Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

<ul>
<li>Q1’23 revenues of $7.19 billion, down 13% from a year ago but up 19% sequentially and ~10% higher than the guided midpoint.</li>
<li>Current quarter outlook for revenues of $11 billion, a ~55% sequential increase, sparked mayhem in the markets and sent NVIDIA’s stock soaring over 24% in after hours trading</li>
<li>Don't go chasing waterfalls, there are many other ways to rise with the tide</li>
</ul>


Q1’23 revenues of $7.19 billion, down 13% from a year ago but up 19% sequentially and ~10% higher than the guided midpoint.
Current quarter outlook for revenues of $11 billion, a ~55% sequential increase, sparked mayhem in the markets and sent NVIDIA’s stock soaring over 24% in after hours trading
Don't go chasing waterfalls, there are many other ways to rise with the tide


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 reported its second-best year ever in FY22. But FY22 was divided into two distinct halves: a strong 1H22 and one of the worst halves 2H22.</li>
<li>FY23 looks to be another challenging year as margins stay under pressure and are unlikely to come back to FY21-FY22 levels but could revert to FY17-FY19 levels.</li>
<li>Over the past two years, Pc Partner had a large net cash buffer, but this is no longer the case. We expect the stock to revisit 2-3 HKD range.</li>
</ul>


Pc Partner reported its second-best year ever in FY22. But FY22 was divided into two distinct halves: a strong 1H22 and one of the worst halves 2H22.
FY23 looks to be another challenging year as margins stay under pressure and are unlikely to come back to FY21-FY22 levels but could revert to FY17-FY19 levels.
Over the past two years, Pc Partner had a large net cash buffer, but this is no longer the case. We expect the stock to revisit 2-3 HKD range.


PC Partner: Difficult 1H23 with Improvement in 2H23 as Nvidia Ramps up RTX Series

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Nvidia's risk-reward profile remains unattractive, according to the company's recent earnings report.</li>
<li>Nvidia's stock-based compensation also highlights some problems related to inventory levels and the amount of stock- based compensation.</li>
<li>The company's share price has risen 14% following recent earnings, the report says.</li>
</ul>


Nvidia's risk-reward profile remains unattractive, according to the company's recent earnings report.
Nvidia's stock-based compensation also highlights some problems related to inventory levels and the amount of stock- based compensation.
The company's share price has risen 14% following recent earnings, the report says.


Nvidia: Don't Let Narratives Fool You (Again)

US Tech Company Research, MT Capital

MT Capital

US Tech Company Research

I demystify the world's most interesting tech companies, providing in-depth, no-nonsense, un-biased analysis on the most interesting Tech Companies available for investment today. I am a Mechanical Engineer by education, Software Engineer by trade and a self-trained Financial Analyst.

<ul><li>Today I will be completing an in-depth analysis on Nvidia.</li><li>Within, I will break down the plethora of opportunities the company has in front of it, and attempt to provide a concise overview of the technological capabilities they possess.</li><li>In addition, I will break down each of the company’s business segments, dig into the company’s financials, and discuss some positive and risk-based factors alike that I deemed important when trying to perform a scenario analysis on the company as a whole.</li></ul>

Today I will be completing an in-depth analysis on Nvidia.Within, I will break down the plethora of opportunities the company has in front of it, and attempt to provide a concise overview of the technological capabilities they possess.In addition, I will break down each of the company’s business segments, dig into the company’s financials, and discuss some positive and risk-based factors alike that I deemed important when trying to perform a scenario analysis on the company as a whole.

Taiwan Tech Focused Asia L/S Analyst

Henry King

Thematic (Sector/Industry)

<ul>
<li>Our latest checks with VGA card makers, ABF substate companies and mining system thermal suppliers all indicate VGA card demand is weakening.</li>
<li>Sanction on Russia and Shenzhen lockdown also dampens the VGA card downward trend</li>
<li>GPU prices remain unchanged though VGA card prices continue to fall. VGA card makers' sales and profit premium from the ASP hike shrinks gradually.</li>
</ul>


Our latest checks with VGA card makers, ABF substate companies and mining system thermal suppliers all indicate VGA card demand is weakening.
Sanction on Russia and Shenzhen lockdown also dampens the VGA card downward trend
GPU prices remain unchanged though VGA card prices continue to fall. VGA card makers' sales and profit premium from the ASP hike shrinks gradually.


More Evidences Show VGA Card Demand Is Weakening. Maintain Our Conservative View on VGA Card Market

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Entegris Inc. provides materials management products and services to the microelectronics industry on a worldwide basis.  The Company provides products such as wafer shippers, wafer transport and process carriers, pods, and work-in-process boxes.  Entegris also provides chemical delivery products such as valves, fittings, tubing, pipe, and containers.

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

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)

NVIDIA. Yikes! Have We Missed The Boat?

Q1’23 revenues of $7.19 billion, -13% YoY but up +19% QoQ. Q2'23 outlook @ $11 billion, a ~55% QoQ increase. NVIDIA may be the gold rush, but picks...

William Keating

PC Partner: Difficult 1H23 with Improvement in 2H23 as Nvidia Ramps up RTX Series

Pc Partner is facing a rough outlook in FY23 as FY21-FY22 margins revert lower to levels seen between FY17-FY19. The net cash buffer has declined...

Nicolas Van Broekhoven

Nvidia: Don't Let Narratives Fool You (Again)

Nvidia's stock-based compensation also highlights some problems related to inventory levels and the amount of stock- based compensation.

Vladimir Dimitrov, CFA

Nvidia ($NVDA)

Within, I will break down the plethora of opportunities the company has in front of it, and attempt to provide a concise overview of the...

MT Capital

More Evidences Show VGA Card Demand Is Weakening. Maintain Our Conservative View on VGA Card Market

After several years of robust growth on mining demand, we are likely to see the turning point for VGA cards in 1H22. We see more data points in...

Henry King

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