Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2022-01-25/nvidia-is-said-to-quietly-prepare-to-abandon-takeover-of-arm" target="_blank" rel="noopener"> Bloomberg reported</a> overnight that Nvidia was moving to accept reality and give up on the Arm merger. </li>
<li>This was largely expected but does deprive Softbank of a source of cash to conduct its buyback. </li>
<li>It also highlights the overall negative environment for Softbank’s traditional business “strategy”.</li>
</ul>



 Bloomberg reported overnight that Nvidia was moving to accept reality and give up on the Arm merger. 
This was largely expected but does deprive Softbank of a source of cash to conduct its buyback. 
It also highlights the overall negative environment for Softbank’s traditional business “strategy”.


Softbank – NVIDIA’s Abandonment of Arm and the Search for Credibility

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>From a market point of view, Intel's risk-reward profile appears more compelling than many of its high-flying peers.</li>
<li>From a business perspective, the company will likely continue to suffer in the short-term, however, strategic positioning is still strong.</li>
<li>What has historically been Intel's weak spot could prove to be its key competitive advantage over the coming years.</li>
</ul>


From a market point of view, Intel's risk-reward profile appears more compelling than many of its high-flying peers.
From a business perspective, the company will likely continue to suffer in the short-term, however, strategic positioning is still strong.
What has historically been Intel's weak spot could prove to be its key competitive advantage over the coming years.


Intel: Well-Positioned To Compete But Hardly A Short-Term Play

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. </li>
<li>Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. </li>
<li>We still suspect however that momentum could actually accelerate through the year.</li>
</ul>


TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. 
Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. 
We still suspect however that momentum could actually accelerate through the year.


Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. </li>
<li>The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.</li>
<li>A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  </li>
</ul>


It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. 
The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.
A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  


Virtual Smoke and Mirror—Vision to Reality

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

<ul>
<li>November semiconductor revenues set a record for the highest shipment month in the history of the industry</li>
<li>Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history</li>
<li>There is plenty of room for this to continue, barring a global economic meltdown</li>
</ul>


November semiconductor revenues set a record for the highest shipment month in the history of the industry
Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history
There is plenty of room for this to continue, barring a global economic meltdown


November Semiconductors Once Again Set Records

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Softbank – NVIDIA’s Abandonment of Arm and the Search for Credibility

Bloomberg reported overnight that Nvidia was moving to accept reality and give up on the Arm merger. This highlights the overall negative...

Mio Kato

Intel: Well-Positioned To Compete But Hardly A Short-Term Play

From a market point of view, Intel's risk-reward profile appears more compelling than many of its high-flying peers. From a business perspective,...

Vladimir Dimitrov, CFA

TSMC – Exceptional as Usual

TSMC guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for...

Mio Kato

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

November Semiconductors Once Again Set Records

The semiconductor market once again set records in November, with 2021 revenues and unit shipments out-stripping all prior record years in its...

Jim Handy

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