IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>Reuters reported that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a>, the largest <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> shareholder, plans to sell about half of its 43% stake, worth around JPY300 billion.</li>
<li>As Kokusai’s shares are trading at 3.2x the IPO price of JPY1,840, KKR would be tempted to reduce its stake further. The 180-day IPO lock-up period expired on 22 April.</li>
<li>Kokusai anticipates a return to growth and margin improvement. However, Kokusai trades at a material premium to peer multiples and is fully priced. </li>
</ul>


Reuters reported that KKR &amp; Co (KKR US), the largest Kokusai Electric (6525 JP) shareholder, plans to sell about half of its 43% stake, worth around JPY300 billion.
As Kokusai’s shares are trading at 3.2x the IPO price of JPY1,840, KKR would be tempted to reduce its stake further. The 180-day IPO lock-up period expired on 22 April.
Kokusai anticipates a return to growth and margin improvement. However, Kokusai trades at a material premium to peer multiples and is fully priced. 


Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul>
<li>Micron's earnings were… acceptable.</li>
<li>
The market didn’t like the guide, but I think it is more of a function of expectations management.
</li>
<li>
Micron is clearly on the upswing, and the stock needs healthy revenue and profit beats.

</li>
</ul>


Micron's earnings were… acceptable.

The market didn’t like the guide, but I think it is more of a function of expectations management.


Micron is clearly on the upswing, and the stock needs healthy revenue and profit beats.




Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

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

<ul>
<li>Global semiconductor equipment billings amounted to $26.4 billion in Q124, down 6% QoQ and down 2% YoY</li>
<li>China's annual WFE spending has roughly doubled between 2020 and 2023 to $36.6 billion</li>
<li>A combination of China's WFE customers including new entrants and a high failure rate among semi startups means that spending has not yet translated into corresponding increase in semi output</li>
</ul>


Global semiconductor equipment billings amounted to $26.4 billion in Q124, down 6% QoQ and down 2% YoY
China's annual WFE spending has roughly doubled between 2020 and 2023 to $36.6 billion
A combination of China's WFE customers including new entrants and a high failure rate among semi startups means that spending has not yet translated into corresponding increase in semi output


Semiconductor WFE Q124 Revenues, China's Share & What Are They Doing With All Those Tools?

<ul><li>Subsystems did the results you should expect, and MKSI did a questionable (and understandable) convertible offering that tanked shares right after.</li><li>All subsystems (except Ichor which sucks) look to be in a much better spot.</li><li>The summary is that Subsystems revenue should continue improving into the second half and that 2025 will be a strong year.</li></ul>

Subsystems did the results you should expect, and MKSI did a questionable (and understandable) convertible offering that tanked shares right after.All subsystems (except Ichor which sucks) look to be in a much better spot.The summary is that Subsystems revenue should continue improving into the second half and that 2025 will be a strong year.

Earnings Subsystems (MKSI, ICHR, UCTT), Semicap (ONTO, CAMT, AMAT, TOELY), and SiTime

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last year with earnings, <a href="https://www.smartkarma.com/entities/ushio-inc" target="_blank" data-smartkarma-citation="entities:6640:1" rel="noopener">Ushio Inc (6925 JP)</a> announced a HUUUGE buyback discussed in  <a href="https://www.smartkarma.com/insights/huuuge-ushio-6925-buyback" target="_blank" data-smartkarma-citation="insights:102028" rel="noopener">HUUUGE Ushio (6925) Buyback</a>. The headline was 17% of shares out. They ended up buying 13.2%. </li>
<li>Last year the stock popped on the news. Then shares went sideways for months. Then they went up on stable (bad) earnings guidance in H2. Today they beat Q3-updated guidance.</li>
<li>But today they announced a "<a href="https://www.ushio.co.jp/documents/ir/library/plan/ushio_plan2024_e.pdf" target="_blank" rel="noopener">new growth strategy</a>" to 2030, and guided to a SHARP (-60%) drop in OP and NP to March 2025, and announced a HUUUGE Buyback. Again.</li>
</ul>


Last year with earnings, Ushio Inc (6925 JP) announced a HUUUGE buyback discussed in  HUUUGE Ushio (6925) Buyback. The headline was 17% of shares out. They ended up buying 13.2%. 
Last year the stock popped on the news. Then shares went sideways for months. Then they went up on stable (bad) earnings guidance in H2. Today they beat Q3-updated guidance.
But today they announced a "new growth strategy" to 2030, and guided to a SHARP (-60%) drop in OP and NP to March 2025, and announced a HUUUGE Buyback. Again.


Another HUGE Ushio (6925) Buyback After A HUGE Buyback Last Year

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering

As Kokusai’s shares are trading at 3.2x the IPO price, KKR would be tempted to reduce its stake further. Expect a secondary offering announcement...

Arun George

Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

High expectations for Micron, SiTime Spectrum-X (s/o Ian Cutress) and Consumer Bottoming, and thoughts on Semiconductors (Bearish!)

Fabricated Knowledge

Earnings Subsystems (MKSI, ICHR, UCTT), Semicap (ONTO, CAMT, AMAT, TOELY), and SiTime

The final week of earnings other than Nvidia. Subsystems did the results you should expect, and MKSI did a questionable (and understandable)...

Fabricated Knowledge

Another HUGE Ushio (6925) Buyback After A HUGE Buyback Last Year

Last May Ushio guided down earnings but announced a huge buyback. The stock popped on Day1 then went sideways. This year, they guided down earnings...

Travis Lundy

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Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering

As Kokusai’s shares are trading at 3.2x the IPO price, KKR would be tempted to reduce its stake further. Expect a secondary offering announcement...

Arun George

Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

High expectations for Micron, SiTime Spectrum-X (s/o Ian Cutress) and Consumer Bottoming, and thoughts on Semiconductors (Bearish!)

Fabricated Knowledge

Semiconductor WFE Q124 Revenues, China's Share & What Are They Doing With All Those Tools?

Global semiconductor equipment billings amounted to $26.4 billion in Q124, down 6% QoQ and down 2% YoY. China's annual WFE spending has roughly...

William Keating

Earnings Subsystems (MKSI, ICHR, UCTT), Semicap (ONTO, CAMT, AMAT, TOELY), and SiTime

The final week of earnings other than Nvidia. Subsystems did the results you should expect, and MKSI did a questionable (and understandable)...

Fabricated Knowledge

Another HUGE Ushio (6925) Buyback After A HUGE Buyback Last Year

Last May Ushio guided down earnings but announced a huge buyback. The stock popped on Day1 then went sideways. This year, they guided down earnings...

Travis Lundy