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

<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel's</a> newly appointed CEO Pat Gelsinger this week unveiled his plans to address the issues that have plagued the company for the better part of a decade. Dubbed "IDM 2.0", the plan comprises three key elements. Firstly, a reaffirmation of Intel's commitment to their existing, internal manufacturing operations. Secondly, an increased reliance on leading edge, external foundry capacity. Thirdly, the decision to re-enter the foundry business and become a leading supplier of U.S. and Europe-based capacity. Underpinning these three initiatives is a commitment to invest $20 billion in the construction of two new fabs in Phoenix, Arizona. Is Gelsinger's IDM 2.0 initiative a bold move or a desperate gamble? Here's what we think.

Intel's newly appointed CEO Pat Gelsinger this week unveiled his plans to address the issues that have plagued the company for the better part of a decade. Dubbed "IDM 2.0", the plan comprises three key elements. Firstly, a reaffirmation of Intel's commitment to their existing, internal manufacturing operations. Secondly, an increased reliance on leading edge, external foundry capacity. Thirdly, the decision to re-enter the foundry business and become a leading supplier of U.S. and Europe-based capacity. Underpinning these three initiatives is a commitment to invest $20 billion in the construction of two new fabs in Phoenix, Arizona. Is Gelsinger's IDM 2.0 initiative a bold move or a desperate gamble? Here's what we think. 

Intel IDM 2.0: Bold Move Or Desperate Gamble?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

Across our active Global fund universe, Value managers have seen $41bn in outflows over the past 5-years, compared to $65bn of inflows in to Growth funds.With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the 63 active Value funds in our analysis.Overweights in EMEA persist against underweights in Asia and the Americas.  Financials, Materials and Industrials are the key overweights versus underweights in Information Technology.US Financials are the standout overweight, with <a href="https://www.smartkarma.com/entities/citigroup-inc" target="_blank" data-smartkarma-citation="entities:279:1" rel="noopener">Citigroup Inc (C US)</a> and <a href="https://www.smartkarma.com/entities/american-express-co" target="_blank" data-smartkarma-citation="entities:916:1" rel="noopener">American Express Co (AXP US)</a> the key positions.  The FAAMG group of stocks remain key underweight holdings, though <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> is the most widely held of the group. <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> is almost totally avoided and in Asia, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> , <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> and <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a> screen as 'Unloved' by global active Value managers.

Across our active Global fund universe, Value managers have seen $41bn in outflows over the past 5-years, compared to $65bn of inflows in to Growth funds.With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the 63 active Value funds in our analysis.Overweights in EMEA persist against underweights in Asia and the Americas.  Financials, Materials and Industrials are the key overweights versus underweights in Information Technology.US Financials are the standout overweight, with Citigroup Inc (C US) and American Express Co (AXP US) the key positions.  The FAAMG group of stocks remain key underweight holdings, though Microsoft Corp (MSFT US) is the most widely held of the group. Tesla Motors (TSLA US) is almost totally avoided and in Asia, Meituan (3690 HK) , JD.com Inc (ADR) (JD US) and Pinduoduo (PDD US) screen as 'Unloved' by global active Value managers.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>The stock price has gone down further after we upgraded to Hold.</li>
<li>The market rushed to sell the stock after the 4Q20 result, but we believe that was a wrong action.</li>
<li>The gross margins of all business lines improved yoy in 4Q20.</li>
<li>We believe the revenue growth will accelerate in 2021.</li>
<li>We set an upside of 16% for the end of 2020. Upgrade to Buy.</li>
</ul>


The stock price has gone down further after we upgraded to Hold.
The market rushed to sell the stock after the 4Q20 result, but we believe that was a wrong action.
The gross margins of all business lines improved yoy in 4Q20.
We believe the revenue growth will accelerate in 2021.
We set an upside of 16% for the end of 2020. Upgrade to Buy.


Xiaomi (1810 HK): Market Was Wrong After 4Q20 Result, Upgrade to Buy

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

One thing that the Indonesian government did right during 2020 is the strict enforcement of IMEI registration in the country. <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> is the key beneficiary to this and the only listed smartphone retailer in <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> with a decent market capitalization (USD 610 million). Besides <a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> , <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> seems to be another stock that benefited from COVID-19 through work-from-home and home-based-learnings arrangements. 
This year, the share price has been hovering around IDR 2600-2850 level caused by a lack of short-term catalyst.  The IMEI rule has certainly been the key factor for last year's revenue growth but after this, what's next? The short-term outlook for having Erajaya pales in comparison to its long-term prospect therefore after making a 76% return in 6 months, maybe it is time to realized some profit in <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> . 
The long-term prospect remains bullish. As the smartphone penetration in Indonesia is set to increase from 70 to 89% in 2025, Erajaya is set to benefit from this although it is less appealing compared to the 2015 to 2020 period when the smartphone penetration jumped from 29% to 70% (130%).

One thing that the Indonesian government did right during 2020 is the strict enforcement of IMEI registration in the country. Erajaya Swasembada (ERAA IJ) is the key beneficiary to this and the only listed smartphone retailer in Jakarta Stock Exchange Composite Index (JCI INDEX) with a decent market capitalization (USD 610 million). Besides Sido Muncul (SIDO IJ) , Erajaya Swasembada (ERAA IJ) seems to be another stock that benefited from COVID-19 through work-from-home and home-based-learnings arrangements. 
This year, the share price has been hovering around IDR 2600-2850 level caused by a lack of short-term catalyst.  The IMEI rule has certainly been the key factor for last year's revenue growth but after this, what's next? The short-term outlook for having Erajaya pales in comparison to its long-term prospect therefore after making a 76% return in 6 months, maybe it is time to realized some profit in Erajaya Swasembada (ERAA IJ) . 
The long-term prospect remains bullish. As the smartphone penetration in Indonesia is set to increase from 70 to 89% in 2025, Erajaya is set to benefit from this although it is less appealing compared to the 2015 to 2020 period when the smartphone penetration jumped from 29% to 70% (130%).

Erajaya (ERAA): Lack of Short Term Catalyst but March on Long Term

Equity Analyst, Investi Analyst

Investi Analyst

Equity Analyst

Investment Entrepreneur / Equity Analyst.

<ul><li>Vuzix has been gaining momentum amidst the pandemic as one of the leading companies within the augmented reality smart glasses industry.</li><li>Vuzix has experienced rapid growth with revenues growing over 117% YoY in Q4, 73% YoY for 2020 and market expecting this momentum to continue into 2021.</li><li>Amidst the momentum from Ark Invest, there are key risks and metrics that investors need to keep tracking to ensure this momentum is sustainable.</li><li>This article focuses on analyzing notable highlights from the 2020 earnings report as well as future expectations baked in for 2021.</li></ul>

Vuzix has been gaining momentum amidst the pandemic as one of the leading companies within the augmented reality smart glasses industry.Vuzix has experienced rapid growth with revenues growing over 117% YoY in Q4, 73% YoY for 2020 and market expecting this momentum to continue into 2021.Amidst the momentum from Ark Invest, there are key risks and metrics that investors need to keep tracking to ensure this momentum is sustainable.This article focuses on analyzing notable highlights from the 2020 earnings report as well as future expectations baked in for 2021.

Vuzix Corp.: Earnings Recap And What Investors Can Expect In 2021

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Intel IDM 2.0: Bold Move Or Desperate Gamble?

Intel's new CEO Pat Gelsinger this week laid out his plans for the future of the company. Dubbed IDM 2.0, is the plan a bold move or a desperate...

William Keating

Where Are Global Value Funds Positioned?

With Value funds capturing some long awaited outperformance this year, we analyse the current holdings set up among the active Global Value funds...

Steven Holden

Xiaomi (1810 HK): Market Was Wrong After 4Q20 Result, Upgrade to Buy

The market rushed to sell the stock after the 4Q20 result, but we believe that was a wrong action.The gross margins of all business lines improved....

Ming Lu

Erajaya (ERAA): Lack of Short Term Catalyst but March on Long Term

The short-term outlook for having Erajaya pales in comparison to its long-term prospect therefore after a 76% return in 6 months, maybe it is time...

Henry Soediarko

Vuzix Corp.: Earnings Recap And What Investors Can Expect In 2021

Vuzix has been gaining momentum amidst the pandemic as one of the leading companies within the augmented reality smart glasses industry. Vuzix has...

Investi Analyst

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