Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Advanced Semiconductor Engr / Equity Bottom-Up

<h2>Fingerprint SiP is replaced by face ID</h2><p>By factoring in the following guidance from <a href="https://www.smartkarma.com/entities/721" target="_blank" data-smartkarma-citation="entities:721:1">Advanced Semiconductor Engr (2311 TT)</a> , we estimate ASE trying to guide below seasonal 4Q sales growth of 0% q/q at a gross margin of 18%, which is 8% below Bloomberg consensus' sales estimates. We thus expect analysts to cut their 3Q17 EPS estimates to NT$0.60-0.70 level from NT$0.79 now. This is in line with our earlier concerns that ASE's fingerprint system in packaging (SiP) business in weaker demand iPhone 8…</p>

Fingerprint SiP is replaced by face IDBy factoring in the following guidance from Advanced Semiconductor Engr (2311 TT) , we estimate ASE trying to guide below seasonal 4Q sales growth of 0% q/q at a gross margin of 18%, which is 8% below Bloomberg consensus' sales estimates. We thus expect analysts to cut their 3Q17 EPS estimates to NT$0.60-0.70 level from NT$0.79 now. This is in line with our earlier concerns that ASE's fingerprint system in packaging (SiP) business in weaker demand iPhone 8…

ASE Guides Below Seasonal 4Q17; Fingerprint SiP Is Replaced by Face ID

Thematic (Sector/Industry)

<h2>Couple of Early Signs Confirm a Seasonal Correction to Kick In</h2><p>After 37% ytd performance on Phila semiconductor index (SOX) at 23x P/E and 34% ytd performance on Taiwan semiconductor index (TWSESCI Index) at 18x P/E driven largely by GPU guys for cloud AI training and Cryptocurrency mining, EUV related equipment vendors, memory price hiking for shortage, cloud vendors web service expansion, fuel car migration to EV/autonomous and surely new features on smartphone (3D sensing, wireless charging…</p>

Couple of Early Signs Confirm a Seasonal Correction to Kick InAfter 37% ytd performance on Phila semiconductor index (SOX) at 23x P/E and 34% ytd performance on Taiwan semiconductor index (TWSESCI Index) at 18x P/E driven largely by GPU guys for cloud AI training and Cryptocurrency mining, EUV related equipment vendors, memory price hiking for shortage, cloud vendors web service expansion, fuel car migration to EV/autonomous and surely new features on smartphone (3D sensing, wireless charging…

Semiconductor - Couple of Early Signs Confirm a Seasonal Correction to Kick In

Himax Technologies Inc Adr / Equity Bottom-Up

<h2>What triggers our idea?</h2><p>Among all of the new features we have highlighted in <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> new iPhone X (please see "<a href="https://www.smartkarma.com/insights/apple-new-iphones-and-watch-3-all-new-features-are-in-the-price" target="_blank" data-smartkarma-citation="insights:13541">Apple New IPhones and Watch 3: All New Features Are in the Price?</a> " dated 13 September 2017), TrueDepth camera system for Face ID should be the most wanted feature to drive iPhone X outselling iPhone 8/8 plus for easy unlock, increase security, Animoji on live, and rising augmented reality (AR) applications. Although this won't happen soon, we expect 3D face ID to replace…</p>

What triggers our idea?Among all of the new features we have highlighted in Apple Inc (AAPL US) new iPhone X (please see "Apple New IPhones and Watch 3: All New Features Are in the Price? " dated 13 September 2017), TrueDepth camera system for Face ID should be the most wanted feature to drive iPhone X outselling iPhone 8/8 plus for easy unlock, increase security, Animoji on live, and rising augmented reality (AR) applications. Although this won't happen soon, we expect 3D face ID to replace…

Himax - What if 50% of Android Smartphones Need Face ID by 2021?

<h2>Summary</h2><p><em>Despite almost all new features like Face ID, wireless charging, OLED display, faster A11 CPU, and glass casing on iPhone X have been well released by the earlier news, we strongly believe <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a>'s new iPhone X to out sell iPhone 8 and 8 plus combined starting November 3. This should result in weaker 3Q17 and early 4Q17 iPhone (8 and 8 plus) shipment and blended ASP but stronger late 4Q17 and 1Q18 iPhone (X) shipment and ASP than past few years to mainly benefit iPhone X</em>…</p>

SummaryDespite almost all new features like Face ID, wireless charging, OLED display, faster A11 CPU, and glass casing on iPhone X have been well released by the earlier news, we strongly believe Apple Inc (AAPL US)'s new iPhone X to out sell iPhone 8 and 8 plus combined starting November 3. This should result in weaker 3Q17 and early 4Q17 iPhone (8 and 8 plus) shipment and blended ASP but stronger late 4Q17 and 1Q18 iPhone (X) shipment and ASP than past few years to mainly benefit iPhone X…

Apple New IPhones and Watch 3: All New Features Are in the Price?

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<h2>AI is the next big computing wave. </h2><p>After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise.<br>This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.</p><p>And Intel has got the message.</p><p>So how should investors respond?</p>

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

Taiwan

Advanced Semiconductor Engineering Inc. manufactures and markets integrated circuit products. The Company produces thermally enhanced packages, high frequency packages, flip chip packages, and other products. Advanced Semiconductor Engineering markets its products in Asia, America, Europe, and other regions.

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

Advanced Semiconductor Engr (2311 TT)

ASE Guides Below Seasonal 4Q17; Fingerprint SiP Is Replaced by Face ID

Fingerprint SiP is replaced by face IDBy factoring in the following guidance from Advanced Semiconductor Engr (2311 TT) , we estimate ASE trying to...

Andrew Lu

Semiconductor - Couple of Early Signs Confirm a Seasonal Correction to Kick In

Couple of Early Signs Confirm a Seasonal Correction to Kick InAfter 37% ytd performance on Phila semiconductor index (SOX) at 23x P/E and 34% ytd...

Andrew Lu

Himax - What if 50% of Android Smartphones Need Face ID by 2021?

What triggers our idea?Among all of the new features we have highlighted in Apple Inc (AAPL US) new iPhone X (please see "Apple New IPhones and...

Andrew Lu

Apple New IPhones and Watch 3: All New Features Are in the Price?

SummaryDespite almost all new features like Face ID, wireless charging, OLED display, faster A11 CPU, and glass casing on iPhone X have been well...

Andrew Lu

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)