Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Safety / Cover Story: China’s safety problem with illegal buildings </li><li>Davos / Climate envoys from China, U.S. expected to meet at Davos</li><li>Shanghai / Shanghai’s economy pounded in April by Covid lockdowns</li></ul>

Safety / Cover Story: China’s safety problem with illegal buildings Davos / Climate envoys from China, U.S. expected to meet at DavosShanghai / Shanghai’s economy pounded in April by Covid lockdowns

CX Daily: China’s Safety Problem With Illegal Buildings

<ul><li>In Depth: Metaverse trailblazers hope to make real money from virtual people</li><li>Caixin Explains: Why China needs an overarching financial stability law</li><li>13 officials punished after investigation into case of ‘caged woman’</li></ul>

In Depth: Metaverse trailblazers hope to make real money from virtual peopleCaixin Explains: Why China needs an overarching financial stability law13 officials punished after investigation into case of ‘caged woman’

CX Daily: Metaverse Trailblazers Hope To Make Real Money From Virtual People

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.</li>
<li>For SK Shieldus and OneStore, we took the mid-points of the IPO price ranges and applied SK Square's post IPO ownership stakes, respectively. </li>
<li>SK Square's CEO Park Jung-Ho announced that the SK Group is interested in investing in Arm Holdings. SK Group is well positioned to participate in the investment of ARM Holdings. </li>
</ul>


Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.
For SK Shieldus and OneStore, we took the mid-points of the IPO price ranges and applied SK Square's post IPO ownership stakes, respectively. 
SK Square's CEO Park Jung-Ho announced that the SK Group is interested in investing in Arm Holdings. SK Group is well positioned to participate in the investment of ARM Holdings. 


SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Shares are now up 1% in the quarter despite investment losses as 87% of assets are US$-linked</li>
<li>A recovery for Alibaba, reports of ARM monetization and the $2bn sale of its stake in Cruise has eased leverage concerns with LTV back to 22% and CDS prices falling</li>
<li>This report includes detail on Softbank dollar exposure, calculations for LTV on a quarterly and daily basis and updates to our usual NAV discount/VF performance tables</li>
</ul>


Shares are now up 1% in the quarter despite investment losses as 87% of assets are US$-linked
A recovery for Alibaba, reports of ARM monetization and the $2bn sale of its stake in Cruise has eased leverage concerns with LTV back to 22% and CDS prices falling
This report includes detail on Softbank dollar exposure, calculations for LTV on a quarterly and daily basis and updates to our usual NAV discount/VF performance tables


Softbank Group - A Strong Dollar Is Good News with 87% of Assets Overseas

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>Softbank is apparently trying to garner a $50bn valuation for Arm at its IPO and secure $8bn in margin loans on the back of that.</li>
<li>We think that is a stretch though it is certainly not impossible that it would succeed. </li>
<li>However, in terms of real value we suspect Arm could be worth less than $10bn and articulate why below.</li>
</ul>


Softbank is apparently trying to garner a $50bn valuation for Arm at its IPO and secure $8bn in margin loans on the back of that.
We think that is a stretch though it is certainly not impossible that it would succeed. 
However, in terms of real value we suspect Arm could be worth less than $10bn and articulate why below.


Softbank – Why We Think Arm Is Worth Less Than $10bn

United Kingdom

IQE plc develops, manufactures, and sells advanced semiconductor materials worldwide. The company operates through Wireless, Photonics, Infrared, and CMOS++ segments. It manufactures compound semiconductor wafers or epiwafers using epitaxy process; and offers various products, including HBTs, pHEMTs, BiFETs/BiHEMTs, HFETs, LMHEMTs, LNHEMTs, and MESFETs for use in wireless devices, such as mobile phones, smartphones, mobile networks, Wi-Fi, smart metering, satellite navigation, and a plethora of connected devices. The company also provides a range of wafers comprising optical fiber communications optical storage solutions consisting of CDs and DVDs; optical networking solutions, including storage area networks; computing solutions, such as optical mouse devices and CD/DVD ROMs; office/professional solutions comprising laser printing/copying; and energy solutions consisting of solar cells for emitters and detectors, infrared, solar, optical interconnects, laser projection, gesture recognition, solid state lighting applications. In addition, it offers IR sensor, thermal imaging, night vision, and thermal photovoltaic products for infrared applications; and concentrated photovoltaic solar cells for utility scale electricity generation, satellite/space power generation, power generation, and power applications. Further, the company produces compound semiconductor on silicon wafers, as well as a range of engineered substrates, including germanium-on-insulator, germanium-on-silicon, and silicon-on-sapphire for next-generation microprocessors, and ultra high speed/density flash memory and MEMs devices. Additionally, it provides gallium nitride, a compound semiconductor, which includes a range of RF, photonic, and electronic properties. The company was founded in 1988 and is headquartered in Cardiff, the United Kingdom.

Kromek Group plc designs, develops, and manufactures x-ray and gamma ray detection and imaging, and radiation detection products for security screening, civil nuclear, and medical imaging markets in the United Kingdom, North America, South America, the Middle East, Asia, Europe, and Australasia. Its nuclear detection products include CPG, a CZT-based room temperature and high-resolution radiation detector; Kromek GR1, a gamma ray spectrometer; GR1-A, a USB-powered gamma spectrometer; SIGMA, a technology platform for scintillator products; TN15, a sensitivity thermal neutron scintillation detector; RENA-Mini, a platform for the development of pixelated detectors; Q4-GR1, a solution for mobile laboratory; RayMon10, a handheld radiation monitor; RadAngel for Schools, a portable gamma-ray spectrometer; QuantAir, a solution for in-field air monitoring; Quant for RayMon10, a quantitative activity analysis tool; and D3S for gamma and neutron detection. The company?s nuclear detection products also comprise MultiSpect Analysis Software; DMatrix, a gamma spectroscopy detector/imager and software; eV3500, a 2D imaging equipment; Sample Inspector, a monitor for detecting the presence of radioactive contaminants; RENA III and DANA II for x-ray and gamma ray spectroscopy; K102 Analyser, a USB-based multichannel analyser for use in nuclear spectroscopy applications; IMELDA for 2D array digital and multispectral imaging; and MARY and XENA for linear array multispectral detection and imaging. In addition, it offers security screening products, such as XRA, a 3D imaging equipment; Identifier to classify the presence of hazardous liquids, aerosols, and gels in containers; and liquid explosive algorithm delivering enhanced recognition. Further, the company provides medical imaging products comprising X-ray bone densitometers and CZT-based reusable medical probes, as well as ASICs. Kromek Group plc was incorporated in 2003 and is headquartered in Sedgefield, the United Kingdom.

Auto Trader Group PLC operates as a digital automotive marketplace. The Company's platform allows its users to buy and sell a range of vehicles, such as cars, trucks and vans.

Halma PLC is a health and safety sensor technology group which manufactures products that detect hazards and also protect assets and people at work in public and commercial buildings. Halma develops technologies and products that are used for analysis in safety, environmental and leisure related markets, including water, to improve personal and public health.

The Sage Group plc is a software publishing company. The Group develops, publishes and distributes accounting and payroll software for personal computer systems. Via its subsidiaries, Sage also maintains a registered user database which provides a market for their related products and services, including computer forms, software support contracts, program upgrades and training.

Computacenter plc provides distributed information technology and related services to corporate and public sector organizations.  The Group's services are divided into three sectors: logistical operations, consolidation and integration, and operational management.  Computacenter has operations in the UK, France, Luxembourg and Belgium.

Renishaw plc designs, develops, manufactures and sells high technology precision measuring and calibration equipment.  The Company's products include advanced metrology and inspection equipment, spectroscopy systems, and computer aided design and manufacturing systems.  Renishaw sells probes and other instruments to a wide range of sectors, internationally.

Softcat PLC provides information technology services. The Company offers commodity sourcing, software licensing, e-procurement, unified communications, and managed services. Softcat serves customers in the United Kingdom.

Spectris plc manufactures, designs and markets products for the electronic control and process instrumentation sectors.  The Company's products include digital indication and control products, industrial computer circuit boards, semiconductor related devices, infrared equipment for temperature measurement, flying controls, gas analysis products, and analytical x-ray systems.

Moneysupermarket.com Group Plc operates finance and travel price comparison websites.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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

ARM Holdings (ARM US)

CX Daily: China’s Safety Problem With Illegal Buildings

Safety / Cover Story: China’s safety problem with illegal buildings. Davos / Climate envoys from China, U.S. expected to meet at Davos

Caixin Global

CX Daily: Metaverse Trailblazers Hope To Make Real Money From Virtual People

In Depth: Metaverse trailblazers hope to make real money from virtual people. Caixin Explains: Why China needs an overarching financial stability law

Caixin Global

SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?

Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.

Douglas Kim

Softbank Group - A Strong Dollar Is Good News with 87% of Assets Overseas

With 87% of assets dollar-linked, Softbank benefits from a strong dollar and the latter's recent move to six-year highs leaves SB up QTD. Leverage...

Kirk Boodry

Softbank – Why We Think Arm Is Worth Less Than $10bn

Softbank is apparently trying to garner a $50bn valuation for Arm and secure $8bn in margin loans on the back of that but in terms of real value we...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)