's (<span class="ticker-hover-wrapper">NASDAQ:<a href="https://www.smartkarma.com/search?q=NVDA" target="_blank" rel="noopener">NVDA</a></span>) share price and laid out my thesis on why investors should be less concerned about the company's business fundamentals and laser focused on its momentum exposure.</li>
</ul>


Nvidia lost nearly 35% of its value in a matter of months, when the broader market fell by less than 15% during the same period.
The company's share price might not recover to its 2021 highs anytime soon, according to the company's report.
About ten months ago I took a deep dive into NVIDIA's (NASDAQ:NVDA) share price and laid out my thesis on why investors should be less concerned about the company's business fundamentals and laser focused on its momentum exposure.


Is Nvidia Really A Bargain Or Is There More Pain Ahead?

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)

PC Partner: Strong 1H22 but High Uncertainty into 2H22. Downside Supported by Cash and Dividend.

PC partner reported solid 1H22 results. 3Q22 outlook is weak and the inventory situation is high depressing sentiment. The downside is supported by...

Nicolas Van Broekhoven

Taiwan Tech Weekly: Nvidia Spooking the Market, Look to Auto Demand Growth

Nvidia guidance shook semiconductor stocks last week and remains an overhang this week. We also show how Automotive will become the single largest...

Vincent Fernando, CFA

Semiconductors Have Reached Turning Point

The semiconductor market is starting to change from unusual growth and record revenues to a downturn that will return it to its long-term trend. ...

Jim Handy

Does Micron's Lower Guidance Mean Doom for Tech?

Does Micron's reduced guidance imply that the semiconductor market is about to fall? Not quite, as today's weakness is limited to the consumer...

Jim Handy

Is Nvidia Really A Bargain Or Is There More Pain Ahead?

Nvidia lost nearly 35% of its value in a matter of months, when the broader market fell by less than 15% during the same period.

Vladimir Dimitrov, CFA

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