External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%</li><li>Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability</li><li>12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%Portfolio concentrated on high value-added HBM/DDR5/LPDDR5 products, maximizes profitability12H HBM3E mass production set to begin in 4Q24, with full-scale supply expansion likely in 2025Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology / Semiconductor / Internet Research

Nicolas Baratte

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs</li>
<li>This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services</li>
<li>We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  </li>
</ul>


This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs
This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services
We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  


DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

<ul>
<li>FY24 AI revenue as guided US$12.2bn. 1Q25 AI revenue to increase 65% YoY. FY27 “serviceable market” or “opportunity” could reach US$60-90bn. Actual revenues could be ~70% of that.</li>
<li>Mngt announced another 2 hyperscale customers (one is Apple). At least 1 new new customer could add significant revenues before FY27 (adding to the 60-90bn above). </li>
<li>Stock up 14% aftermarket, trading at 32x FY25 EPS. We expect Consensus EPS to revise up 10-20%. Nvidia trades at 32x next FY (FY26). Positive to suppliers Hynix and TSMC.</li>
</ul>


FY24 AI revenue as guided US$12.2bn. 1Q25 AI revenue to increase 65% YoY. FY27 “serviceable market” or “opportunity” could reach US$60-90bn. Actual revenues could be ~70% of that.
Mngt announced another 2 hyperscale customers (one is Apple). At least 1 new new customer could add significant revenues before FY27 (adding to the 60-90bn above). 
Stock up 14% aftermarket, trading at 32x FY25 EPS. We expect Consensus EPS to revise up 10-20%. Nvidia trades at 32x next FY (FY26). Positive to suppliers Hynix and TSMC.


Broadcom: AI Hyper-Growth to Continue – Worries of a Slowdown Are Wrong – Positive to SK Hynix, TSMC

<ul>
<li>The Semiconductor industry associations report re-accelerating Semi sales, and increase 2024-25 forecasts. This is due to higher AI / Accelerators, HBM Memory but the rest of the market remains sluggish</li>
<li>TSMC remains on its high growth plateau at 34% YoY, driven by AI and 3nm. UMC remains on a sluggish recovery at 7% YoY.</li>
<li>AMD, Nvidia, SK Hynix, TSMC: stocks are not expensive on PE relative to earnings growth. Non-Consensus: we think AMD and SK Hynix are worth a serious look.</li>
</ul>


The Semiconductor industry associations report re-accelerating Semi sales, and increase 2024-25 forecasts. This is due to higher AI / Accelerators, HBM Memory but the rest of the market remains sluggish
TSMC remains on its high growth plateau at 34% YoY, driven by AI and 3nm. UMC remains on a sluggish recovery at 7% YoY.
AMD, Nvidia, SK Hynix, TSMC: stocks are not expensive on PE relative to earnings growth. Non-Consensus: we think AMD and SK Hynix are worth a serious look.


Semiconductor Sales Reaccelerating, AI Accelerators Accelerating:  AMD, AVGO, NVDA, SK Hynix, TSMC

<ul>
<li>3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.</li>
<li>Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.</li>
<li>The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.</li>
</ul>


3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.
Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.
The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.


Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

SK Hynix - Solely Shining

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%. Portfolio concentrated on high value...

Daishin Securities

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...

Nicolas Baratte

Broadcom: AI Hyper-Growth to Continue – Worries of a Slowdown Are Wrong – Positive to SK Hynix, TSMC

Broadcom strong growth potential in AI revenue continues. US$12.2bn AI revenues in FY24 , could grow to a market opportunity of $60-90bn in FY27....

Nicolas Baratte

Semiconductor Sales Reaccelerating, AI Accelerators Accelerating: AMD, AVGO, NVDA, SK Hynix, TSMC

Semiconductor sales are re-accelerating due to AI Accelerators and related HBM memory. AMD and SK Hynix stocks are out of favor and worth...

Nicolas Baratte

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

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SK Hynix - Solely Shining

SK hynix delivers strong performance for 3Q24, with revenue of W17.57tn, OP of W7.3tn, and an OPM of 40%. Portfolio concentrated on high value...

Daishin Securities

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

​Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...

Nicolas Baratte

Broadcom: AI Hyper-Growth to Continue – Worries of a Slowdown Are Wrong – Positive to SK Hynix, TSMC

Broadcom strong growth potential in AI revenue continues. US$12.2bn AI revenues in FY24 , could grow to a market opportunity of $60-90bn in FY27....

Nicolas Baratte

Semiconductor Sales Reaccelerating, AI Accelerators Accelerating: AMD, AVGO, NVDA, SK Hynix, TSMC

​Semiconductor sales are re-accelerating due to AI Accelerators and related HBM memory. AMD and SK Hynix stocks are out of favor and worth...

Nicolas Baratte

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

​Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...

Nicolas Baratte

Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...

Semiconductor sales are re-accelerating due to AI Accelerators and related HBM memory. AMD and SK Hynix stocks are out of favor and worth...

Nvidia beats 3Q25 guidance. 4Q25: Blackwell revenue several billions. Blackwell is the product driving revenues up by a step function higher. The...