Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<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> is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.</li>
<li>Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.</li>
<li>Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.</li>
</ul>



Samsung Electronics (005930 KS) is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.
Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.
Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.


Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Q3FY24 revenues of 18.1 billion, up 34% QoQ and up a staggering 206% from the year ago period. It was also ~$2 billion higher than the guided number</li>
<li>NVIDIA’s current quarter forecast was for a further revenue raise of almost $2 billion with gross margins staying roughly flat at 74.5%</li>
<li>Share price reaction was negative, closing down 2.5% the following day. But why?</li>
</ul>


Q3FY24 revenues of 18.1 billion, up 34% QoQ and up a staggering 206% from the year ago period. It was also ~$2 billion higher than the guided number
NVIDIA’s current quarter forecast was for a further revenue raise of almost $2 billion with gross margins staying roughly flat at 74.5%
Share price reaction was negative, closing down 2.5% the following day. But why?


NVIDIA. Another Beat & Raise, Yet Shares Slide. But Why?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training, and that’s the Chain of Thought / Inference.</li><li>The chart below is a bit confusing, but the conclusion is the longer the model “thinks,” the better the answer.</li><li>The new model has another log-linear scaling law. It pretty much computes, and the <a href="http://www.incompleteideas.net/IncIdeas/BitterLesson.html?ref=blog.heim.xyz" target="_blank" rel="noopener">Bitter Lesson</a> wins again.</li></ul>

Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training, and that’s the Chain of Thought / Inference.The chart below is a bit confusing, but the conclusion is the longer the model “thinks,” the better the answer.The new model has another log-linear scaling law. It pretty much computes, and the Bitter Lesson wins again.

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a><a href="https://www.smartkarma.com/entities/hewlett-packard-enterprise-co" target="_blank" data-smartkarma-citation="entities:26511:1" rel="noopener">Hewlett Packard Enterprise (HPE US)</a>  <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> </li>
<li>U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML Holding NV (ASML NA)</a><a href="https://www.smartkarma.com/entities/tokyo-electron-device-ltd" target="_blank" data-smartkarma-citation="entities:10301:1" rel="noopener">Tokyo Electron Device (2760 JP)</a> </li>
<li>Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift</li>
</ul>


Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications Broadcom (AVGO US)Hewlett Packard Enterprise (HPE US)  Alphabet (GOOGL US) 
U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 ASML Holding NV (ASML NA)Tokyo Electron Device (2760 JP) 
Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift


Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>PC Partner showed a significant improvement in its 1H24 results YoY.</li>
<li>The company will be relocating HQ to Singapore and move its primary listing from HK to Singapore. If this move is successful, it will improve AI chips allocation from Nvidia.</li>
<li>Why Singapore? PC Partner is preparing itself for a future where China/USA political relationship does not improve.</li>
</ul>


PC Partner showed a significant improvement in its 1H24 results YoY.
The company will be relocating HQ to Singapore and move its primary listing from HK to Singapore. If this move is successful, it will improve AI chips allocation from Nvidia.
Why Singapore? PC Partner is preparing itself for a future where China/USA political relationship does not improve.


PC Partner: Relocating HQ and Listing to Singapore, 81% of Market Cap Is Cash

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)

Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

In this insight, we analyse Samsung Electronics with a particular focus on the global Memory and Smartphone markets, company financials and growth...

Wium Malan, CFA

NVIDIA. Another Beat & Raise, Yet Shares Slide. But Why?

Q3FY24 revenues of 18.1 billion, +34% QoQ & up staggering 206% from the year ago period.Current quarter forecast +$2 billion QoQ. What didn't the...

William Keating

ChatGPT o1 (Strawberry) and Memory

Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training,...

Fabricated Knowledge

Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

AI related earnings exhibit a lack of ROI or uplift. Is the AI euphoria coming to an end? More U.S. sanctions could hurt Japan & European...

Neil Campling

PC Partner: Relocating HQ and Listing to Singapore, 81% of Market Cap Is Cash

PC Partner sees strong YoY growth in 1H24 results, plans HQ relocation to Singapore for better AI chip allocation amid uncertain China/USA relations.

Nicolas Van Broekhoven

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Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

In this insight, we analyse Samsung Electronics with a particular focus on the global Memory and Smartphone markets, company financials and growth...

Wium Malan, CFA

NVIDIA. Another Beat & Raise, Yet Shares Slide. But Why?

Q3FY24 revenues of 18.1 billion, +34% QoQ & up staggering 206% from the year ago period.Current quarter forecast +$2 billion QoQ. What didn't the...

William Keating

ChatGPT o1 (Strawberry) and Memory

Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training,...

Fabricated Knowledge

Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

AI related earnings exhibit a lack of ROI or uplift. Is the AI euphoria coming to an end? More U.S. sanctions could hurt Japan & European...

Neil Campling

PC Partner: Relocating HQ and Listing to Singapore, 81% of Market Cap Is Cash

​PC Partner sees strong YoY growth in 1H24 results, plans HQ relocation to Singapore for better AI chip allocation amid uncertain China/USA relations.

Nicolas Van Broekhoven

PC Partner sees strong YoY growth in 1H24 results, plans HQ relocation to Singapore for better AI chip allocation amid uncertain China/USA relations.