Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Equity Bottom-Up

<ul>
<li>Nvidia announced another sharp sales increase to $26 billion in quarterly revenues</li>
<li>The company's growth is far greater than hyperscaler CapEx growth, as standard servers yield to AI servers: Bad news for Intel &amp; AMD</li>
<li>Some of this may stem from an inventory build at the hyperscaler, which may lead to another Boom/Bust cycle similar to 2018 and 2022</li>
</ul>


Nvidia announced another sharp sales increase to $26 billion in quarterly revenues
The company's growth is far greater than hyperscaler CapEx growth, as standard servers yield to AI servers: Bad news for Intel &amp; AMD
Some of this may stem from an inventory build at the hyperscaler, which may lead to another Boom/Bust cycle similar to 2018 and 2022


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

<ul>
<li>Asian Decline:  China &amp; HK hits record lows and remains a key underweight.  Australia and Japan near ownership lows and India becomes a key underweight.  Taiwan powers to record highs. </li>
<li>Americas Dominance: The United States remains the top allocation and largest country underweight.  Value funds increase underweight in the USA but Growth funds reduce.  Argentina rises at Brazil’s expense.</li>
<li>EMEA Conviction Overweight: The UK, France, and the Netherlands maintain near-record overweights. France sees some declining interest, while Belgium, Norway, and Finland play diminishing role. MENA underweight grows.</li>
</ul>


Asian Decline:  China &amp; HK hits record lows and remains a key underweight.  Australia and Japan near ownership lows and India becomes a key underweight.  Taiwan powers to record highs. 
Americas Dominance: The United States remains the top allocation and largest country underweight.  Value funds increase underweight in the USA but Growth funds reduce.  Argentina rises at Brazil’s expense.
EMEA Conviction Overweight: The UK, France, and the Netherlands maintain near-record overweights. France sees some declining interest, while Belgium, Norway, and Finland play diminishing role. MENA underweight grows.


Taiwan Shines as China & Japan Decline:  Global Funds Top-Down Positioning Report

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

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>Novatek reported 1Q24 results yesterday after the Taiwan close; gross margin came in ahead of guidance and revenue was in-line.</li>
<li>Nevertheless, the company's forward color regarding end market display applications demand in 2Q24 and 2024 was relatively muted.</li>
<li>Given the stock is at all-time highs and up about 25% since early February, we see the stock at risk of selling in the near-term. We rate Novatek as Underperform.</li>
</ul>


Novatek reported 1Q24 results yesterday after the Taiwan close; gross margin came in ahead of guidance and revenue was in-line.
Nevertheless, the company's forward color regarding end market display applications demand in 2Q24 and 2024 was relatively muted.
Given the stock is at all-time highs and up about 25% since early February, we see the stock at risk of selling in the near-term. We rate Novatek as Underperform.


Novatek Seeing Soft Consumer Electronics Demand; Muted Forward Guidance; Shares Appear at Risk

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 top five smartphone producers’ market shares got closer in the first quarter.</li>
<li>The China Immigration Office announced that entry and exit of people increased by 305% YoY in 1Q24.</li>
<li>China Passenger Car Association expected that new energy vehicle sales volume will grow by 37% YoY in April.</li>
</ul>


The top five smartphone producers’ market shares got closer in the first quarter.
The China Immigration Office announced that entry and exit of people increased by 305% YoY in 1Q24.
China Passenger Car Association expected that new energy vehicle sales volume will grow by 37% YoY in April.


China Consumption Weekly (29 Apr 2024): Weird Phone Mkt, Encouraging Car and Travel Mkts

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

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

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)

Nvidia Up Sharply Again - Can This Last?

Nvidia's quarterly sales of $26 billion, driven by AI server demand, poses a threat to Intel and AMD, but hyperscalers may be building up...

Jim Handy

Taiwan Shines as China & Japan Decline: Global Funds Top-Down Positioning Report

Taiwan allocations rise in face of subdued Asia. USA dominant though Value funds increase underweights. UK, France & Netherlands remain key...

Steven Holden

Novatek Seeing Soft Consumer Electronics Demand; Muted Forward Guidance; Shares Appear at Risk

Novatek's cautious outlook for future demand and all-time high share price may lead to near-term selling pressure. Limited potential for near-term...

Vincent Fernando, CFA

China Consumption Weekly (29 Apr 2024): Weird Phone Mkt, Encouraging Car and Travel Mkts

The top five smartphone producers’ market shares got closer in 1Q24. China entry and exit people increased by 305% YoY in 1Q24. Authorities...

Ming Lu

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nvidia Up Sharply Again - Can This Last?

​Nvidia's quarterly sales of $26 billion, driven by AI server demand, poses a threat to Intel and AMD, but hyperscalers may be building up...

Jim Handy

Taiwan Shines as China & Japan Decline: Global Funds Top-Down Positioning Report

Taiwan allocations rise in face of subdued Asia. USA dominant though Value funds increase underweights. UK, France & Netherlands remain key...

Steven Holden

Novatek Seeing Soft Consumer Electronics Demand; Muted Forward Guidance; Shares Appear at Risk

​Novatek's cautious outlook for future demand and all-time high share price may lead to near-term selling pressure. Limited potential for near-term...

Vincent Fernando, CFA

China Consumption Weekly (29 Apr 2024): Weird Phone Mkt, Encouraging Car and Travel Mkts

The top five smartphone producers’ market shares got closer in 1Q24. China entry and exit people increased by 305% YoY in 1Q24. Authorities...

Ming Lu

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Nvidia's quarterly sales of $26 billion, driven by AI server demand, poses a threat to Intel and AMD, but hyperscalers may be building up...

Novatek's cautious outlook for future demand and all-time high share price may lead to near-term selling pressure. Limited potential for near-term...