IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a>, <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (1822695D US)</a>, <a href="https://www.smartkarma.com/entities/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> and <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/seiko-pmc-corp" target="_blank" data-smartkarma-citation="entities:13752:1" rel="noopener">Seiko Pmc Corp (4963 JP)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>, <a href="https://www.smartkarma.com/entities/shougang-fushan-resources-group-ltd" target="_blank" data-smartkarma-citation="entities:19494:1" rel="noopener">Shougang Fushan Resources (639 HK)</a>, <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Doosan Robotics (454910 KS), ARM Holdings (1822695D US), Integral Corporation (5842 JP) and S.F. Holding (002352 CH) IPOs.
Event-Driven developments - JSR Corp (4185 JP), Seiko Pmc Corp (4963 JP), Eoflow (294090 KS), ENM Holdings (128 HK), Shougang Fushan Resources (639 HK), Costa Group Holdings (CGC AU).  


Weekly Deals Digest (03 Sep) - JSR, Seiko PMC, Eoflow, ENM, Doosan Robotics, ARM, Integral Corp

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

Thematic (Sector/Industry)

<ul>
<li>Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.</li>
<li>Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better</li>
<li>The much anticipated second half recovery will be muted at best</li>
</ul>


Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.
Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better
The much anticipated second half recovery will be muted at best


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>We analyze the most shorted stocks in Taiwan and highlight notable AI supply chain stocks who have have some of the highest short interest vs. float in the market.</li>
<li>
<a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17486:1" rel="noopener">Gigabyte Technology (2376 TT)</a> , <a href="https://www.smartkarma.com/entities/global-unichip-corp" target="_blank" data-smartkarma-citation="entities:10305:1" rel="noopener">Global Unichip (3443 TT)</a> , <a href="https://www.smartkarma.com/entities/gold-circuit-electronics-ltd" target="_blank" data-smartkarma-citation="entities:9474:1" rel="noopener">Gold Circuit Electronics (2368 TT)</a> , <a href="https://www.smartkarma.com/entities/inventec-corp" target="_blank" data-smartkarma-citation="entities:20856:1" rel="noopener">Inventec Corp (2356 TT)</a> , <a href="https://www.smartkarma.com/entities/mitac-holdings-corp" target="_blank" data-smartkarma-citation="entities:20726:1" rel="noopener">Mitac Holdings (3706 TT)</a> - high short squeeze risk.</li>
<li>Some <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> supply chain stocks, Display-related, and Memory-related stocks are also heavily shorted.</li>
</ul>


We analyze the most shorted stocks in Taiwan and highlight notable AI supply chain stocks who have have some of the highest short interest vs. float in the market.

Gigabyte Technology (2376 TT) , Global Unichip (3443 TT) , Gold Circuit Electronics (2368 TT) , Inventec Corp (2356 TT) , Mitac Holdings (3706 TT) - high short squeeze risk.
Some Apple (AAPL US) supply chain stocks, Display-related, and Memory-related stocks are also heavily shorted.


Taiwan Shorts Analysis: AI Supply Chain Stocks With High Short Squeeze Risk

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (1822695D US)</a> is the world’s most widely licensed and deployed processor. <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> seeks to raise about US$6-10 billion by listing ARM on Nasdaq.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/arm-holdings-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:111238" rel="noopener">ARM Holdings IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/arm-holdings-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:111471" rel="noopener">ARM Holdings IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that the rumoured target valuation of US$60-70 billion is unjustified. Our base-case DCF valuation is US$44.0 billion. </li>
</ul>



ARM Holdings (1822695D US) is the world’s most widely licensed and deployed processor. Softbank Group (9984 JP) seeks to raise about US$6-10 billion by listing ARM on Nasdaq.
We previously discussed the IPO in ARM Holdings IPO: The Bull Case and ARM Holdings IPO: The Bear Case. 
Our valuation analysis suggests that the rumoured target valuation of US$60-70 billion is unjustified. Our base-case DCF valuation is US$44.0 billion. 


<ul>
<li>NVIDIA Q2’CY23 revenues of $13.51 billion, up 88% QoQ, up 101% YoY, blowing way past the $11 billion guidance midpoint.</li>
<li>Current quarter revenue is expected to be $16.00 billion. This will be a roughly 2.7x increase YoY </li>
<li>Are we in the middle of witnessing a bubble of dot.com era proportions?</li>
</ul>


NVIDIA Q2’CY23 revenues of $13.51 billion, up 88% QoQ, up 101% YoY, blowing way past the $11 billion guidance midpoint.
Current quarter revenue is expected to be $16.00 billion. This will be a roughly 2.7x increase YoY 
Are we in the middle of witnessing a bubble of dot.com era proportions?


NVIDIA. Revenue On Track For 2.7x YoY Growth in Q3'CY23

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)

Weekly Deals Digest (03 Sep) - JSR, Seiko PMC, Eoflow, ENM, Doosan Robotics, ARM, Integral Corp

Last week, notable developments occurred in Event-Driven (JSR, Seiko PMC, Eoflow, ENM, Shougang Fushan, Costa, Symbio, Musgrave) and ECM (Doosan...

Arun George

Q2'23 Semiconductor Review & Outlook

Q2'23 saw semi sales, memory, silicon wafer & PC shipments PC with modest QoQ growth. Smartphones and server shipments barely missed the cut....

William Keating

Taiwan Shorts Analysis: AI Supply Chain Stocks With High Short Squeeze Risk

We analyze the most shorted stocks in Taiwan and highlight notable AI supply chain stocks who have have some of the highest short interest vs....

Vincent Fernando, CFA

ARM Holdings IPO: Valuation Insights

Our valuation analysis suggests that the rumoured target valuation of US$60-70 billion is unjustified. Our base-case DCF valuation is US$44.0 billion.

Arun George

NVIDIA. Revenue On Track For 2.7x YoY Growth in Q3'CY23

NVIDIA Q2’CY23 $13.51 billion, +88% QoQ, +101% YoY. Q3'CY23 forecast of $16.00 billion, ~2.7x increase YoY. Is this a bubble of dot.com era...

William Keating

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