Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Summary</h2><ul><li>1Q17 misses on BlackBerry arbitration decision and slightly weaker 2Q17 sales despite 10nm Snapdragon 835 for flagship customers.</li></ul><ul>
<li>Pending legal matters? Qualcomm comments Apple's contract manufacturers whether they will underpay royalties or pay nothing in 2Q17, which could have an adverse impact on Qualcomm's financial results. We thus expect the non-recurring becoming recurring losses.</li>
<li>
Losing shares on MSM: 2Q17 MSM shipment guidance of 190mn shows only seasonal growth of 6% q/q and…</li>
</ul>

Summary1Q17 misses on BlackBerry arbitration decision and slightly weaker 2Q17 sales despite 10nm Snapdragon 835 for flagship customers.
Pending legal matters? Qualcomm comments Apple's contract manufacturers whether they will underpay royalties or pay nothing in 2Q17, which could have an adverse impact on Qualcomm's financial results. We thus expect the non-recurring becoming recurring losses.

Losing shares on MSM: 2Q17 MSM shipment guidance of 190mn shows only seasonal growth of 6% q/q and…


Qualcomm - Will Non-Recurring Becoming Recurring Losses? Missed Due to Blackberry Arbitration Case

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

For <a href="https://www.smartkarma.com/entities/563" target="_blank" data-smartkarma-citation="entities:563:1">Sony</a> to move into the ¥500~600bil OP range, it needs not just a recovery in the cyclical hardware business, but also improved OPM in the much-vaunted entertainment business, and the biggest room for improvement on that front lies with the Pictures division (notwithstanding the US$1bil goodwill writedown). In that regard the February 2015 appointment of Tom Rothman as head of the film business was important, both because of Rothman’s reputation as a cost-cutter, but also because he had a…

For Sony to move into the ¥500~600bil OP range, it needs not just a recovery in the cyclical hardware business, but also improved OPM in the much-vaunted entertainment business, and the biggest room for improvement on that front lies with the Pictures division (notwithstanding the US$1bil goodwill writedown). In that regard the February 2015 appointment of Tom Rothman as head of the film business was important, both because of Rothman’s reputation as a cost-cutter, but also because he had a…

Sony - Pictures Division Unveils 2017 Line-Up

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.</li>
<li>Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month</li>
<li>Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.</li>
<li>Prices seem to be…</li>
</ul>


Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.
Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month
Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.
Prices seem to be…


As China Digs for Growth, Can Korea Break Chaebol Dominance?

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul>
<li>We had a breakfast meeting with Ben Bernanke, a man who needs no introduction.</li>
<li>Bernanke is optimistic given a confluence of positive factors (Trumponomics, improved global economy, and higher productivity return to name a few).</li>
<li>We are bullish on financials, infrastructure, technology, and consumer discretionary in Sino-ASEAN region. </li>
</ul>Last Friday, we were invited by Schwab to have a breakfast meeting with Ben Bernanke, former Fed Chairman (two terms: 2006-2010 and 2010-2014 before Janet Yellen…


We had a breakfast meeting with Ben Bernanke, a man who needs no introduction.
Bernanke is optimistic given a confluence of positive factors (Trumponomics, improved global economy, and higher productivity return to name a few).
We are bullish on financials, infrastructure, technology, and consumer discretionary in Sino-ASEAN region. 
Last Friday, we were invited by Schwab to have a breakfast meeting with Ben Bernanke, former Fed Chairman (two terms: 2006-2010 and 2010-2014 before Janet Yellen…

Sino-ASEAN Strategy: What Does a Breakfast With Bernanke Reveal?

<h2>Summary</h2><ul>
<li>Microsoft invites Intel's competitors to cloud: At 2017 Open Compute Project Summit, Microsoft announced a collaboration with Qualcomm's 48-cores ARM Centriq 2400, AMD's x86 Naples, and Cavium's ThunderX2 ARMv8-A for its next-generation hyper scale open source cloud Project Olympus.</li>
<li>
What's Open Compute Project (OCP)? Facebook started a project to design the world’s most energy efficient data center, one that could handle unprecedented scale at the lowest possible cost. In 2011, Facebook…</li>
</ul>

Summary
Microsoft invites Intel's competitors to cloud: At 2017 Open Compute Project Summit, Microsoft announced a collaboration with Qualcomm's 48-cores ARM Centriq 2400, AMD's x86 Naples, and Cavium's ThunderX2 ARMv8-A for its next-generation hyper scale open source cloud Project Olympus.

What's Open Compute Project (OCP)? Facebook started a project to design the world’s most energy efficient data center, one that could handle unprecedented scale at the lowest possible cost. In 2011, Facebook…


Challenges and Risks Ahead for Intel; Part 2 on Microsoft's Olympus Platform to Invite Competitors

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Qualcomm - Will Non-Recurring Becoming Recurring Losses? Missed Due to Blackberry Arbitration Case

Summary1Q17 misses on BlackBerry arbitration decision and slightly weaker 2Q17 sales despite 10nm Snapdragon 835 for flagship customers. Pending...

Andrew Lu

Sony - Pictures Division Unveils 2017 Line-Up

For Sony to move into the ¥500~600bil OP range, it needs not just a recovery in the cyclical hardware business, but also improved OPM in the...

Pelham Smithers Associates

As China Digs for Growth, Can Korea Break Chaebol Dominance?

Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by...

Sean Maher

Sino-ASEAN Strategy: What Does a Breakfast With Bernanke Reveal?

We had a breakfast meeting with Ben Bernanke, a man who needs no introduction. Bernanke is optimistic given a confluence of positive factors...

Johannes Salim, CFA

Challenges and Risks Ahead for Intel; Part 2 on Microsoft's Olympus Platform to Invite Competitors

Summary Microsoft invites Intel's competitors to cloud: At 2017 Open Compute Project Summit, Microsoft announced a collaboration with Qualcomm's...

Andrew Lu

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