President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

While current tailwinds exist for Taiwan Semiconductor, the world's largest foundry faces significant competitive threats from the #2 player, Samsung.  Samsung desires to capture the #1 market position by 2030.  Samsung has been undercutting the competition on price, investing heavily in capex to gain share in lower nm products and appears to be about 2 years ahead of TSMC on the latest technology GAA-FET.  TSMC will face difficult comparisons in 2H21, a major customer may be slowing purchases, margins may have peaked, and forward estimates and lofty multiples on top of  those estimates, may create downside opportunity in the medium and long term.

While current tailwinds exist for Taiwan Semiconductor, the world's largest foundry faces significant competitive threats from the #2 player, Samsung.  Samsung desires to capture the #1 market position by 2030.  Samsung has been undercutting the competition on price, investing heavily in capex to gain share in lower nm products and appears to be about 2 years ahead of TSMC on the latest technology GAA-FET.  TSMC will face difficult comparisons in 2H21, a major customer may be slowing purchases, margins may have peaked, and forward estimates and lofty multiples on top of  those estimates, may create downside opportunity in the medium and long term.

Taiwan Semiconductor (2330 TT, TSM): Samsung Is Serious About Stealing Share

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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

Samsung's 4Q20 earnings call was markedly different from Micron's call just one month earlier.  Outlooks were hesitant, and all business units provided uninteresting guidance.  The company's semiconductor technology seems to have fallen behind that of its competitors.

Samsung's 4Q20 earnings call was markedly different from Micron's call just one month earlier.  Outlooks were hesitant, and all business units provided uninteresting guidance.  The company's semiconductor technology seems to have fallen behind that of its competitors.

Samsung Surprisingly Cautious in 4Q Earnings Call

Thematic (Sector/Industry)

The SIA has posted the semiconductor market's year-end total.  Revenues were up 6.5% over 2019, impressively above the industry's 3.9% average annual growth.  This is even more impressive given that the year started off with a consumer slump as the pandemic emerged.

The SIA has posted the semiconductor market's year-end total.  Revenues were up 6.5% over 2019, impressively above the industry's 3.9% average annual growth.  This is even more impressive given that the year started off with a consumer slump as the pandemic emerged.

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 (005930 KS)

Asia Currencies and Commodities Insights

By Macro Hive SGX Asia Currencies Insights A maturing recovery supports yields and the yuan ahead of Lunar New Year. India’s pro-growth budget...

Singapore Exchange Ltd (SGX)

Samsung Surprisingly Cautious in 4Q Earnings Call

It's surprising how muted Samsung's outlook was in its 4Q20 earnings call when compared with Micron's call a month earlier. Here's some insight to...

Jim Handy

2020 Semiconductor Revenues Up 6.5%

How did the semiconductor market size up in 2020? This Insight shows that, despite COVID, the market enjoyed above-average growth, and appears...

Jim Handy

Asia Currencies and Commodities Insights

By Macro Hive SGX Asia Currencies Insights A maturing recovery supports yields and the yuan ahead of Lunar New Year. India’s pro-growth...

Singapore Exchange Ltd (SGX)

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Taiwan Semiconductor (2330 TT, TSM): Samsung Is Serious About Stealing Share

Peak growth, peak margins, and peak multiples have pushed TSMC to all time highs. Difficult comps and increasing competition may lead to share...

Robert C Prather Jr

Asia Currencies and Commodities Insights

By Macro Hive SGX Asia Currencies Insights A maturing recovery supports yields and the yuan ahead of Lunar New Year. India’s pro-growth budget...

Singapore Exchange Ltd (SGX)

Samsung Surprisingly Cautious in 4Q Earnings Call

It's surprising how muted Samsung's outlook was in its 4Q20 earnings call when compared with Micron's call a month earlier. Here's some insight to...

Jim Handy

2020 Semiconductor Revenues Up 6.5%

How did the semiconductor market size up in 2020? This Insight shows that, despite COVID, the market enjoyed above-average growth, and appears...

Jim Handy

Asia Currencies and Commodities Insights

By Macro Hive SGX Asia Currencies Insights A maturing recovery supports yields and the yuan ahead of Lunar New Year. India’s pro-growth...

Singapore Exchange Ltd (SGX)