Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. </li>
<li>We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.</li>
<li>The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.</li>
</ul>


We had a call with ChipMOS management about their latest long-term R&amp;D efforts and drivers. 
We see many of the company's key clients' businesses turning a corner, hence see these developments likely to benefit ChipMOS.
The company will be reporting earnings on August 3rd, we have an Outperform rating for the shares. Could see some continued margin weakness, however we believe forward outlook is improving.


ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

<ul>
<li>Nanya Tech management extrapolated on their recent results call that they believe 2Q23 was the bottom for the DRAM cycle.</li>
<li>We've updated our Nanya Tech financial model and estimates; we still see a short-term trade back to Nanya Tech's mid-June high. However, Elan Microelectronics is a Long with more edge.</li>
<li>While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and Samsung appears to be turning a corner.</li>
</ul>


Nanya Tech management extrapolated on their recent results call that they believe 2Q23 was the bottom for the DRAM cycle.
We've updated our Nanya Tech financial model and estimates; we still see a short-term trade back to Nanya Tech's mid-June high. However, Elan Microelectronics is a Long with more edge.
While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and Samsung appears to be turning a corner.


Memory Monitor: Nanya Management Provides More Color on DRAM Cycle Bottom; Elan a Long W/ More Edge

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.</li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Global semiconductor sales amounted to $40.7 billion in May'23. This represented an increase of 1.7% MoM and a 21.1% decline on a year-ago basis</li>
<li>Samsung pre-announces Q2'23 sales and operating profit slightly down sequentially</li>
<li>HMB3 standard launched. SK Hynix wins a critical HMB3 design win at NVIDIA</li>
</ul>


Global semiconductor sales amounted to $40.7 billion in May'23. This represented an increase of 1.7% MoM and a 21.1% decline on a year-ago basis
Samsung pre-announces Q2'23 sales and operating profit slightly down sequentially
HMB3 standard launched. SK Hynix wins a critical HMB3 design win at NVIDIA


Semiconductor Events Deserving Your Attention @ 9/7/23

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> has been a nice outperformer relative to <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a> due to valuation, tech merit and exposure to AI</li>
<li>For cyclical stocks, no matter defensive vs. peers, does it make more sense to play the pure plays?</li>
<li>On the recent settlement between Elliott and <a href="https://www.smartkarma.com/entities/samsung-c-t-corporation" target="_blank" data-smartkarma-citation="entities:481:1" rel="noopener">Samsung C&amp;T (028260 KS)</a> , there was a secret payment made to just Elliott. What about the other minority shareholders?!</li>
</ul>



Samsung Electronics (005930 KS) has been a nice outperformer relative to SK Hynix (000660 KS) and Micron Technology (MU US) due to valuation, tech merit and exposure to AI
For cyclical stocks, no matter defensive vs. peers, does it make more sense to play the pure plays?
On the recent settlement between Elliott and Samsung C&amp;T (028260 KS) , there was a secret payment made to just Elliott. What about the other minority shareholders?!


At the Core Lies Why Anything Named Samsung Deserves a Discount

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

ChipMOS: Results Ahead & Key Clients for Display and Memory Signal a Turn Around Is Happening

We had a call with ChipMOS management about the company's latest long-term research efforts and drivers. The shares appear well supported into an...

Vincent Fernando, CFA

Memory Monitor: Nanya Management Provides More Color on DRAM Cycle Bottom; Elan a Long W/ More Edge

While Nanya's comments indicated a more delayed recovery for Memory than Micron's recent guidance, overall the industry for Micron, SK Hynix, and...

Vincent Fernando, CFA

Fadu IPO - Thoughts on Valuation

Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO. Previously, we looked at the company’s past performance and undertook a peer...

Ethan Aw

Semiconductor Events Deserving Your Attention @ 9/7/23

Global semi sales $40.7 billion in May'23, +1.7% MoM, -21.1% YoY. Samsung sales & op profit marginally down QoQ. HBM3 standard released, SK Hynix...

William Keating

At the Core Lies Why Anything Named Samsung Deserves a Discount

Why Samsung deserves a discount and the new 3 yr shareholder return plan nor M&A will fix this unless one or both of 2 things happen.

Ken S. Kim

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