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)

<ul>
<li>TSMC Reported October revenues of NT$243.20 billion, an increase of 34.8% QoQ and an increase of 15.7% YoY.</li>
<li>According to IDC, worldwide smartphone shipments amounted to 302.8 million units in Q323, still down 0.1% YoY, but up ~14.1% sequentially.</li>
<li>Silicon wafer area shipments for Q323 amounted to 3,010 MSI, down 19.5% YoY &amp; down 10% QoQ. Why are wafer shipments declining when key end markets are in recovery mode?</li>
</ul>


TSMC Reported October revenues of NT$243.20 billion, an increase of 34.8% QoQ and an increase of 15.7% YoY.
According to IDC, worldwide smartphone shipments amounted to 302.8 million units in Q323, still down 0.1% YoY, but up ~14.1% sequentially.
Silicon wafer area shipments for Q323 amounted to 3,010 MSI, down 19.5% YoY &amp; down 10% QoQ. Why are wafer shipments declining when key end markets are in recovery mode?


Semiconductor Events Deserving Your Attention @ 13/11/23

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.</li>
<li>Currently, I see two index changes for the MDAX index and two index changes for the SDAX index.</li>
<li>I do not see any changes for the DAX index in December 2023.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.
Currently, I see two index changes for the MDAX index and two index changes for the SDAX index.
I do not see any changes for the DAX index in December 2023.


Quiddity Leaderboard-DAX Dec 23: Two Changes for MDAX and Two Changes for SDAX

<ul>
<li>Q2’23 silicon wafer shipments amounted to 3,331 MSI,  + 2.0% QoQ, -10% YoY </li>
<li>Customer inventory levels remain at all time record highs with memory being the worst offender</li>
<li>No change in our outlook for 14% overcapacity in 2023 with supply demand balance likely taking until 2026.</li>
</ul>


Q2’23 silicon wafer shipments amounted to 3,331 MSI,  + 2.0% QoQ, -10% YoY 
Customer inventory levels remain at all time record highs with memory being the worst offender
No change in our outlook for 14% overcapacity in 2023 with supply demand balance likely taking until 2026.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>'s pre-conditional tender offer from JIC is JPY4,350 per share. Since the deal announcement on 26 June, the gross spread has averaged 6.4%.</li>
<li>The wide gross spread reflects the risk in satisfying the pre-conditions related to country approvals, particularly in China. JIC, unusually can waive all or part of the conditions precedent.</li>
<li>The wild card is geopolitical developments. There are three China approval scenarios. The likely scenario is the deal approval under a normal procedure with a delay to the tender start.</li>
</ul>



JSR Corp (4185 JP)'s pre-conditional tender offer from JIC is JPY4,350 per share. Since the deal announcement on 26 June, the gross spread has averaged 6.4%.
The wide gross spread reflects the risk in satisfying the pre-conditions related to country approvals, particularly in China. JIC, unusually can waive all or part of the conditions precedent.
The wild card is geopolitical developments. There are three China approval scenarios. The likely scenario is the deal approval under a normal procedure with a delay to the tender start.


JSR Corporation (4185 JP): Tender Offer Risk/Reward

<ul>
<li>The June 2023 index changes for the DAX index family were confirmed after the close yesterday.</li>
<li>As expected, there were no changes announced for the DAX index.</li>
<li>There will be four changes for MDAX, one change for SDAX, and one change for TecDAX.</li>
</ul>


The June 2023 index changes for the DAX index family were confirmed after the close yesterday.
As expected, there were no changes announced for the DAX index.
There will be four changes for MDAX, one change for SDAX, and one change for TecDAX.


Quiddity Flow Expectations for DAX Jun 23 Rebal: Evotec Is the Main Surprise

Germany

Siltronic AG manufactures hyperpure silicon wafers. The Company offers products including non-polished and epitaxial coated wafers with different diameter sizes. Siltronic caters its products worldwide for use in computers, smartphones, flat-panel displays, navigation systems, automotive engine control systems, and many other applications.

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Siltronic AG (WAF GR)

Semiconductor Events Deserving Your Attention @ 13/11/23

Silicon wafer area shipments for Q323 amounted to 3,010 MSI, down 19.5% YoY & down 10% QoQ. Why are wafer shipments declining when key end markets...

William Keating

Quiddity Leaderboard-DAX Dec 23: Two Changes for MDAX and Two Changes for SDAX

The expected MDAX changes could have multiple days to trade while the flow expectations for the expected SDAX changes are fairly insignificant.

Janaghan Jeyakumar, CFA

Q2'23 Silicon Wafer Shipments +2% QoQ

Q2’23 silicon wafer shipments of 3,331 MSI, + 2.0% QoQ, -10% YoY. Inventory levels at record highs. We see ~14% overcapacity in 2023 with return...

William Keating

JSR Corporation (4185 JP): Tender Offer Risk/Reward

The wide gross spread reflects the risk in satisfying the pre-conditions related to country approvals, particularly in China. In this note, we...

Arun George

Quiddity Flow Expectations for DAX Jun 23 Rebal: Evotec Is the Main Surprise

Drug discovery company Evotec AG (EVT GR) was a surprise addition to the MDAX index. The stock was previously an ineligible candidate but its...

Janaghan Jeyakumar, CFA

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