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 revenues continue to fall. which appears to be a repeat of the collapse in 2019</li>
<li>Spot market prices, a leading indicator, are soft for both DRAM and NAND flash</li>
<li>It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%</li>
</ul>


Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019
Spot market prices, a leading indicator, are soft for both DRAM and NAND flash
It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%


Semiconductors Just Beginning a Long Slide

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.</li>
<li>Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.</li>
<li>Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.</li>
</ul>


The US Commerce Department is likely to expand China restrictions for the sale of chips and chip manufacturing equipment.
Impact for major Taiwan-listed suppliers appears minimal so far; Inventec is one name with potential exposure.
Not Made in China: More signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.


Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

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>Lam Research gave a solid performance in this quarter.</li><li>In the quarter, Lam announced the expansion of collaborations within the EUV ecosystem.</li><li>In the quarter, the company continues to see great momentum with its installed and product base initiatives, with CSPG revenues and foundry logic systems reaching new highs.</li></ul>

Lam Research gave a solid performance in this quarter.In the quarter, Lam announced the expansion of collaborations within the EUV ecosystem.In the quarter, the company continues to see great momentum with its installed and product base initiatives, with CSPG revenues and foundry logic systems reaching new highs.

Lam Research: New Facility In South Korea & Other Developments

Equity Capital Markets

<ul><li>Lam Research had a strong 2021 on account of the fact that throughout the year, demand for wafer fabrication equipment grew as the digital transformation of the global economy and its everyday activities accelerated.</li><li>As a result of the shipment delays, revenues fell short of the midpoint of the company's guidance range.</li><li>Lam’s product momentum and outperformance in the installed base business have put Lam in a strong position to exploit the huge demand for wafer fabrication equipment.</li></ul>

Lam Research had a strong 2021 on account of the fact that throughout the year, demand for wafer fabrication equipment grew as the digital transformation of the global economy and its everyday activities accelerated.As a result of the shipment delays, revenues fell short of the midpoint of the company's guidance range.Lam’s product momentum and outperformance in the installed base business have put Lam in a strong position to exploit the huge demand for wafer fabrication equipment.

Lam Research Corporation: Financial & Price Forecasts

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more attractive. </li>
<li>If the global semiconductor cycle undergoes a major downtrend, UMS Holdings would not be immune from such downturn and the company is likely to experience lower sales and profit growth.</li>
<li>We believe that UMS Holdings has 20% to 40%+ upside from current levels over the next one year, based on historical valuation multiples in the past three years. </li>
</ul>


UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more attractive. 
If the global semiconductor cycle undergoes a major downtrend, UMS Holdings would not be immune from such downturn and the company is likely to experience lower sales and profit growth.
We believe that UMS Holdings has 20% to 40%+ upside from current levels over the next one year, based on historical valuation multiples in the past three years. 


UMS Holdings: Excellent Results in 2021 & Valuation Has Become More Attractive After Recent Sell-Off

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

Taiwan Tech Weekly: US Restrictions on Tech Sales to China to Expand

Also more signs of shift as Tata is preparing a JV with Wistron to produce iPhones and Taiwanese companies look to Southeast Asia and the USA.

Vincent Fernando, CFA

Lam Research: New Facility In South Korea & Other Developments

Lam Research gave a solid performance in this quarter. In the quarter, Lam announced the expansion of collaborations within the EUV ecosystem. In...

Baptista Research

Lam Research Corporation: Financial & Price Forecasts

Lam Research had a strong 2021 on account of the fact that throughout the year, demand for wafer fabrication equipment grew as the digital...

Baptista Research

UMS Holdings: Excellent Results in 2021 & Valuation Has Become More Attractive After Recent Sell-Off

UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more...

Douglas Kim

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