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

Equity Bottom-Up

<ul>
<li>Q323 revenues of KRW 67.4 trillion, up 12.3% QoQ but still down 7% YoY. </li>
<li>Operating profit KRW 2.4 trillion, a big improvement on the KRW 0.67 trillion in the second quarter but a far cry from the KRW 10.85 trillion in the year-ago quarter</li>
<li>While Memory has turned the corner, yet further productions cuts are still required</li>
</ul>


Q323 revenues of KRW 67.4 trillion, up 12.3% QoQ but still down 7% YoY. 
Operating profit KRW 2.4 trillion, a big improvement on the KRW 0.67 trillion in the second quarter but a far cry from the KRW 10.85 trillion in the year-ago quarter
While Memory has turned the corner, yet further productions cuts are still required


Samsung. Strategic Shift Reverses Memory ASP's Downward Spiral

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Thematic (Sector/Industry)

<ul>
<li>Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a><a href="https://www.smartkarma.com/entities/hewlett-packard-enterprise-co" target="_blank" data-smartkarma-citation="entities:26511:1" rel="noopener">Hewlett Packard Enterprise (HPE US)</a>  <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> </li>
<li>U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML Holding NV (ASML NA)</a><a href="https://www.smartkarma.com/entities/tokyo-electron-device-ltd" target="_blank" data-smartkarma-citation="entities:10301:1" rel="noopener">Tokyo Electron Device (2760 JP)</a> </li>
<li>Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift</li>
</ul>


Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications Broadcom (AVGO US)Hewlett Packard Enterprise (HPE US)  Alphabet (GOOGL US) 
U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 ASML Holding NV (ASML NA)Tokyo Electron Device (2760 JP) 
Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift


Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Samsung Electronics Pref Shares / Equity Bottom-Up

<ul>
<li>In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 4Q 2023. Typically, fourth quarter is when pref stocks are emphasized the most in Korea.</li>
<li>The excessive gaps in the preferred and common shares of Samsung Electronics (005930 KS), Hotel Shilla (008770 KS), and Amorepacific Corp (090430 KS) could reverse in the next several months.</li>
<li>We see some attractive longer-term opportunities for Amorepacific, Doosan Fuel Cell, LG Electronics, and Hyundai Motor which have especially high discounts for the preferred shares versus their counterpart common shares.</li>
</ul>


In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 4Q 2023. Typically, fourth quarter is when pref stocks are emphasized the most in Korea.
The excessive gaps in the preferred and common shares of Samsung Electronics (005930 KS), Hotel Shilla (008770 KS), and Amorepacific Corp (090430 KS) could reverse in the next several months.
We see some attractive longer-term opportunities for Amorepacific, Doosan Fuel Cell, LG Electronics, and Hyundai Motor which have especially high discounts for the preferred shares versus their counterpart common shares.


Gap Trades in Korean Prefs Vs Common Share Pairs in 4Q 2023

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

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

<ul>
<li>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion's lQ24 results confirmed the company's end-demand strength as implied by previous Samsung and SK Hynix management commentary re: solid state memory.</li>
<li>Management has increased 2024E guidance, citing rising ASPs and strong demand due to its memory controller products' usage in edge AI applications such as AI PCs and AI smartphones.</li>
<li>The street upgraded target prices across the board after the results; however we note the stock remains below its past acquistion offer price by Maxlinear and we see further upside.</li>
</ul>


Silicon Motion's lQ24 results confirmed the company's end-demand strength as implied by previous Samsung and SK Hynix management commentary re: solid state memory.
Management has increased 2024E guidance, citing rising ASPs and strong demand due to its memory controller products' usage in edge AI applications such as AI PCs and AI smartphones.
The street upgraded target prices across the board after the results; however we note the stock remains below its past acquistion offer price by Maxlinear and we see further upside.


Silicon Motion: Leader in Powerful Niche for Edge AI Memory; Plus Key Wins for Data Center Solution

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)

Samsung. Strategic Shift Reverses Memory ASP's Downward Spiral

A strategic shift in marketing strategy has reversed Samsung Memory's downward ASP spiral but further production cuts are still required for...

William Keating

Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

AI related earnings exhibit a lack of ROI or uplift. Is the AI euphoria coming to an end? More U.S. sanctions could hurt Japan & European...

Neil Campling

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Silicon Motion: Leader in Powerful Niche for Edge AI Memory; Plus Key Wins for Data Center Solution

SIMO increased 2024E guidance citing rising ASPs and demand for memory controller products in edge AI applications. Remains well below past...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung. Strategic Shift Reverses Memory ASP's Downward Spiral

A strategic shift in marketing strategy has reversed Samsung Memory's downward ASP spiral but further production cuts are still required for...

William Keating

Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

AI related earnings exhibit a lack of ROI or uplift. Is the AI euphoria coming to an end? More U.S. sanctions could hurt Japan & European...

Neil Campling

Gap Trades in Korean Prefs Vs Common Share Pairs in 4Q 2023

In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 4Q 2023. Typically, fourth quarter is when pref...

Douglas Kim

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Silicon Motion: Leader in Powerful Niche for Edge AI Memory; Plus Key Wins for Data Center Solution

SIMO increased 2024E guidance citing rising ASPs and demand for memory controller products in edge AI applications. Remains well below past...

Vincent Fernando, CFA

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...