Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In March, when the JIP Offer for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> was announced, the Toshiba Board supported the Offer but declined, at the time, to recommend it to shareholders. </li>
<li>
<em>"[The price] has clearly not reached the level at which it is possible to recommend to general shareholders that they tender their shares at this time." </em>That was then.</li>
<li>10 weeks later and the Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.</li>
</ul>


In March, when the JIP Offer for Toshiba Corp (6502 JP) was announced, the Toshiba Board supported the Offer but declined, at the time, to recommend it to shareholders. 

"[The price] has clearly not reached the level at which it is possible to recommend to general shareholders that they tender their shares at this time." That was then.
10 weeks later and the Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.


Toshiba's Board Buckles Under - As Things Stand, Board Supports and Recommends JIP Offer

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>The steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>E-commerce /In Depth: Chinese fast fashion platforms could be next U.S. target</li><li>Sentiment /: British firms ‘conditionally optimistic’ about their China operations in 2023</li><li>AIDS /: HIV/AIDS cases in China fell 13% during pandemic, expert says</li></ul>

E-commerce /In Depth: Chinese fast fashion platforms could be next U.S. targetSentiment /: British firms ‘conditionally optimistic’ about their China operations in 2023AIDS /: HIV/AIDS cases in China fell 13% during pandemic, expert says

CX Daily: Chinese Fast Fashion Platforms Could Be Next U.S. Target

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>China bans Micron chips for critical information infrastructure -- Taiwanese firms could benefit by straddling both sides of the trade tensions.</li>
<li>TSMC rallies as U.S. and Japan advance incentives for TSMC and Taiwanese firms.</li>
<li>Nvida earnings this week -- We'll see if the AI leader can keep the market excited about AI's brave new world.</li>
</ul>


China bans Micron chips for critical information infrastructure -- Taiwanese firms could benefit by straddling both sides of the trade tensions.
TSMC rallies as U.S. and Japan advance incentives for TSMC and Taiwanese firms.
Nvida earnings this week -- We'll see if the AI leader can keep the market excited about AI's brave new world.


Taiwan Tech Weekly: China Micron Restrictions; Taiwan Benefit From 'Chip Tensions'; Nvidia Earnings

<ul>
<li>SK Hynix and Samsung reported results in the last week, showing major losses for their memory businesses. More evidence of a 'two-track recovery' for different parts of the chip industry.</li>
<li>SK Hynix's inventory situation worsened based on our analysis; Micron appears to be managing inventory moderately better than peers based on recent results.</li>
<li>Long Micron vs. Short Nanya Technology: Micron has continued to outperform Nanya Tech, as well as SK Hynix and Samsung.</li>
</ul>


SK Hynix and Samsung reported results in the last week, showing major losses for their memory businesses. More evidence of a 'two-track recovery' for different parts of the chip industry.
SK Hynix's inventory situation worsened based on our analysis; Micron appears to be managing inventory moderately better than peers based on recent results.
Long Micron vs. Short Nanya Technology: Micron has continued to outperform Nanya Tech, as well as SK Hynix and Samsung.


Memory Monitor: SK Hynix & Samsung Losses & Conservative Guidance Indicate Two-Track Chip Recovery

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)

Toshiba's Board Buckles Under - As Things Stand, Board Supports and Recommends JIP Offer

In March, Toshiba's Board said they could not recommend JIP's price. 10 weeks later, Peers are up, Toshiba fwd earnings f/casts are up vs peers,...

Travis Lundy

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

CX Daily: Chinese Fast Fashion Platforms Could Be Next U.S. Target

E-commerce /In Depth: Chinese fast fashion platforms could be next U.S. target Sentiment /: British firms ‘conditionally optimistic’ about their...

Caixin Global

Taiwan Tech Weekly: China Micron Restrictions; Taiwan Benefit From 'Chip Tensions'; Nvidia Earnings

Nvida earnings this week -- We'll see if the AI leader can keep the market excited about AI's brave new world. Mediatek a potential future winnner...

Vincent Fernando, CFA

Memory Monitor: SK Hynix & Samsung Losses & Conservative Guidance Indicate Two-Track Chip Recovery

SK Hynix's inventory metrics worsened while Micron appears to be managing inventory better than peers. We see more evidence of a 'two-track...

Vincent Fernando, CFA

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