Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Summary</h2><ul>
<li>NDRC might proceed an investigation: To protect domestic smartphone and PC/tablet vendors' profits and global competitiveness, we expect NDRC to proceed an antitrust investigation sooner or later.</li>
<li>Limited price upside but more price downside for DRAM and NAND flash: Once the antitrust investigation starts, we expect much-limited price upside but more price downside for DRAM and NAND flash in 2018 because any leading memory vendor will avoid being the one responsible for the price hike.</li>
<li>…</li>
</ul>

Summary
NDRC might proceed an investigation: To protect domestic smartphone and PC/tablet vendors' profits and global competitiveness, we expect NDRC to proceed an antitrust investigation sooner or later.
Limited price upside but more price downside for DRAM and NAND flash: Once the antitrust investigation starts, we expect much-limited price upside but more price downside for DRAM and NAND flash in 2018 because any leading memory vendor will avoid being the one responsible for the price hike.
…


Will China NDRC Drive Memory Price Down in 2018 After a Likely Antitrust Investigation?

Event-Driven

<h2>What's new?</h2>After Nikkei News reported <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> is designing its own main power management chips for use in iPhones as early as in 2018, cutting dependence on <a href="https://www.smartkarma.com/entities/21607" target="_blank" data-smartkarma-citation="entities:21607:1">Dialog Semiconductor PLC (DLG GR)</a> (please see our earlier report "<a href="https://www.smartkarma.com/insights/nikkei-said-apple-cuts-dialog-on-power-ics-supply-we-highlighted-this-in-may-and-more-to-come" target="_blank" data-smartkarma-citation="insights:15823">Nikkei Said Apple Cuts Dialog on Power ICs Supply; We Highlighted This in May and More to Come</a> " dated 1 Dec 2017, and then Dialog confirmed Apple could potentially design in-house power management IC for iPhone in few years but not to impact Dialog in 2018…

What's new?After Nikkei News reported Apple Inc (AAPL US) is designing its own main power management chips for use in iPhones as early as in 2018, cutting dependence on Dialog Semiconductor PLC (DLG GR) (please see our earlier report "Nikkei Said Apple Cuts Dialog on Power ICs Supply; We Highlighted This in May and More to Come " dated 1 Dec 2017, and then Dialog confirmed Apple could potentially design in-house power management IC for iPhone in few years but not to impact Dialog in 2018…

Dialog Might Become the Next Imagination; A New Acquisition Target for China

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Rotation is alive and well. Once-dormant Sectors and Groups are helping propel the market to new highs. While Tech, the overachiever, continues to lead, we’re finally seeing the Energy  Sector contribute. And other economically sensitive Groups, like Casinos and Engineering &amp; Construction, are bullishly inflecting, confirming the risk-on message. Combined, this is (1) a positive sign for the market, and (2) actionable.In today’s report we highlight ideas within the following Groups: Engineering &amp; Construction, Semiconductors, and Auto Dealers.

Rotation is alive and well. Once-dormant Sectors and Groups are helping propel the market to new highs. While Tech, the overachiever, continues to lead, we’re finally seeing the Energy  Sector contribute. And other economically sensitive Groups, like Casinos and Engineering &amp; Construction, are bullishly inflecting, confirming the risk-on message. Combined, this is (1) a positive sign for the market, and (2) actionable.In today’s report we highlight ideas within the following Groups: Engineering &amp; Construction, Semiconductors, and Auto Dealers.

U.S. Equity Strategy: Cyclicals Continue to Lead; Energy Is Bottoming.

<h2>Summary</h2>We believe the merger news is somehow reliable as Broadcom CEO Hock Tan said at TSMC's 30th Anniversary Celebration Forum on October 23 that only strong IP portfolio and financial position can defend its market share against cloud vendors which are trying to take away semiconductor design value. Therefore, by buying Qualcomm/NXP, Broadcom can strengthen its IP portfolio into 3G/4G/5G baseband/modem, WiFi, Bluetooth, 3D sensing, NFC, and automotive semiconductor IP and enhance its…

SummaryWe believe the merger news is somehow reliable as Broadcom CEO Hock Tan said at TSMC's 30th Anniversary Celebration Forum on October 23 that only strong IP portfolio and financial position can defend its market share against cloud vendors which are trying to take away semiconductor design value. Therefore, by buying Qualcomm/NXP, Broadcom can strengthen its IP portfolio into 3G/4G/5G baseband/modem, WiFi, Bluetooth, 3D sensing, NFC, and automotive semiconductor IP and enhance its…

Broadcom Is Buying Qualcomm; Two Major Challenges Ahead to Close the Deal

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

<a href="https://www.smartkarma.com/entities/21227" target="_blank" data-smartkarma-citation="entities:21227:1">STMicroelectronics NV (STM IM)</a>, the French semiconductor powerhouse, last week reported third-quarter net revenues of $2.14 billion, up 11.1% sequentially and 18.9% year-over-year. Gross margin was 39.5%, and net income was $236 million, or $0.26 per share. According to CEO Carlo Bozotti, “All product groups recorded double-digit year-over-year revenue growth, driven by strong demand across all geographies in our focus application areas of Internet of Things, Smartphones, Industrial and Smart…

STMicroelectronics NV (STM IM), the French semiconductor powerhouse, last week reported third-quarter net revenues of $2.14 billion, up 11.1% sequentially and 18.9% year-over-year. Gross margin was 39.5%, and net income was $236 million, or $0.26 per share. According to CEO Carlo Bozotti, “All product groups recorded double-digit year-over-year revenue growth, driven by strong demand across all geographies in our focus application areas of Internet of Things, Smartphones, Industrial and Smart…

STMicro- Earnings, Outlook & Growth Drivers Impress

Germany

Infineon Technologies AG designs, manufactures, and markets semiconductors. The Company offers products include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors. Infineon markets its products to the automotive, industrial, communications, and consumer and security electronics sectors.

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Infineon Technologies (IFX GR)

Will China NDRC Drive Memory Price Down in 2018 After a Likely Antitrust Investigation?

Summary NDRC might proceed an investigation: To protect domestic smartphone and PC/tablet vendors' profits and global competitiveness, we expect...

Andrew Lu

Dialog Might Become the Next Imagination; A New Acquisition Target for China

What's new?After Nikkei News reported Apple Inc (AAPL US) is designing its own main power management chips for use in iPhones as early as in 2018,...

Andrew Lu

U.S. Equity Strategy: Cyclicals Continue to Lead; Energy Is Bottoming.

Rotation is alive and well. Once-dormant Sectors and Groups are helping propel the market to new highs. While Tech, the overachiever, continues to...

Vermilion Research

Broadcom Is Buying Qualcomm; Two Major Challenges Ahead to Close the Deal

SummaryWe believe the merger news is somehow reliable as Broadcom CEO Hock Tan said at TSMC's 30th Anniversary Celebration Forum on October 23 that...

Andrew Lu

STMicro- Earnings, Outlook & Growth Drivers Impress

STMicroelectronics NV (STM IM), the French semiconductor powerhouse, last week reported third-quarter net revenues of $2.14 billion, up 11.1%...

William Keating

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