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 cut its dividend by 2/3rd, freeing up $4B in cash.</li>
<li>The company revised own capital intensity guidance for 2023 to low 30s% from 35%, while maintaining 24/25 guidance.</li>
<li>Recent $11B debt raise and Mobile eye shares should provide enough capital for the next year.</li>
</ul>


Intel cut its dividend by 2/3rd, freeing up $4B in cash.
The company revised own capital intensity guidance for 2023 to low 30s% from 35%, while maintaining 24/25 guidance.
Recent $11B debt raise and Mobile eye shares should provide enough capital for the next year.


Intel’s Cut Its Dividend, But Should It Cut Its Foundry?

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June</li>
<li>During downturns memory chip prices typically collapse until they hit cost</li>
<li>NAND appears to be selling at or near cost, but DRAM still has room for further declines</li>
</ul>


Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June
During downturns memory chip prices typically collapse until they hit cost
NAND appears to be selling at or near cost, but DRAM still has room for further declines


Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> (HSAI) raised around US$190m in its US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>We have looked at the company’s past performance and valuations. In this note, we will talk about the trading updates.</li>
</ul>



Hesai Group (HSAI US) (HSAI) raised around US$190m in its US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
We have looked at the company’s past performance and valuations. In this note, we will talk about the trading updates.


Hesai Group IPO Trading - Managed to Break the Drought

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> is looking to raise around US$170m in its upcoming US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Hesai Group (HSAI US) is looking to raise around US$170m in its upcoming US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


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>Intel delivered a weak result, failing to meet Wall Street expectations in terms of revenues as well as earnings given the persisting macroeconomic headwinds in the semiconductor industry.</li><li>Intel continues to integrate AXG into CCG and DCAI to deliver a more effective go-to-market capability, accelerating the scale of these businesses while further cutting costs.</li><li>The management believes their first EUV-deploying modes, Intel 4 and 3, will significantly improve transistor performance per watt and density.</li></ul>

Intel delivered a weak result, failing to meet Wall Street expectations in terms of revenues as well as earnings given the persisting macroeconomic headwinds in the semiconductor industry.Intel continues to integrate AXG into CCG and DCAI to deliver a more effective go-to-market capability, accelerating the scale of these businesses while further cutting costs.The management believes their first EUV-deploying modes, Intel 4 and 3, will significantly improve transistor performance per watt and density.

Intel Corp: Launch Of 13th Generation Lineup & Other Drivers

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’s Cut Its Dividend, But Should It Cut Its Foundry?

Intel unsuprisingly cut its dividend given the massive PC inventory glut and lack of FCF in 2023 and to keep its foundry plans intact...we question...

Aaron Gabin

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

The semiconductor memory market has collapsed, but the collapse is nearly over for Samsung, SK hynix, Micron, WDC, and Kioxia.

Jim Handy

Hesai Group IPO Trading - Managed to Break the Drought

Hesai Group (HSAI US) raised around US$190m in its US IPO. We have looked at the company's performance in our previous note, in this note we will...

Sumeet Singh

Hesai Group IPO - Thoughts on Valuation

Hesai Group (HSAI US) is looking to raise around US$170m in its upcoming US IPO. In this note, we till talk about valuations.

Sumeet Singh

Intel Corp: Launch Of 13th Generation Lineup & Other Drivers

Intel delivered a weak result, failing to meet Wall Street expectations in terms of revenues as well as earnings given the persisting...

Baptista Research

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