Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/country-garden-holdings-co' target='_blank' rel='noopener'>Country Garden Holdings Co</a></li><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/health-and-happiness-h-h-int' target='_blank' rel='noopener'>Health And Happiness (H&H)</a></li><li><a href='/entities/xiaomi-corp' target='_blank' rel='noopener'>Xiaomi Corp</a></li><li><a href='/entities/anton-oilfield-services-gp' target='_blank' rel='noopener'>Anton Oilfield</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Country Garden Holdings CoYankuang Energy GroupHealth And Happiness (H&H)Xiaomi CorpAnton Oilfieldand more...

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>Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.</li>
<li>Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better</li>
<li>The much anticipated second half recovery will be muted at best</li>
</ul>


Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.
Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better
The much anticipated second half recovery will be muted at best


<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/china-hongqiao-group-ltd' target='_blank' rel='noopener'>China Hongqiao</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Softbank GroupChina HongqiaoChina Jinmao HoldingsGeely AutoFirst Pacific Coand more...

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.</li>
<li>NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.</li>
<li>We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.</li>
</ul>


Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.
NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.
We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.


Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron

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>Local press states that <a href="https://www.smartkarma.com/entities/samsung-electronics-pref-shares" target="_blank" data-smartkarma-citation="entities:23591:1" rel="noopener">Samsung Electronics Pref Shares (005935 KS)</a>sold shares as they look to invest in their future capex</li>
<li>The capex amount for 2023 will be around 40-50 trillion KRW and it doesn't seem like W3 trillion is a needle mover</li>
<li>With a new 3 year shareholder return plan, I would think maybe cash is needed to secure ammunition for M&amp;A</li>
</ul>


Local press states that Samsung Electronics Pref Shares (005935 KS)sold shares as they look to invest in their future capex
The capex amount for 2023 will be around 40-50 trillion KRW and it doesn't seem like W3 trillion is a needle mover
With a new 3 year shareholder return plan, I would think maybe cash is needed to secure ammunition for M&amp;A


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)

Weekly Wrap - 01 Sep 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Q2'23 Semiconductor Review & Outlook

Q2'23 saw semi sales, memory, silicon wafer & PC shipments PC with modest QoQ growth. Smartphones and server shipments barely missed the cut....

William Keating

Weekly Wrap - 25 Aug 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron

NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.

Vincent Fernando, CFA

Is Samsung M&A About to Happen?

We have been awaiting for a M&A announcement from Samsung Electronics for years. Is this the time to do it? Why it would make sense that M&A...

Ken S. Kim

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