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.

Equity Bottom-Up

Infineon Technologies  / Equity Bottom-Up

<ul><li><p>Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.</p><section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.</li><li>So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.</li></ul>

Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.</li>
<li>We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.</li>
<li>While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.</li>
</ul>


Yageo has been relatively range-bound since early 2023E, missing completely the 'AI Rally' that caused many other Taiwan names to rise. Hence one can buy it without chasing hype.
We spoke with management. The company has historically enjoyed durable margins and we believe could enjoy a cycle turn-around as its products are linked to high-tech power needs.
While not directly linked to AI demand, its products have strong long-term demand dynamics and are necessary for AI servers, high-end computing, autos, defense, and communications. Structural Long, NT$690 target.


Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

PT Metrodata Electronics / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" data-smartkarma-citation="entities:7184:1" rel="noopener">Metrodata Electronics</a> released a mixed set of 1Q2023 results, as its ICT distribution slowed as consumers held back from new purchases but this was offset by stronger Solutions&amp;Consulting revenues.</li>
<li>Solutions&amp;Consulting saw strong growth from financial services, with the ongoing boost from BIFAST plus there was strong growth from telcos and the government segment, as it focuses on digitalisation. </li>
<li>
<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" data-smartkarma-citation="entities:7184:1" rel="noopener">Metrodata Electronics</a> management remains optimistic for 2023, with an expected recovery in distribution revenues in 2H2023 with the guidance of 8% growth for both revenue and net profits for FY2023. </li>
</ul>



Metrodata Electronics released a mixed set of 1Q2023 results, as its ICT distribution slowed as consumers held back from new purchases but this was offset by stronger Solutions&amp;Consulting revenues.
Solutions&amp;Consulting saw strong growth from financial services, with the ongoing boost from BIFAST plus there was strong growth from telcos and the government segment, as it focuses on digitalisation. 

Metrodata Electronics management remains optimistic for 2023, with an expected recovery in distribution revenues in 2H2023 with the guidance of 8% growth for both revenue and net profits for FY2023. 


PT Metrodata Electronics (MTDL IJ) - Enabling Digitalization Across Sectors

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Cisco Systems delivered a solid result and managed an all-around beat in the last quarter.</li><li>Cisco also delivered significant quarterly performance, with high revenue and non-GAAP earnings per share, reflecting their solid operating discipline.</li><li>We give Cisco Systems, Inc. a 'Hold' rating with a revised target price.</li></ul>

Cisco Systems delivered a solid result and managed an all-around beat in the last quarter.Cisco also delivered significant quarterly performance, with high revenue and non-GAAP earnings per share, reflecting their solid operating discipline.We give Cisco Systems, Inc. a 'Hold' rating with a revised target price.

Cisco Systems: The Lightspin Acquisition Is A Major Boost For Cloud Security – Key Drivers

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Cisco is about to report its Q3 2023 results, but the market does not seem to fully appreciate the business momentum.</li>
<li>Decisions regarding capital allocation could give us some valuable clues on where is the business headed, says CNN's John Sutter.</li>
<li>The company is expected to report Q32023 results on Thursday.</li>
</ul>


Cisco is about to report its Q3 2023 results, but the market does not seem to fully appreciate the business momentum.
Decisions regarding capital allocation could give us some valuable clues on where is the business headed, says CNN's John Sutter.
The company is expected to report Q32023 results on Thursday.


Cisco: Quarterly Earnings, Guidance And What To Look For

United States

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

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Cisco Systems (CSCO US)

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Analog inventory, Coherent's ghost guide, and whipsaw China read through. Infineon’s big news is that they, too, will be building one of the...

Fabricated Knowledge

Yageo: Left Behind By the 'AI Rally', But Robust Business Still Tied to Strong Power/EV Drivers

We spoke with management. Opportunity to acquire a stock with strong fundamentals... Without having to chase a hyped-up share price.

Vincent Fernando, CFA

PT Metrodata Electronics (MTDL IJ) - Enabling Digitalization Across Sectors

Metrodata Electronics management remains optimistic for 2023, with an expected recovery in distribution revenues in 2H2023 with the guidance of 8%...

Angus Mackintosh

Cisco Systems: The Lightspin Acquisition Is A Major Boost For Cloud Security – Key Drivers

Cisco Systems delivered a solid result and managed an all-around beat in the last quarter. Cisco also delivered significant quarterly performance,...

Baptista Research

Cisco: Quarterly Earnings, Guidance And What To Look For

Decisions regarding capital allocation could give us some valuable clues on where is the business headed, says CNN's John Sutter. The company is...

Vladimir Dimitrov, CFA

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