Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Summary</h2><ul>
<li>
<strong>What's new? </strong>Sales of the Apple Watch to consumers (not on retailers' shelves) set a record or is off the charts during the first week of holiday shopping, and 4Q16 is on track to be the best ever for the product (one of the most popular holiday gifts), Apple CEO Tim Cook told Reuters.</li>
<li>
<strong>Apple's view vs. ours:</strong> The demand strength for Apple Watch 2 is not a surprise to us. As we highlighted in "<a href="https://www.smartkarma.com/insights/likely-stronger-demand-on-apple-watch-2-for-longer-battery-life-and-built-in-gps" target="_blank" data-smartkarma-citation="insights:5649">Likely Stronger Demand on Apple Watch 2 for Longer Battery Life and Built-In GPS</a>" report, driven by…</li>
</ul>

Summary

What's new? Sales of the Apple Watch to consumers (not on retailers' shelves) set a record or is off the charts during the first week of holiday shopping, and 4Q16 is on track to be the best ever for the product (one of the most popular holiday gifts), Apple CEO Tim Cook told Reuters.

Apple's view vs. ours: The demand strength for Apple Watch 2 is not a surprise to us. As we highlighted in "Likely Stronger Demand on Apple Watch 2 for Longer Battery Life and Built-In GPS" report, driven by…


Bingo, Apple Sees the Best Ever Apple Watch 2 Sales; Positive to Its Suppliers

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<p>Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.</p>

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Event-Driven

Advanced Semiconductor Engr / Event-Driven

<h2>FTC says yes to the ASE/SPIL merger</h2><p>Taiwan Fair Trade Commission approves the <a href="https://www.smartkarma.com/entities/721" target="_blank" data-smartkarma-citation="entities:721:1">Advanced Semiconductor Engr (2311 TT)</a>/<a href="https://www.smartkarma.com/entities/720" target="_blank" data-smartkarma-citation="entities:720:1">Siliconware Precision Inds (2325 TT)</a> merger today after few months of delay. Taiwan FTC says the economic benefits of the merger to be larger than the restrict competition and highlight the following key points.</p><ol><li>
<strong>Unlikely see a price raise post the merger: </strong>Taiwan FTC says the new entity unlikely to increase the price as there are over 70 OSAT (OutSourcing Assembly and Test) vendors in…</li></ol>

FTC says yes to the ASE/SPIL mergerTaiwan Fair Trade Commission approves the Advanced Semiconductor Engr (2311 TT)/Siliconware Precision Inds (2325 TT) merger today after few months of delay. Taiwan FTC says the economic benefits of the merger to be larger than the restrict competition and highlight the following key points.
Unlikely see a price raise post the merger: Taiwan FTC says the new entity unlikely to increase the price as there are over 70 OSAT (OutSourcing Assembly and Test) vendors in…

Taiwan Fair Trade Commission Says Yes to the ASE/SPIL Merger

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li><strong>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </strong></li><li><strong>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</strong></li><li><strong>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</strong></li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

<h2>Amazing beats for both 3Q16 results and 4Q16 guidance</h2><ul><li>
<strong>Amazing results beat</strong>: <a href="https://www.smartkarma.com/entities/5891" target="_blank" data-smartkarma-citation="entities:5891:1">Nvidia Corp (NVDA US) </a>reports 3Q16 EPS of US$0.83, which was US$27 cents better than Bloomberg consensus' mainly due to 19% beat on sales to US$2bn (40% q/q, 54% y/y), 2ppts better on operating margin to 32%, and 6ppts higher on net margin to 27%. Nvidia said a breakout quarter driven by new Pascal GPUs are fully ramped and enjoying great success in gaming, VR, self-driving cars (please see our earlier report "<a href="https://www.smartkarma.com/insights/andrew-on-tech-automotive-semis-the-next-wave" target="_blank" data-smartkarma-citation="insights:5122">Andrew on</a>…</li></ul>

Amazing beats for both 3Q16 results and 4Q16 guidance
Amazing results beat: Nvidia Corp (NVDA US) reports 3Q16 EPS of US$0.83, which was US$27 cents better than Bloomberg consensus' mainly due to 19% beat on sales to US$2bn (40% q/q, 54% y/y), 2ppts better on operating margin to 32%, and 6ppts higher on net margin to 27%. Nvidia said a breakout quarter driven by new Pascal GPUs are fully ramped and enjoying great success in gaming, VR, self-driving cars (please see our earlier report "Andrew on…

Nvidia Is Firing All Cylinders on Gaming, Self-Driving Cars, and Datacenter AI

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.

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Advanced Semiconductor Engr (2311 TT)

Bingo, Apple Sees the Best Ever Apple Watch 2 Sales; Positive to Its Suppliers

Summary What's new? Sales of the Apple Watch to consumers (not on retailers' shelves) set a record or is off the charts during the first week of...

Andrew Lu

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version...

Euromonitor International Ltd.

Taiwan Fair Trade Commission Says Yes to the ASE/SPIL Merger

FTC says yes to the ASE/SPIL mergerTaiwan Fair Trade Commission approves the Advanced Semiconductor Engr (2311 TT)/Siliconware Precision Inds (2325...

Andrew Lu

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

Nvidia Is Firing All Cylinders on Gaming, Self-Driving Cars, and Datacenter AI

Amazing beats for both 3Q16 results and 4Q16 guidance Amazing results beat: Nvidia Corp (NVDA US) reports 3Q16 EPS of US$0.83, which was US$27...

Andrew Lu

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