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>Samsung's pre-earnings release indicates revenue increased 11.6% QoQ and operating profit has increased almost 4x QoQ.</li>
<li>According to Garner, Q323 PC unit shipments rose 7.7% QoQ. While this is the second such quarter of sequential growth, shipments in the third quarter were still down 9% YoY</li>
<li>ASPEED's monthly revenue grew 32% sequentially in September. After 8 months of flat to no growth, this marks a clear turn around in the server market. </li>
</ul>


Samsung's pre-earnings release indicates revenue increased 11.6% QoQ and operating profit has increased almost 4x QoQ.
According to Garner, Q323 PC unit shipments rose 7.7% QoQ. While this is the second such quarter of sequential growth, shipments in the third quarter were still down 9% YoY
ASPEED's monthly revenue grew 32% sequentially in September. After 8 months of flat to no growth, this marks a clear turn around in the server market. 


Semiconductor Events Deserving Your Attention @16/10/23

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>Nanya Technology's results missed expectations last week, showing a sharp decline in margin, underperforming the recent results performance of Micron &amp; SK Hynix.</li>
<li>The company was more conservative on a pricing recovery outlook for its memory ASPs than Micron &amp; SK, due to lacking DDR5 DRAM products and lacking High Bandwith Memory DRAM.</li>
<li>Nevertheless the company is cautiously reporting an improving environment and improved customer inventory levels, hence we believe the result still implies an improving memory industry pricing environment into year end.</li>
</ul>


Nanya Technology's results missed expectations last week, showing a sharp decline in margin, underperforming the recent results performance of Micron &amp; SK Hynix.
The company was more conservative on a pricing recovery outlook for its memory ASPs than Micron &amp; SK, due to lacking DDR5 DRAM products and lacking High Bandwith Memory DRAM.
Nevertheless the company is cautiously reporting an improving environment and improved customer inventory levels, hence we believe the result still implies an improving memory industry pricing environment into year end.


Nanya Tech: Sharply Worse Margin Performance Than Micron & SK Hynix, But Supports Memory Recovery

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>An ad hoc <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> rebalance will be implemented at the close on 17 October with <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a> replacing <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>. </li>
<li>The rebalances of <a href="https://www.smartkarma.com/entities/wisdomtree-emerging-markets-146edc02-f8a5-4ac5-968b-5f0f7c89e476" target="_blank" data-smartkarma-citation="entities:32683:1" rel="noopener">Wisdomtree Emerging Markets (DEM US)</a>, <a href="https://www.smartkarma.com/entities/wisdomtree-em-small-cap" target="_blank" data-smartkarma-citation="entities:32679:1" rel="noopener">Wisdomtree Em Small Cap (DGS US)</a> and <a href="https://www.smartkarma.com/entities/wisdmtree-emerg-mkt-ex-st-ow" target="_blank" data-smartkarma-citation="entities:32798:1" rel="noopener">Wisdmtree Emerg Mkt Ex-St Ow (XSOE US)</a> will be implemented on 18 October.</li>
<li>There were net outflows from onshore China ETFs with inflows to larger cap ETFs and outflows mainly from the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI Smallcap 500 Index</a> and CSI 1000 Index trackers.</li>
</ul>


An ad hoc S&amp;P/ASX 200 (AS51 INDEX) rebalance will be implemented at the close on 17 October with Light &amp; Wonder (LNW AU) replacing United Malt Group Ltd (UMG AU). 
The rebalances of Wisdomtree Emerging Markets (DEM US), Wisdomtree Em Small Cap (DGS US) and Wisdmtree Emerg Mkt Ex-St Ow (XSOE US) will be implemented on 18 October.
There were net outflows from onshore China ETFs with inflows to larger cap ETFs and outflows mainly from the CSI Smallcap 500 Index and CSI 1000 Index trackers.


Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, TOPIX FFW, SSE50, AS51, ChiNext, Kenedix, Liontown

<ul>
<li>
<a href="https://www.smartkarma.com/entities/posco-dx-co-ltd" target="_blank" data-smartkarma-citation="entities:5198:1" rel="noopener">Posco DX (022100 KS)</a> has applied to the KRX for a transfer from the KOSDAQ market to the KOSPI market.</li>
<li>Based on history, the approval for the transfer and the listing change could take place in the next two months.</li>
<li>That means a deletion from the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> and inclusion in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a>. But the timeline is important. </li>
</ul>



Posco DX (022100 KS) has applied to the KRX for a transfer from the KOSDAQ market to the KOSPI market.
Based on history, the approval for the transfer and the listing change could take place in the next two months.
That means a deletion from the KOSDAQ 150 Index (KOSDQ150 INDEX) and inclusion in the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX). But the timeline is important. 


POSCO DX (022100 KS): Index Impact of KOSDAQ to KOSPI Transfer

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>The U.S. cleared Samsung Electronics Co. and SK Hynix Inc. to supply U.S. chip equipment to their China factories without a separate approval process, South Korea’s presidential office said Monday.</li><li>The two South Korean companies received notification that the decision takes effect immediately, South Korea’s presidential economic adviser Choi Sang-mok told reporters Monday at a briefing, according to the Yonhap News Agency.</li><li>SK Hynix and Samsung both have major production operations in China, where imports of advanced semiconductor manufacturing equipment and high-performance graphics processing units (GPUs) from the U.S. have been limited under <a href="https://www.caixinglobal.com/2022-10-17/cover-story-the-sweeping-impact-of-new-us-semiconductor-restrictions-101952436.html" target="_blank" rel="noopener">sweeping restrictions</a> rolled out by the Biden administration last October.</li></ul>

The U.S. cleared Samsung Electronics Co. and SK Hynix Inc. to supply U.S. chip equipment to their China factories without a separate approval process, South Korea’s presidential office said Monday.The two South Korean companies received notification that the decision takes effect immediately, South Korea’s presidential economic adviser Choi Sang-mok told reporters Monday at a briefing, according to the Yonhap News Agency.SK Hynix and Samsung both have major production operations in China, where imports of advanced semiconductor manufacturing equipment and high-performance graphics processing units (GPUs) from the U.S. have been limited under sweeping restrictions rolled out by the Biden administration last October.

Samsung and SK Hynix China Factories Win U.S. Waivers

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Semiconductor Events Deserving Your Attention @16/10/23

Samsung's pre-earnings release indicates revenue increased 11.6% QoQ & op profit has increased almost 4x QoQ. ASPEED's revenue grew 32% MoM in...

William Keating

Nanya Tech: Sharply Worse Margin Performance Than Micron & SK Hynix, But Supports Memory Recovery

The company was more conservative on a pricing recovery outlook for its memory ASPs than Micron and SK, due to lacking DDR5 DRAM products and...

Vincent Fernando, CFA

Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, TOPIX FFW, SSE50, AS51, ChiNext, Kenedix, Liontown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

POSCO DX (022100 KS): Index Impact of KOSDAQ to KOSPI Transfer

Posco DX could move to the KOSPI market in Nov/Dec. This will mean deletion from the KQ150 and inclusion in the KS200. Timing is dependent on KOSPI...

Brian Freitas

Samsung and SK Hynix China Factories Win U.S. Waivers

The U.S. cleared Samsung Electronics Co. and SK Hynix Inc. to supply U.S. chip equipment to their China factories without a separate approval...

Caixin Global

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52-week Range

Market Cap (USDm)

P/E

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