Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li>Google, Microsoft, and Facebook reported earnings.</li><li>Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.</li><li>I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.</li></ul>

Google, Microsoft, and Facebook reported earnings.Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Thematic (Sector/Industry)

<ul><li>Japan is the darling of the moment. To those who haven’t kept track of the story, a series of <a href="https://www.jpx.co.jp/english/equities/improvements/follow-up/b5b4pj000004yqcc-att/dreu250000000uqc.pdf" target="_blank" rel="noopener">market reforms in January</a> encourages companies with a price-to-book ratio below one to create a plan to achieve capital efficiency.</li><li>Given that half of the companies at the time were trading below 1x P/B, this is a big deal.</li><li>And this has driven a massive wave of buybacks and changes, leading to the Nikkei finally breaking a 30-year high.</li></ul>

Japan is the darling of the moment. To those who haven’t kept track of the story, a series of market reforms in January encourages companies with a price-to-book ratio below one to create a plan to achieve capital efficiency.Given that half of the companies at the time were trading below 1x P/B, this is a big deal.And this has driven a massive wave of buybacks and changes, leading to the Nikkei finally breaking a 30-year high.

Japanese Semiconductor Stocks and AI "Winners" that Ain't So

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q1’23 revenues of $7.19 billion, down 13% from a year ago but up 19% sequentially and ~10% higher than the guided midpoint.</li>
<li>Current quarter outlook for revenues of $11 billion, a ~55% sequential increase, sparked mayhem in the markets and sent NVIDIA’s stock soaring over 24% in after hours trading</li>
<li>Don't go chasing waterfalls, there are many other ways to rise with the tide</li>
</ul>


Q1’23 revenues of $7.19 billion, down 13% from a year ago but up 19% sequentially and ~10% higher than the guided midpoint.
Current quarter outlook for revenues of $11 billion, a ~55% sequential increase, sparked mayhem in the markets and sent NVIDIA’s stock soaring over 24% in after hours trading
Don't go chasing waterfalls, there are many other ways to rise with the tide


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

<ul>
<li>Pc Partner reported its second-best year ever in FY22. But FY22 was divided into two distinct halves: a strong 1H22 and one of the worst halves 2H22.</li>
<li>FY23 looks to be another challenging year as margins stay under pressure and are unlikely to come back to FY21-FY22 levels but could revert to FY17-FY19 levels.</li>
<li>Over the past two years, Pc Partner had a large net cash buffer, but this is no longer the case. We expect the stock to revisit 2-3 HKD range.</li>
</ul>


Pc Partner reported its second-best year ever in FY22. But FY22 was divided into two distinct halves: a strong 1H22 and one of the worst halves 2H22.
FY23 looks to be another challenging year as margins stay under pressure and are unlikely to come back to FY21-FY22 levels but could revert to FY17-FY19 levels.
Over the past two years, Pc Partner had a large net cash buffer, but this is no longer the case. We expect the stock to revisit 2-3 HKD range.


PC Partner: Difficult 1H23 with Improvement in 2H23 as Nvidia Ramps up RTX Series

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Nvidia's risk-reward profile remains unattractive, according to the company's recent earnings report.</li>
<li>Nvidia's stock-based compensation also highlights some problems related to inventory levels and the amount of stock- based compensation.</li>
<li>The company's share price has risen 14% following recent earnings, the report says.</li>
</ul>


Nvidia's risk-reward profile remains unattractive, according to the company's recent earnings report.
Nvidia's stock-based compensation also highlights some problems related to inventory levels and the amount of stock- based compensation.
The company's share price has risen 14% following recent earnings, the report says.


Nvidia: Don't Let Narratives Fool You (Again)

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)

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Google, Microsoft, and Facebook reported earnings. Let’s discuss their capex plans and what that means for our new data center champion, Nvidia. I...

Fabricated Knowledge

Japanese Semiconductor Stocks and AI "Winners" that Ain't So

Another BSPDN name and some ABF ideas. Not every AI semiconductor stock is actually winning. This edition just so happens to be Japan focused

Fabricated Knowledge

NVIDIA. Yikes! Have We Missed The Boat?

Q1’23 revenues of $7.19 billion, -13% YoY but up +19% QoQ. Q2'23 outlook @ $11 billion, a ~55% QoQ increase. NVIDIA may be the gold rush, but picks...

William Keating

PC Partner: Difficult 1H23 with Improvement in 2H23 as Nvidia Ramps up RTX Series

Pc Partner is facing a rough outlook in FY23 as FY21-FY22 margins revert lower to levels seen between FY17-FY19. The net cash buffer has declined...

Nicolas Van Broekhoven

Nvidia: Don't Let Narratives Fool You (Again)

Nvidia's stock-based compensation also highlights some problems related to inventory levels and the amount of stock- based compensation.

Vladimir Dimitrov, CFA

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