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.

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

Thematic (Sector/Industry)

2020 was a year of two halves as far as semiconductor memory was concerned. The first two quarters saw rising ASPs for both DRAM and NAND. In the case of the former, it was the reversal of a five-quarter period of declining ASPs and, in the case of the latter, the reversal of an eight quarter downward ASP spiral. That recovery changed trajectory in the second half of the year when ASPs once again declined across the board during the third and fourth quarters. So, where exactly are we in terms of the current memory cycle and what can we expect in the quarters and years ahead? Here's our thoughts on the matter.

2020 was a year of two halves as far as semiconductor memory was concerned. The first two quarters saw rising ASPs for both DRAM and NAND. In the case of the former, it was the reversal of a five-quarter period of declining ASPs and, in the case of the latter, the reversal of an eight quarter downward ASP spiral. That recovery changed trajectory in the second half of the year when ASPs once again declined across the board during the third and fourth quarters. So, where exactly are we in terms of the current memory cycle and what can we expect in the quarters and years ahead? Here's our thoughts on the matter.

Semiconductor Memory Cycles. Where Are We At & Where Are We Going?

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

Event-Driven

On the latest earnings call, <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> responded to a question on M&amp;A that has perked the interest of investors.   Is a M&amp;A in the cards in the near future?  We examine the likelihood and possible target(s).

On the latest earnings call, Samsung Electronics (005930 KS) responded to a question on M&amp;A that has perked the interest of investors.   Is a M&amp;A in the cards in the near future?  We examine the likelihood and possible target(s). 

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)

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)

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)

Semiconductor Memory Cycles. Where Are We At & Where Are We Going?

With the memory boom & bust cycle of the past three years in our rear view mirror, we posit that we are now entering a period of greater stability...

William Keating

Samsung Electronics - M&A in the Cards?

Samsung Electronics' M&A desire. To me there is a clear target that can be done in the near future even with JY Lee in the can.

Ken S. Kim

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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)

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)

Semiconductor Memory Cycles. Where Are We At & Where Are We Going?

With the memory boom & bust cycle of the past three years in our rear view mirror, we posit that we are now entering a period of greater stability...

William Keating

Samsung Electronics - M&A in the Cards?

Samsung Electronics' M&A desire. To me there is a clear target that can be done in the near future even with JY Lee in the can.

Ken S. Kim