Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> , <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One Financial (COF US)</a> and <a href="https://www.smartkarma.com/entities/under-armour-inc" target="_blank" data-smartkarma-citation="entities:11401:1" rel="noopener">Under Armour (UAA US)</a> </li>
<li>For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&amp;P500 +2.9%, Nasdaq +5.8%, Russell2000 +5.2%, MSCI-ACWI-ETF +4.3%, all in US$ terms</li>
<li>This week the large-cap portfolio underperformed on a mini <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> sell-off while <a href="https://www.smartkarma.com/entities/10x-genomics-inc-class-a" target="_blank" data-smartkarma-citation="entities:35564:1" rel="noopener">10X Genomics (TXG US)</a> was strong in the small caps group. </li>
</ul>


The three companies we write about this week are Nike (NKE US) , Capital One Financial (COF US) and Under Armour (UAA US) 
For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&amp;P500 +2.9%, Nasdaq +5.8%, Russell2000 +5.2%, MSCI-ACWI-ETF +4.3%, all in US$ terms
This week the large-cap portfolio underperformed on a mini Taiwan Semiconductor (TSMC) - ADR (TSM US) sell-off while 10X Genomics (TXG US) was strong in the small caps group. 


The Innovations Portfolio - Week Thirteen

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

<ul>
<li>Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June</li>
<li>During downturns memory chip prices typically collapse until they hit cost</li>
<li>NAND appears to be selling at or near cost, but DRAM still has room for further declines</li>
</ul>


Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June
During downturns memory chip prices typically collapse until they hit cost
NAND appears to be selling at or near cost, but DRAM still has room for further declines


Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Samsung C&amp;T announced the cancellation of its entire treasury shares over the next five years. It has 24.7 million shares of common shares (accounting for 13.2% of common shares outstanding).</li>
<li>We like a pair trade between Samsung C&amp;T (go long) and Samsung Electronics (go short). Samsung C&amp;T's share cancellation is likely to have a positive impact on its shares.</li>
<li>The recent sell-down of most of its shares in TSMC by Berkshire Hathaway is also likely to be viewed negatively by some investors in Samsung Electronics. </li>
</ul>


Samsung C&amp;T announced the cancellation of its entire treasury shares over the next five years. It has 24.7 million shares of common shares (accounting for 13.2% of common shares outstanding).
We like a pair trade between Samsung C&amp;T (go long) and Samsung Electronics (go short). Samsung C&amp;T's share cancellation is likely to have a positive impact on its shares.
The recent sell-down of most of its shares in TSMC by Berkshire Hathaway is also likely to be viewed negatively by some investors in Samsung Electronics. 


A Pair Trade Between Samsung C&T and Samsung Electronics Amid Big Share Cancellation at Samsung C&T

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>This week we digest key takeaways from some of the latest key industry results that came out (ASE Technologies (TW), Novatek (TW), and Tokyo Electron (JP)).</li>
<li>ASE and Tokyo Electron exhibited their insulated positions during the current inventory corrections happening, delivering decent margins and beating expectations. Novatek also beat expectations.</li>
<li>Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus view, however?</li>
</ul>


This week we digest key takeaways from some of the latest key industry results that came out (ASE Technologies (TW), Novatek (TW), and Tokyo Electron (JP)).
ASE and Tokyo Electron exhibited their insulated positions during the current inventory corrections happening, delivering decent margins and beating expectations. Novatek also beat expectations.
Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus view, however?


Taiwan Tech Weekly: Latest Key Results Add More Expectations for a 2H23E Turnaround

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/l-oreal-sa" target="_blank" data-smartkarma-citation="entities:21521:1" rel="noopener">L'Oreal SA (OR FP)</a> , <a href="https://www.smartkarma.com/entities/electricite-de-france-sa" target="_blank" data-smartkarma-citation="entities:21441:1" rel="noopener">Electricite De France Sa (EDF FP)</a> and <a href="https://www.smartkarma.com/entities/10x-genomics-inc-class-a" target="_blank" data-smartkarma-citation="entities:35564:1" rel="noopener">10X Genomics (TXG US)</a> </li>
<li>For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&amp;P500 +3.2%, Nasdaq +5.1%, Russell2000 +3.7%, MSCI-ACWI-ETF +4.4%, all in US$ terms</li>
<li>Researchers from The University of Queensland found the lion's mane mushroom had a significant impact on the growth of brain cells and improving memory</li>
</ul>


The three companies we write about this week are L'Oreal SA (OR FP) , Electricite De France Sa (EDF FP) and 10X Genomics (TXG US) 
For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&amp;P500 +3.2%, Nasdaq +5.1%, Russell2000 +3.7%, MSCI-ACWI-ETF +4.4%, all in US$ terms
Researchers from The University of Queensland found the lion's mane mushroom had a significant impact on the growth of brain cells and improving memory


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)

The Innovations Portfolio - Week Thirteen

For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&P500 +2.9%, Nasdaq +5.8%,...

Pyari Menon

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

The semiconductor memory market has collapsed, but the collapse is nearly over for Samsung, SK hynix, Micron, WDC, and Kioxia.

Jim Handy

Taiwan Tech Weekly: Latest Key Results Add More Expectations for a 2H23E Turnaround

Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus...

Vincent Fernando, CFA

The Innovations Portfolio - Week Twelve

For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&P500 +3.2%, Nasdaq +5.1%,...

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Innovations Portfolio - Week Thirteen

For the thirteen weeks since inception ended 17 Feb the combined innovation portfolio was +2.4%, versus DJIA +0.2%, S&P500 +2.9%, Nasdaq +5.8%,...

Pyari Menon

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

The semiconductor memory market has collapsed, but the collapse is nearly over for Samsung, SK hynix, Micron, WDC, and Kioxia.

Jim Handy

A Pair Trade Between Samsung C&T and Samsung Electronics Amid Big Share Cancellation at Samsung C&T

We like a pair trade between Samsung C&T (go long) and Samsung Electronics (go short). Samsung C&T's share cancellation is likely to have a...

Douglas Kim

Taiwan Tech Weekly: Latest Key Results Add More Expectations for a 2H23E Turnaround

Forward expectations are generally for a worse 1Q23E ahead followed by the beginning of a recovery in 2Q23E. Is this becoming simply the consensus...

Vincent Fernando, CFA

The Innovations Portfolio - Week Twelve

For the twelve weeks since inception ended 10 Feb the combined innovation portfolio was +3.3%, versus DJIA +0.4%, S&P500 +3.2%, Nasdaq +5.1%,...

Pyari Menon