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

Equity Bottom-Up

Micron Technology's quarterly earnings call will occur in a couple of days.  This Smartkarma Insight looks at what the company  is likely to say about both its most recent quarter and the current quarter.  In brief: The reported quarter should be all good news, while the upcoming quarter poses enormous challenges.

Micron Technology's quarterly earnings call will occur in a couple of days.  This Smartkarma Insight looks at what the company  is likely to say about both its most recent quarter and the current quarter.  In brief: The reported quarter should be all good news, while the upcoming quarter poses enormous challenges.

Upcoming Micron Earnings Call: What to Expect

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

On Thursday we highlighted a number of stock pairs that had seen extreme levels of relative performance dislocations, speculating that this was due to relative value unwinds that were being rushed for completion prior to the long weekend. This morning the skews are reversing and with Nikkei now outperforming Topix (+02.7% vs. -0.87% at the time of this writing) we believe this opportunity is being realised quickly. Our thoughts on next steps below.

On Thursday we highlighted a number of stock pairs that had seen extreme levels of relative performance dislocations, speculating that this was due to relative value unwinds that were being rushed for completion prior to the long weekend. This morning the skews are reversing and with Nikkei now outperforming Topix (+02.7% vs. -0.87% at the time of this writing) we believe this opportunity is being realised quickly. Our thoughts on next steps below.

Japan Long Weekend Portfolio Blowout Theme Is Working Quickly

We previously highlighted the strong skew between names which have a heavy weighting in Topix vs. those which have a heavy weighting in the Nikkei. Given extreme looking skews even in individual names it does not seem unreasonable that some relative value fund(s) are exiting positions aggressively prior to what could be a key long weekend for Japan with potentially heavy volatility on Monday. We examine some striking performance discrepancies below.

We previously highlighted the strong skew between names which have a heavy weighting in Topix vs. those which have a heavy weighting in the Nikkei. Given extreme looking skews even in individual names it does not seem unreasonable that some relative value fund(s) are exiting positions aggressively prior to what could be a key long weekend for Japan with potentially heavy volatility on Monday. We examine some striking performance discrepancies below.

What Is Getting Blown Out of Portfolios Before the Long Weekend in Japan?

Thematic (Sector/Industry)

WSTS, the agency that tracks monthly semiconductor revenues, reported this week that the decline of the semiconductor market has continued to slow in January.  Still, excessive capital spending, COVID-19, and trade wars are likely to prevent the market from realizing a full recovery in 2020.

WSTS, the agency that tracks monthly semiconductor revenues, reported this week that the decline of the semiconductor market has continued to slow in January.  Still, excessive capital spending, COVID-19, and trade wars are likely to prevent the market from realizing a full recovery in 2020.

The Semiconductor Industry Association today announced that 2019 semiconductor revenues were 12.5% below those of 2018.  This number should come as no surprise to those who have been watching the market closely.  The market collapsed, as it always does, through 2019 and is likely to experience little growth, if any, in 2020.

The Semiconductor Industry Association today announced that 2019 semiconductor revenues were 12.5% below those of 2018.  This number should come as no surprise to those who have been watching the market closely.  The market collapsed, as it always does, through 2019 and is likely to experience little growth, if any, in 2020.

Semiconductor Market Year-End Tally: -12.5%

Japan

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

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Renesas Electronics (6723 JP)

Upcoming Micron Earnings Call: What to Expect

Micron Technology's quarterly earnings call will occur in a couple of days. This Smartkarma Insight looks at what the company is likely to say...

Jim Handy

Japan Long Weekend Portfolio Blowout Theme Is Working Quickly

On Thursday we highlighted a number of stock pairs that had seen extreme levels of relative performance dislocations, speculating that this was due...

Mio Kato

What Is Getting Blown Out of Portfolios Before the Long Weekend in Japan?

We previously highlighted the strong skew between names which have a heavy weighting in Topix vs. those which have a heavy weighting in the Nikkei....

Mio Kato

WSTS Reports Slowing Chip Decline

WSTS, the agency that tracks monthly semiconductor revenues, reported this week that the decline of the semiconductor market has continued to slow...

Jim Handy

Semiconductor Market Year-End Tally: -12.5%

The Semiconductor Industry Association today announced that 2019 semiconductor revenues were 12.5% below those of 2018. This number should come as...

Jim Handy

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