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

Thematic (Sector/Industry)

<ul>
<li>The semiconductor revenue decline took a short break in October.</li>
<li>Spot market prices for DRAM and NAND flash have slowed their decrease.</li>
<li>These are signs that the current market collapse is slowing, although we haven't hit bottom yet.</li>
</ul>


The semiconductor revenue decline took a short break in October.
Spot market prices for DRAM and NAND flash have slowed their decrease.
These are signs that the current market collapse is slowing, although we haven't hit bottom yet.


Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

Iridium Communications / Equity Bottom-Up

<ul>
<li>The technology agreement IRDM had first announced in July 2022 became clear with the official naming during CES. </li>
<li>QCOM has entered into a service provider agreement with IRDM that would result in new Snapdragon with satellite connectivity</li>
<li>The news is more significant than a smartphone maker since QCOM’s mobile processors are used by multiple smartphone makers</li>
</ul>


The technology agreement IRDM had first announced in July 2022 became clear with the official naming during CES. 
QCOM has entered into a service provider agreement with IRDM that would result in new Snapdragon with satellite connectivity
The news is more significant than a smartphone maker since QCOM’s mobile processors are used by multiple smartphone makers


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.</li>
<li>Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.</li>
<li>Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.</li>
</ul>


TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.
Samsung has guided staff internally for a major slump in its semiconductor unit's operating profit.
Apple is pushing for price cuts amongst its suppliers due to weak end demand for its products.


Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

<ul>
<li>Micron's earnings call gives a good advanced warning of similar companies' reports</li>
<li>The company's downturn is the worst in the past 13 years</li>
<li>Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.</li>
</ul>


Micron's earnings call gives a good advanced warning of similar companies' reports
The company's downturn is the worst in the past 13 years
Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.


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.

<ul>
<li>Although the overall channel and customer inventories have reduced aggressively by the end of 3Q2022, we are only in the middle of the inventory adjustment cycle.</li>
<li>We’ve seen early signs of global inflation peaking, and an initial normalization in US dollar strength, which supports recovery in end consumer demand and channel inventory restocking by mid-2023.</li>
<li>Current dividend yield and PE ratio indicate a meaningful margin of safety in valuation levels, with probabilities skewed towards positive surprise.</li>
</ul>


Although the overall channel and customer inventories have reduced aggressively by the end of 3Q2022, we are only in the middle of the inventory adjustment cycle.
We’ve seen early signs of global inflation peaking, and an initial normalization in US dollar strength, which supports recovery in end consumer demand and channel inventory restocking by mid-2023.
Current dividend yield and PE ratio indicate a meaningful margin of safety in valuation levels, with probabilities skewed towards positive surprise.


MediaTek: Mid (Inventory) Cycle, Long-Term Growth Story Intact, Attractive Yield, and Multiples

United States

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.

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Qualcomm Inc (QCOM US)

Is The Semiconductor Collapse Slowing?

One week before most chip companies report revenues, the semiconductor market seems to be slowing its decline. Although the market hasn't yet hit...

Jim Handy

IRDM: Snapping to a New Price Target

IRDM disclosed its partner for smartphones having satellite connectivity is Qualcomm (QCOM). This is a significant development in owning IRDM's...

BWS Financial Inc

Taiwan Tech Weekly: Signs TSMC Winning the 3-Nm Battle Vs. Samsung, Apple Bargaining Down Suppliers

TSMC's revenue could drop in the near-term due to customers cutting orders, however full year 2023E growth still likely thanks to advanced chips.

Vincent Fernando, CFA

Micron Earnings Give Semi Market Outlook

Micron's just-announced revenues indicate trouble today for its peers and trouble next year for tool makers, but other sectors should fare much...

Jim Handy

MediaTek: Mid (Inventory) Cycle, Long-Term Growth Story Intact, Attractive Yield, and Multiples

In this insight, we analyse MediaTek, the world’s 4th largest fabless semiconductor company and the largest smartphone System-on-Chip (SoC) maker,...

Wium Malan, CFA

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