Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>H2 2022 was a brutal half year for memory. H1 2023 doesn't look any better.</li>
<li>We anticipate a trough in Q1 2023, sequentially flat Q2 followed by modestly increasing revenues through H2.</li>
<li>Micron's upcoming earnings on March 28 will be the next significant data point regarding the state of the memory segment. </li>
</ul>


H2 2022 was a brutal half year for memory. H1 2023 doesn't look any better.
We anticipate a trough in Q1 2023, sequentially flat Q2 followed by modestly increasing revenues through H2.
Micron's upcoming earnings on March 28 will be the next significant data point regarding the state of the memory segment. 


Semiconductor Memory Segment Q4 2022 Review, 2023 Outlook

<ul>
<li>2022 was characterised by a historically strong H1 followed by a far weaker H2</li>
<li>The current downturn is impacting memory, PC and smartphone shipments the hardest</li>
<li>2023 is shaping up to be the reverse of 2022, i.e. historically weak H1 with recovery in H2</li>
</ul>


2022 was characterised by a historically strong H1 followed by a far weaker H2
The current downturn is impacting memory, PC and smartphone shipments the hardest
2023 is shaping up to be the reverse of 2022, i.e. historically weak H1 with recovery in H2


Semiconductors: 2022 Review & 2023 Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> aims to sell around US$9bn worth of  <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, trimming its stake by a third.</li>
<li>We have looked at the deal in our previous notes, <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-deal-structure-past-deals-index-buyback" target="_blank" data-smartkarma-citation="insights:96666" rel="noopener">Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback</a> and <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-misbehaving-still-has-time-to-correct-a-look-at-past-deals" target="_blank" data-smartkarma-citation="insights:97201" rel="noopener">Japan Post Bank Placement - Misbehaving</a>. </li>
<li>In this note, we talk about the updates since our last note and have a look at the post pricing performance of a few more deals.</li>
</ul>



Japan Post Holdings (6178 JP) aims to sell around US$9bn worth of  Japan Post Bank (7182 JP), trimming its stake by a third.
We have looked at the deal in our previous notes, Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback and Japan Post Bank Placement - Misbehaving. 
In this note, we talk about the updates since our last note and have a look at the post pricing performance of a few more deals.


Japan Post Bank Placement -  Still Misbehaving - Post-Pricing Performance of Some More Deals

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.</li>
<li>Placements as well picked up pace, despite the ongoing <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s mega deal set to suck liquidity out of the system for a while. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.
Placements as well picked up pace, despite the ongoing Japan Post Bank (7182 JP)'s mega deal set to suck liquidity out of the system for a while. 


ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Doosan Robotics  / Equity Capital Markets

<ul>
<li>The Doosan Group is aiming to complete the IPO of Doosan Robotics in 2H 2023. Doosan Robotics is expected to be one of the largest IPOs in Korea in 2023. </li>
<li>The local media have mentioned that Doosan Robotics could receive at least 1 trillion won (US$0.8 billion) in market cap valuation. </li>
<li>Established in 2015, Doosan Corp owns a 90.9% stake in Doosan Robotics, which is the largest collaborative robot manufacturer in Korea.</li>
</ul>


The Doosan Group is aiming to complete the IPO of Doosan Robotics in 2H 2023. Doosan Robotics is expected to be one of the largest IPOs in Korea in 2023. 
The local media have mentioned that Doosan Robotics could receive at least 1 trillion won (US$0.8 billion) in market cap valuation. 
Established in 2015, Doosan Corp owns a 90.9% stake in Doosan Robotics, which is the largest collaborative robot manufacturer in Korea.


Doosan Robotics (Number One Player in Collaborative Robots in Korea) & NAV Analysis of Doosan Corp

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)

Semiconductor Memory Segment Q4 2022 Review, 2023 Outlook

We anticipate memory revenues to trough in Q1 2023, be sequentially flat Q2 followed by modest growth through H2. So far, Q1 has not shown any...

William Keating

Semiconductors: 2022 Review & 2023 Outlook

2023 is shaping up to be the reverse of 2022, i.e. downturn continuing through H1 with recovery in H2. A lot depends on when PC and smartphone unit...

William Keating

Japan Post Bank Placement - Still Misbehaving - Post-Pricing Performance of Some More Deals

Japan Post Holdings aims to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third. In this note, we look at the...

Sumeet Singh

ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Doosan Robotics (Number One Player in Collaborative Robots in Korea) & NAV Analysis of Doosan Corp

Doosan Group is aiming to complete the IPO of Doosan Robotics in 2H 2023. Doosan Robotics is expected to be one of the largest IPOs in Korea in...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)