Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/parade-technologies-ltd" target="_blank" data-smartkarma-citation="entities:6987:1" rel="noopener">Parade Technologies (4966 TT)</a> is a high-speed mixed-signal fabless semiconductor company that designs, develops, and sells next-generation high-speed interface, display and touch solutions for computing, consumer, and handset markets. 
This is a high-quality tech company, with significant revenue growth and earnings momentum, generating returns well above its cost of capital, a net cash balance sheet, and an attractive sustainable 2%+ dividend yield. 
Although current valuation levels are above historical average levels, and fair at best, further revenue growth expectation upgrades coupled with fair gross margin expansion forecasts, and a management team confident of having secured sufficient manufacturing capacity to address exceptionally strong end-product demand, makes the continuation of the earnings upgrade cycle seem probable, which in turn should continue to be a positive share price catalyst. Parade Technologies is also expected to see large passive inflows during November 2021 following the MSCI November 2021 Semi-Annual Index Review.

Parade Technologies (4966 TT) is a high-speed mixed-signal fabless semiconductor company that designs, develops, and sells next-generation high-speed interface, display and touch solutions for computing, consumer, and handset markets. 
This is a high-quality tech company, with significant revenue growth and earnings momentum, generating returns well above its cost of capital, a net cash balance sheet, and an attractive sustainable 2%+ dividend yield. 
Although current valuation levels are above historical average levels, and fair at best, further revenue growth expectation upgrades coupled with fair gross margin expansion forecasts, and a management team confident of having secured sufficient manufacturing capacity to address exceptionally strong end-product demand, makes the continuation of the earnings upgrade cycle seem probable, which in turn should continue to be a positive share price catalyst. Parade Technologies is also expected to see large passive inflows during November 2021 following the MSCI November 2021 Semi-Annual Index Review.

Parade Technologies: Further Revenue Growth Upgrades, and Dividends, Should Support Valuation

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> is forecasted to experience slight growth in 3Q24 compared to 2Q24.  </li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> is expected to introduce AI PCs in 2024, while Mediatek Inc (2454 TT) scheduled for this product is anticipated to delivered in 2H25.  </li>
<li>The shipment forecast for the Dimensity 9400 is approximately 5 million sets in 2H24.</li>
</ul>



Mediatek Inc (2454 TT) is forecasted to experience slight growth in 3Q24 compared to 2Q24.  

Qualcomm Inc (QCOM US) is expected to introduce AI PCs in 2024, while Mediatek Inc (2454 TT) scheduled for this product is anticipated to delivered in 2H25.  
The shipment forecast for the Dimensity 9400 is approximately 5 million sets in 2H24.


MediaTek (2454.TT): 3Q24 Might Grow Slightly QoQ, While AI PCs Could Be Delivered in 2H25.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Significant revenue guidance hike -- TSMC reported 2Q24 results, increasing 2024E revenue growth guidance to exceed 'mid-20's' percent, a significant hike from previous guidance.</li>
<li>Management is low-balling LT margins -- Latest figures and long-term margin color makes us believe that TSMC will be able to increase GM much higher than current official LT guidance.</li>
<li>Signs of Apple expecting strong iPhone 16 sales -- TSMC reported strength in smartphone end-applications and we believe this is reflective of Apple ramping up re: stronger iPhone volume expectations.</li>
</ul>


Significant revenue guidance hike -- TSMC reported 2Q24 results, increasing 2024E revenue growth guidance to exceed 'mid-20's' percent, a significant hike from previous guidance.
Management is low-balling LT margins -- Latest figures and long-term margin color makes us believe that TSMC will be able to increase GM much higher than current official LT guidance.
Signs of Apple expecting strong iPhone 16 sales -- TSMC reported strength in smartphone end-applications and we believe this is reflective of Apple ramping up re: stronger iPhone volume expectations.


We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Discussion about the potential for Chinese companies to use shell corporations to rent GPUs from American companies</li><li>Mention of a blog post by Sequoia and a report from Goldman Sachs on the challenges of monetizing AI infrastructure</li><li>Skepticism about the return on investment in AI due to lack of clear revenue sources and consumer use cases, particularly with companies like Microsoft and Amazon investing billions in AI projects.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion about the potential for Chinese companies to use shell corporations to rent GPUs from American companiesMention of a blog post by Sequoia and a report from Goldman Sachs on the challenges of monetizing AI infrastructureSkepticism about the return on investment in AI due to lack of clear revenue sources and consumer use cases, particularly with companies like Microsoft and Amazon investing billions in AI projects.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Top 10 Mega Caps | Artificial Intelligence, Mint Finance

Uttkarsh Kohli

Top 10 Mega Caps | Artificial Intelligence

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>SMCI has surged 214% YTD and will form part of NASDAQ-100 from 22/Jul topping $50 billion in valuation. Strategic partnerships with Nvidia &amp; AMD boosted its AI server market presence. </li>
<li>Walgreens has declined 56% YTD with its market cap falling below $10 billion. Failing to maintain at least 0.1% of NASDAQ 100’s market value has led to its exclusion. </li>
<li>Historically, stocks added to indices outperformed briefly post-announcement. Although recent trend shows minimal outperformance, SMCI and WBA have shown strong trends due to idiosyncratic drivers.</li>
</ul>


SMCI has surged 214% YTD and will form part of NASDAQ-100 from 22/Jul topping $50 billion in valuation. Strategic partnerships with Nvidia &amp; AMD boosted its AI server market presence. 
Walgreens has declined 56% YTD with its market cap falling below $10 billion. Failing to maintain at least 0.1% of NASDAQ 100’s market value has led to its exclusion. 
Historically, stocks added to indices outperformed briefly post-announcement. Although recent trend shows minimal outperformance, SMCI and WBA have shown strong trends due to idiosyncratic drivers.


Super Micro Ascends, Walgreens Exits Nasdaq-100 on 22/Jul. How Will Index Rebalancing Pan Out?

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NVIDIA Corp (NVDA US)

Parade Technologies: Further Revenue Growth Upgrades, and Dividends, Should Support Valuation

In this insight, I take a deep-dive analysis into fabless IC design house, Parade Technologies, its industry value chain, current valuation levels,...

Wium Malan, CFA

MediaTek (2454.TT): 3Q24 Might Grow Slightly QoQ, While AI PCs Could Be Delivered in 2H25.

Mediatek Inc expected to see slight growth in 3Q24, while AI PCs are anticipated to delivered in 2H25. The shipment forecast for the Dimensity...

Patrick Liao

We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...

Vincent Fernando, CFA

Episode 75: The AI Big $$$ Question

Skepticism about the return on investment in AI due to lack of clear revenue sources and consumer use cases, particularly with companies like...

The Circuit

Super Micro Ascends, Walgreens Exits Nasdaq-100 on 22/Jul. How Will Index Rebalancing Pan Out?

NASDAQ index will rebalance admitting SMCI replacing WBA. SMCI has surged 214% YTD while WBA has crumbled 56% YTD. Index effect posits for SMCI to...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Parade Technologies: Further Revenue Growth Upgrades, and Dividends, Should Support Valuation

In this insight, I take a deep-dive analysis into fabless IC design house, Parade Technologies, its industry value chain, current valuation levels,...

Wium Malan, CFA

MediaTek (2454.TT): 3Q24 Might Grow Slightly QoQ, While AI PCs Could Be Delivered in 2H25.

​Mediatek Inc expected to see slight growth in 3Q24, while AI PCs are anticipated to delivered in 2H25. The shipment forecast for the Dimensity...

Patrick Liao

We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

​TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...

Vincent Fernando, CFA

Episode 75: The AI Big $$$ Question

Skepticism about the return on investment in AI due to lack of clear revenue sources and consumer use cases, particularly with companies like...

The Circuit

Super Micro Ascends, Walgreens Exits Nasdaq-100 on 22/Jul. How Will Index Rebalancing Pan Out?

NASDAQ index will rebalance admitting SMCI replacing WBA. SMCI has surged 214% YTD while WBA has crumbled 56% YTD. Index effect posits for SMCI to...

Mint Finance

Mediatek Inc expected to see slight growth in 3Q24, while AI PCs are anticipated to delivered in 2H25. The shipment forecast for the Dimensity...

TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...