Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

<ul>
<li>Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range</li>
<li>Remains on track for &gt;50% wafer capacity growth between 2021 and 2024</li>
<li>Muted CY'23 outlook sends shares down ~10% by close. Buying opportunity?</li>
</ul>


Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range
Remains on track for &gt;50% wafer capacity growth between 2021 and 2024
Muted CY'23 outlook sends shares down ~10% by close. Buying opportunity?


GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>Novatek reported earnings ahead of expectations where margins rose thanks to recovery in pricing for its products in inventory. Inventory metrics improved as well.</li>
<li>Key industry readthrough -- Novatek seeing strongest demand for DDICs (display driver chips) coming from the small/medium form factor and highlighted mass production of VR as a cause.</li>
<li>Apple could be quietly preparing for mass production of AR/VR headset ahead of announcement at June's WWDC. Combined with Novatek's comments, could AR/VR will be going mass market this year?</li>
</ul>


Novatek reported earnings ahead of expectations where margins rose thanks to recovery in pricing for its products in inventory. Inventory metrics improved as well.
Key industry readthrough -- Novatek seeing strongest demand for DDICs (display driver chips) coming from the small/medium form factor and highlighted mass production of VR as a cause.
Apple could be quietly preparing for mass production of AR/VR headset ahead of announcement at June's WWDC. Combined with Novatek's comments, could AR/VR will be going mass market this year?


Novatek: Volume Production of VR Driving Strongest Segment; AR/VR Finally Going Mass Market in 2023?

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.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
<em><strong> Macro data points:</strong></em> China PMI data, Asia PMI data, South Korea trade and inflation data, Indonesia GDP, Philippines inflation.</li>
<li>Companies mentioned: <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>
</li>
</ul>


The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: China PMI data, Asia PMI data, South Korea trade and inflation data, Indonesia GDP, Philippines inflation.
Companies mentioned: SK Hynix (000660 KS), Samsung Electronics (005930 KS)



GEM Weekly (5 May 2023): China, South Korea, Indonesia Macro; SK Hynix, Samsung Electronics

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

<ul>
<li>Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.</li>
<li>Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.</li>
<li>AMD reportedly transfers some 4nm chip business to Samsung from TSMC.</li>
</ul>


Another major earnings week with AMD, Qualcomm, Apple, Acer, Winbond, Wistron, Micro-Star, and more.
Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.
AMD reportedly transfers some 4nm chip business to Samsung from TSMC.


Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/international-business-machines-corp" target="_blank" data-smartkarma-citation="entities:1064:1" rel="noopener">International Business Machines (IBM US)</a> , <a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> and <a href="https://www.smartkarma.com/entities/jtekt-corp" target="_blank" data-smartkarma-citation="entities:12197:1" rel="noopener">JTEKT Corp (6473 JP)</a>   </li>
<li>For the twenty-three weeks since inception ended 28 April the combined innovation portfolio was +3.3%, versus DJIA+1.0%, S&amp;P500+5.1%, Nasdaq+9.7%, Russell2000 -4.4%, MSCI-ACWI-ETF+6.5%, S&amp;P midcap 400 -0.8%, all in US$ terms</li>
<li>The innovation small-cap and midcap portfolios continue to outperform relative benchmarks, However, the willful omission of the mega cap tech names has been a drag on the large cap portfolio. </li>
</ul>


The three companies we write about this week are International Business Machines (IBM US) , Marvell Technology (MRVL US) and JTEKT Corp (6473 JP)   
For the twenty-three weeks since inception ended 28 April the combined innovation portfolio was +3.3%, versus DJIA+1.0%, S&amp;P500+5.1%, Nasdaq+9.7%, Russell2000 -4.4%, MSCI-ACWI-ETF+6.5%, S&amp;P midcap 400 -0.8%, all in US$ terms
The innovation small-cap and midcap portfolios continue to outperform relative benchmarks, However, the willful omission of the mega cap tech names has been a drag on the large cap portfolio. 


The Innovations Portfolios - Week Twenty Three

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.

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

Samsung Electronics (SMSN LI)

GlobalFoundries Q1'23 Revenue $1.84 Billion, -12% QoQ, -5% YoY. Q2'23 Flat QoQ

Q1’23 revenues of $1.84 billion, -12% QoQ and - 5% YoY, within guidance. On track for >50% wafer capacity growth 2021 to 2024. Muted CY'23 outlook...

William Keating

Novatek: Volume Production of VR Driving Strongest Segment; AR/VR Finally Going Mass Market in 2023?

Apple could be quietly preparing for mass production of AR/VR headset ahead of announcement at June's WWDC. Combined with Novatek's comments, could...

Vincent Fernando, CFA

GEM Weekly (5 May 2023): China, South Korea, Indonesia Macro; SK Hynix, Samsung Electronics

The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of...

Wium Malan, CFA

Taiwan Tech Weekly: Another Major Earnings Week; Hon Hai Deal Exit? AMD Transfers Orders to Samsung

Hon Hai could terminate its investment deal in U.S.-based Lordstown Motors as per an exchange notice posted by Lordstown.

Vincent Fernando, CFA

The Innovations Portfolios - Week Twenty Three

The innovation small-cap +5.6% versus Russell2000 -4.4% and innovation midcap portfolio +4.1% versus S&P 400 midcap -0.8% continue to outperform.

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)