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

Thematic (Sector/Industry)

<ul>
<li>On September 18 2024, one of the three co-founders of Silicon Box, Dr. Sutardja, sadly passed away. An industry visionary, much loved by many. May he rest in peace.</li>
<li>The company's website still does not reflect this fact, and an interview with their Head of Business just two weeks after his passing, bizarrely doesn't mention it at all</li>
<li>With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies they offer. Still a black box IMO</li>
</ul>


On September 18 2024, one of the three co-founders of Silicon Box, Dr. Sutardja, sadly passed away. An industry visionary, much loved by many. May he rest in peace.
The company's website still does not reflect this fact, and an interview with their Head of Business just two weeks after his passing, bizarrely doesn't mention it at all
With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies they offer. Still a black box IMO


Silicon Box. A Sad Development & Sadly, Still A Black Box

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the June rebalance of the CSI All Share Semiconductor Index ends 30 April. The changes should be announced on 30 May and implemented on 13 June.</li>
<li>We forecast 4/5 adds and 8 deletes for the index with a one-way turnover of 2.4% and a round-trip trade of CNY 990m (US$136m).</li>
<li>There are many forecast adds and deletes that will have same side flows from trackers of the CES China Semiconductor Chips Index and the CNI Semiconductor Chips Index.</li>
</ul>


The review period for the June rebalance of the CSI All Share Semiconductor Index ends 30 April. The changes should be announced on 30 May and implemented on 13 June.
We forecast 4/5 adds and 8 deletes for the index with a one-way turnover of 2.4% and a round-trip trade of CNY 990m (US$136m).
There are many forecast adds and deletes that will have same side flows from trackers of the CES China Semiconductor Chips Index and the CNI Semiconductor Chips Index.


CSI All Share Semiconductor Index Rebalance Preview: Multiple Index Flows for Some Stocks

<ul>
<li>There could be one change for the CNI Semiconductor Chips Index with <a href="https://www.smartkarma.com/entities/nexchip-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:40390:1" rel="noopener">Nexchip Semiconductor (688249 CH)</a> replacing <a href="https://www.smartkarma.com/entities/amlogic-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:30340:1" rel="noopener">Amlogic Shanghai (688099 CH)</a> in June.</li>
<li>Passive trackers are estimated to buy 1.4x ADV in <a href="https://www.smartkarma.com/entities/nexchip-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:40390:1" rel="noopener">Nexchip Semiconductor</a> and sell 0.8x ADV in <a href="https://www.smartkarma.com/entities/amlogic-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:30340:1" rel="noopener">Amlogic Shanghai</a>. There will be buying in <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-in" target="_blank" data-smartkarma-citation="entities:31062:1" rel="noopener">Semiconductor Manufacturing International Corporation (SMIC)</a> due to capping.</li>
<li>The forecast add and delete have performed in line since the start of the year but there has been a move higher in the last few weeks.</li>
</ul>


There could be one change for the CNI Semiconductor Chips Index with Nexchip Semiconductor (688249 CH) replacing Amlogic Shanghai (688099 CH) in June.
Passive trackers are estimated to buy 1.4x ADV in Nexchip Semiconductor and sell 0.8x ADV in Amlogic Shanghai. There will be buying in Semiconductor Manufacturing International Corporation (SMIC) due to capping.
The forecast add and delete have performed in line since the start of the year but there has been a move higher in the last few weeks.


CNI Semiconductor Chips Index Rebalance Preview: One Change in June

<ul>
<li>There could be three changes for the CES China Semiconductor Chips Index at the close of trading on 13 June.</li>
<li>Based on the assets tracking the index, passive trackers will need to trade between 0.1-0.4x ADV in the stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/bestechnic-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:33459:1" rel="noopener">Bestechnic Shanghai (688608 CH)</a> and <a href="https://www.smartkarma.com/entities/suzhou-kematek-inc" target="_blank" data-smartkarma-citation="entities:44255:1" rel="noopener">Suzhou Kematek (301611 CH)</a> will also have net inflows from passive trackers of other indices at the same time, adding to the flow.</li>
</ul>


There could be three changes for the CES China Semiconductor Chips Index at the close of trading on 13 June.
Based on the assets tracking the index, passive trackers will need to trade between 0.1-0.4x ADV in the stocks.

Bestechnic Shanghai (688608 CH) and Suzhou Kematek (301611 CH) will also have net inflows from passive trackers of other indices at the same time, adding to the flow.


CES China Semiconductor Chips Index Rebalance Preview: Multiple Adds for Some Stocks Increase Flow

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

TongFu Microelectronics   / Equity Bottom-Up

<ul><li>TSMC's new wafer manufacturing technology is changing the advanced packaging industry, causing a forecasted slump in general-purpose memory for Samsung and SK Hynix.</li><li>Micron is leading the way in HBM4 development, aiming for mass production by 2026, while India's semiconductor growth is highlighted by Marvell ahead of VLSI conference.</li><li>China's chip crackdown escalates as global semiconductor landscape evolves, with Tesla Shanghai factory head resigning and Xiaomi denying poaching rumors. Dixon partners with Vivo to boost local production in India.</li></ul>

TSMC's new wafer manufacturing technology is changing the advanced packaging industry, causing a forecasted slump in general-purpose memory for Samsung and SK Hynix.Micron is leading the way in HBM4 development, aiming for mass production by 2026, while India's semiconductor growth is highlighted by Marvell ahead of VLSI conference.China's chip crackdown escalates as global semiconductor landscape evolves, with Tesla Shanghai factory head resigning and Xiaomi denying poaching rumors. Dixon partners with Vivo to boost local production in India.

Tech Supply Chain Tracker (24-Dec-2024): TSMC transforms packaging market with wafer manufacturing 2.0.

China

JCET Group Co., Ltd. operates in the semiconductor industry.  The Company's products include discrete devices and integrated circuits.  Through its subsidiaries, Jiangsu Changjiang also manufactures signal lamps used in industrial equipment and anti-theft door systems for consumer use.

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JCET Group (600584 CH)

Silicon Box. A Sad Development & Sadly, Still A Black Box

With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies...

William Keating

CNI Semiconductor Chips Index Rebalance Preview: One Change in June

Nexchip Semi could replace Amlogic Shanghai in the index. Passive trackers will need to buy 1.4x ADV in the add and sell 0.8x ADV in the delete....

Brian Freitas

CES China Semiconductor Chips Index Rebalance Preview: Multiple Adds for Some Stocks Increase Flow

There could be 3 changes for the index in June. Most of the index changes will have inflows/outflows from other index trackers at the same time,...

Brian Freitas

Tech Supply Chain Tracker (24-Dec-2024): TSMC transforms packaging market with wafer manufacturing 2.0.

TSMC shakes up advanced packaging with new wafer tech; Micron focuses on overcoming memory slump, advancing HBM4 development for mass production in...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silicon Box. A Sad Development & Sadly, Still A Black Box

With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies...

William Keating

CSI All Share Semiconductor Index Rebalance Preview: Multiple Index Flows for Some Stocks

There could be 12-13 changes for the index in June. Some stocks will have same way flows from multiple index trackers and those stocks could...

Brian Freitas

CNI Semiconductor Chips Index Rebalance Preview: One Change in June

Nexchip Semi could replace Amlogic Shanghai in the index. Passive trackers will need to buy 1.4x ADV in the add and sell 0.8x ADV in the delete....

Brian Freitas

CES China Semiconductor Chips Index Rebalance Preview: Multiple Adds for Some Stocks Increase Flow

There could be 3 changes for the index in June. Most of the index changes will have inflows/outflows from other index trackers at the same time,...

Brian Freitas

Tech Supply Chain Tracker (24-Dec-2024): TSMC transforms packaging market with wafer manufacturing 2.0.

TSMC shakes up advanced packaging with new wafer tech; Micron focuses on overcoming memory slump, advancing HBM4 development for mass production in...

Tech Supply Chain Tracker