Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>We expect MediaTek Dimensity 8000/8100 and 9000 are targeting shipment of ~30-40mn and 5-10mn sets respectively, which means high-end 5G smartphone chipset will aim at 10-14% 5G shipment in 2022.</li>
<li>We consider the inventory argument raised for China smartphone could be a kind of  fake issue.</li>
<li>In 5G era, the PMIC is about 2~3 times of 4G in size with the mature nodes.</li>
</ul>


We expect MediaTek Dimensity 8000/8100 and 9000 are targeting shipment of ~30-40mn and 5-10mn sets respectively, which means high-end 5G smartphone chipset will aim at 10-14% 5G shipment in 2022.
We consider the inventory argument raised for China smartphone could be a kind of  fake issue.
In 5G era, the PMIC is about 2~3 times of 4G in size with the mature nodes.


MediaTek (2454.TT): We Expect High-End 5G Smartphone Chipset Will Aim at 10-14% Shipment in 2022.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 2 March, it was reported in numerous media that Apple Inc will stop all product sales in Russia. This is a measure in response to Russia's invasion of Ukraine.</li>
<li>The US-led <strong>Foreign Direct Product Rule (FDPR) regulation</strong> may force a more stringent sanction that could force Samsung to stop selling smartphones in Russia. </li>
<li>Despite these concerns about FDPR, the decision as to whether to totally block Samsung's smartphone sales to Russia has not been finalized. </li>
</ul>


On 2 March, it was reported in numerous media that Apple Inc will stop all product sales in Russia. This is a measure in response to Russia's invasion of Ukraine.
The US-led Foreign Direct Product Rule (FDPR) regulation may force a more stringent sanction that could force Samsung to stop selling smartphones in Russia. 
Despite these concerns about FDPR, the decision as to whether to totally block Samsung's smartphone sales to Russia has not been finalized. 


Will Samsung Follow Apple and Be Forced to Stop Selling Smartphones in Russia Due to FDPR Rule?

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>
<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> goal to be the #1 semi player in the world in danger</li>
<li>An internal business audit being performed which is an indication of what to do with strategy</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> has always been the benchmark; does the focus change ?</li>
</ul>



Samsung Electronics (005930 KS) goal to be the #1 semi player in the world in danger
An internal business audit being performed which is an indication of what to do with strategy

TSMC (2330 TT) has always been the benchmark; does the focus change ?


The Conundrum for Samsung - What to Do Foundry?

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>FnGuide Samsung Group has the most AUM among locally themed indexes. As of last Friday's closing price, AUM is ₩1.52T.</li>
<li>The share price movements of Samsung Group affiliates basically show high cointegration. Therefore, a small differential impact on the flow significantly affects the short-term price direction of these stocks. </li>
<li>So, we should consider a long/short setup on a swing trading window. Particularly, we need to focus on the first two trading days, when the rebalancing impact is relatively significant.</li>
</ul>


FnGuide Samsung Group has the most AUM among locally themed indexes. As of last Friday's closing price, AUM is ₩1.52T.
The share price movements of Samsung Group affiliates basically show high cointegration. Therefore, a small differential impact on the flow significantly affects the short-term price direction of these stocks. 
So, we should consider a long/short setup on a swing trading window. Particularly, we need to focus on the first two trading days, when the rebalancing impact is relatively significant.


FnGuide Samsung Group Index Rebalancing Preview

<ul>
<li>The local street hears KRX has bumped it up to 14.68%. With the 1% rounding applied, it becomes 15%.</li>
<li>It is extremely rare for a Fast Entry to come in with a float market cap of +₩10T. So, we will see significant weight adjustments for the other constituents.</li>
<li>As we move towards the implementation date, we can consider basket-shorting those high-impact names for LG Energy's long hedge.</li>
</ul>


The local street hears KRX has bumped it up to 14.68%. With the 1% rounding applied, it becomes 15%.
It is extremely rare for a Fast Entry to come in with a float market cap of +₩10T. So, we will see significant weight adjustments for the other constituents.
As we move towards the implementation date, we can consider basket-shorting those high-impact names for LG Energy's long hedge.


LG Energy's KOSPI 200 Float Is 15%: Weight Adjustment Trading for Other Constituents

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.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

MediaTek (2454.TT): We Expect High-End 5G Smartphone Chipset Will Aim at 10-14% Shipment in 2022.

We expect MediaTek Dimensity 8000/8100 is targeting shipment of around 30-40mn sets in 2022, and Dimensity 9000 is targeting shipment of 5-10mn...

Patrick Liao

Will Samsung Follow Apple and Be Forced to Stop Selling Smartphones in Russia Due to FDPR Rule?

The US-led Foreign Direct Product Rule (FDPR) regulation may force a more stringent sanction that could force Samsung to stop selling smartphones...

Douglas Kim

The Conundrum for Samsung - What to Do Foundry?

Samsung Electronics' believes that foundry will be a key point of future diversification and growth but it seems they have run into a problem. ...

Ken S. Kim

FnGuide Samsung Group Index Rebalancing Preview

FnGuide Samsung Group Index has the largest AUM among the locally-themed indexes. This post previews the upcoming rebalancing in June.

Sanghyun Park

LG Energy's KOSPI 200 Float Is 15%: Weight Adjustment Trading for Other Constituents

KRX has bumped up LG Energy's float to 15%. As a result, we will see a more substantial passive impact on LG Energy. Also, we should see...

Sanghyun Park

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