TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Intel's Analyst Day last week set forth unhittable revenue growth targets</li>
<li>Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.</li>
<li>Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. </li>
</ul>


Intel's Analyst Day last week set forth unhittable revenue growth targets
Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.
Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. 


Intel Analyst Day: Still a Top (Funding) Short

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender</li>
<li>Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment</li>
<li>The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity</li>
</ul>


SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender
Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment
The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity


SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

<ul>
<li>We believe TSMC shall decide whether to raise wafer price in one, or two month.</li>
<li>To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.</li>
<li>To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.</li>
</ul>


We believe TSMC shall decide whether to raise wafer price in one, or two month.
To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.
To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.


TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

<ul>
<li>Transaction is expected to be immediately accretive to Intel’s non-GAAP EPS. The stock market reacted exciting for Tower raised 42% to reach $47.07 and Intel raised with ~1.8% respectively.</li>
<li>Tower Semiconductor is emphasized on analog semiconductor specialty foundries. Namely, it’s different from TSMC, UMC and GlobalFoundries, which are focusing on digital products original, and expand into analog afterward. </li>
<li>Intel wants to march into foundry business and have to count on Tower to bring in such operation know-hows, but Intel has to tolerate a completely different system.</li>
</ul>


Transaction is expected to be immediately accretive to Intel’s non-GAAP EPS. The stock market reacted exciting for Tower raised 42% to reach $47.07 and Intel raised with ~1.8% respectively.
Tower Semiconductor is emphasized on analog semiconductor specialty foundries. Namely, it’s different from TSMC, UMC and GlobalFoundries, which are focusing on digital products original, and expand into analog afterward. 
Intel wants to march into foundry business and have to count on Tower to bring in such operation know-hows, but Intel has to tolerate a completely different system.


Tower Semiconductor (TSME.US): To Be Merged by Intel- A Fastest Way, but a Patience Test, Too.

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.

Equity Capital Markets

<ul><li>Intel's fourth quarter was fairly good with revenues driven by stronger-than-expected enterprise and government demand in the data center, desktop PC strength, and better-than-expected notebook demand.</li><li>On the other hand, more edge and on-premise deployments are being driven by the ongoing need for data privacy and security.</li><li>5G network and edge deployments are accelerating, and workloads such as artificial intelligence continue to grow.</li></ul>

Intel's fourth quarter was fairly good with revenues driven by stronger-than-expected enterprise and government demand in the data center, desktop PC strength, and better-than-expected notebook demand.On the other hand, more edge and on-premise deployments are being driven by the ongoing need for data privacy and security.5G network and edge deployments are accelerating, and workloads such as artificial intelligence continue to grow.

Intel Corporation - Can Data Centre Growth Be The Big Savior? (02/22)

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Intel Analyst Day: Still a Top (Funding) Short

Intel's recent analyst day was confirmatory that it has entered the IBM zone - an inability to reset long term expectations makes it a perma...

Aaron Gabin

SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

In this insight, we analyse SK Hynix’s relative market share changes, market pricing dynamics, and revenue growth outlook, as well as an updated...

Wium Malan, CFA

TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

TSMC has the lowest wafer price among top foundry players, i.e., TSMC, UMC, GF and SMIC. For 28nm, the generic price is ~US$2,500 in TSMC, but it...

Patrick Liao

Tower Semiconductor (TSME.US): To Be Merged by Intel- A Fastest Way, but a Patience Test, Too.

Intel wants to march into foundry business and have to count on Tower to bring in such operation and know-hows, but Intel has to tolerate a...

Patrick Liao

Intel Corporation - Can Data Centre Growth Be The Big Savior? (02/22)

Intel's fourth quarter was fairly good with revenues driven by stronger-than-expected enterprise and government demand in the data center, desktop...

Baptista Research

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