Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A bit over a year ago <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> announced its transaction to buy <a href="https://www.smartkarma.com/entities/dialog-semiconductor-plc-664a1f83-2a21-4690-a91f-fb971832e7ad" target="_blank" data-smartkarma-citation="entities:21607:1" rel="noopener">Dialog Semiconductor (DLG GR)</a> for €4.8bn (roughly ¥624bn) and the transaction closed end-August 2021.</li>
<li>In September, Renesas announced a "Progress Update" covering various business segments, expectations for supply in the sector, and eventual "shareholder return" policy.</li>
<li>This past week the Nikkei carried an article talking about a possible stock buyback later this year. I explore.</li>
</ul>


A bit over a year ago Renesas Electronics (6723 JP) announced its transaction to buy Dialog Semiconductor (DLG GR) for €4.8bn (roughly ¥624bn) and the transaction closed end-August 2021.
In September, Renesas announced a "Progress Update" covering various business segments, expectations for supply in the sector, and eventual "shareholder return" policy.
This past week the Nikkei carried an article talking about a possible stock buyback later this year. I explore.


Renesas (6723 JP) - On Top of Peer-Beating Growth, and Valuation... Watch for Buybacks

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

<a href="https://www.smartkarma.com/entities/parade-technologies-ltd" target="_blank" data-smartkarma-citation="entities:6987:1" rel="noopener">Parade Technologies (4966 TT)</a> is a high-speed mixed-signal fabless semiconductor company that designs, develops, and sells next-generation high-speed interface, display and touch solutions for computing, consumer, and handset markets. 
This is a high-quality tech company, with significant revenue growth and earnings momentum, generating returns well above its cost of capital, a net cash balance sheet, and an attractive sustainable 2%+ dividend yield. 
Although current valuation levels are above historical average levels, and fair at best, further revenue growth expectation upgrades coupled with fair gross margin expansion forecasts, and a management team confident of having secured sufficient manufacturing capacity to address exceptionally strong end-product demand, makes the continuation of the earnings upgrade cycle seem probable, which in turn should continue to be a positive share price catalyst. Parade Technologies is also expected to see large passive inflows during November 2021 following the MSCI November 2021 Semi-Annual Index Review.

Parade Technologies (4966 TT) is a high-speed mixed-signal fabless semiconductor company that designs, develops, and sells next-generation high-speed interface, display and touch solutions for computing, consumer, and handset markets. 
This is a high-quality tech company, with significant revenue growth and earnings momentum, generating returns well above its cost of capital, a net cash balance sheet, and an attractive sustainable 2%+ dividend yield. 
Although current valuation levels are above historical average levels, and fair at best, further revenue growth expectation upgrades coupled with fair gross margin expansion forecasts, and a management team confident of having secured sufficient manufacturing capacity to address exceptionally strong end-product demand, makes the continuation of the earnings upgrade cycle seem probable, which in turn should continue to be a positive share price catalyst. Parade Technologies is also expected to see large passive inflows during November 2021 following the MSCI November 2021 Semi-Annual Index Review.

Parade Technologies: Further Revenue Growth Upgrades, and Dividends, Should Support Valuation

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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector</li>
<li>Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies</li>
<li>We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up </li>
</ul>


Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector
Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies
We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up 


Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth</li>
<li>Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.</li>
<li>Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend</li>
</ul>


We continue to play the hand we have been dealt; i.e., riding the trend higher on the SPX and Nasdaq 100, and being overweight large-cap growth
Russell 1000 GrowthVs.Value ratio is breaking out from a 4-year base, suggesting growth's outperformance is likely to continue in the months ahead. Growth outperforming during bull markets is no surprise.
Latest bullish developments include the equal-weighted Nasdaq 100 (QQQE) breaking out from a 4-month base, while Discretionary (XLY) displays a 6-month base breakout and RS is reversing its YTD downtrend


Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Vanguard announce the establishment of a 12” Fab in Singapore with 60% stake, with Nxp Semiconductors Nv (NXPI US) will invest remaining 40%.  </li>
<li>The nodes produced will span from 40nm to 130nm, encompassing mixed-signal, PMIC, and analog ICs to support automotive, industrial, consumer, and mobile applications.  </li>
<li>Vanguard will uphold a healthy cash balance, along with large debt and a follow-up cash offering.</li>
</ul>


Vanguard announce the establishment of a 12” Fab in Singapore with 60% stake, with Nxp Semiconductors Nv (NXPI US) will invest remaining 40%.  
The nodes produced will span from 40nm to 130nm, encompassing mixed-signal, PMIC, and analog ICs to support automotive, industrial, consumer, and mobile applications.  
Vanguard will uphold a healthy cash balance, along with large debt and a follow-up cash offering.


Vanguard (5347.TT): Setup 12" Fab in Singapore With 60% Stake, with NXP Investing Remaining 40%.

Netherlands

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nxp Semiconductors Nv (NXPI US)

Renesas (6723 JP) - On Top of Peer-Beating Growth, and Valuation... Watch for Buybacks

Renesas (6723) saw INCJ sell down last year. Absorption has been OK not great. The company has hinted at being able to start buybacks, and recent...

Travis Lundy

Parade Technologies: Further Revenue Growth Upgrades, and Dividends, Should Support Valuation

In this insight, I take a deep-dive analysis into fabless IC design house, Parade Technologies, its industry value chain, current valuation levels,...

Wium Malan, CFA

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Play the Hand You're Dealt; Bullish Outlook Intact $SPX $QQQ $IWM; Remain Overweight Large-Cap Growth $IWF $NVDA $AVGO $TSM $AMD $ASML $AAPL $MSFT...

Vermilion Research

Vanguard (5347.TT): Setup 12" Fab in Singapore With 60% Stake, with NXP Investing Remaining 40%.

Vanguard and Nxp Semiconductors to establish 12" Fab in Singapore for diverse IC production, with Vanguard maintaining majority stake.

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Renesas (6723 JP) - On Top of Peer-Beating Growth, and Valuation... Watch for Buybacks

Renesas (6723) saw INCJ sell down last year. Absorption has been OK not great. The company has hinted at being able to start buybacks, and recent...

Travis Lundy

Parade Technologies: Further Revenue Growth Upgrades, and Dividends, Should Support Valuation

In this insight, I take a deep-dive analysis into fabless IC design house, Parade Technologies, its industry value chain, current valuation levels,...

Wium Malan, CFA

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

​Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

Play the Hand You're Dealt; Bullish Outlook Intact; Remain Overweight Large-Cap Growth; Tech Buys

Play the Hand You're Dealt; Bullish Outlook Intact $SPX $QQQ $IWM; Remain Overweight Large-Cap Growth $IWF $NVDA $AVGO $TSM $AMD $ASML $AAPL $MSFT...

Vermilion Research

Vanguard (5347.TT): Setup 12" Fab in Singapore With 60% Stake, with NXP Investing Remaining 40%.

​Vanguard and Nxp Semiconductors to establish 12" Fab in Singapore for diverse IC production, with Vanguard maintaining majority stake.

Patrick Liao

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vanguard and Nxp Semiconductors to establish 12" Fab in Singapore for diverse IC production, with Vanguard maintaining majority stake.