Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion</li>
<li>As was the case with Micron, the company pegged Q1'23 as the trough for the current downturn and now expect quarterly revenues to grow sequentially</li>
<li>Recovery may be nigh, but the macro outlook has actually worsened. The road to recovery will be a long and winding one. </li>
</ul>


SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion
As was the case with Micron, the company pegged Q1'23 as the trough for the current downturn and now expect quarterly revenues to grow sequentially
Recovery may be nigh, but the macro outlook has actually worsened. The road to recovery will be a long and winding one. 


SK Hynix Calls Time On The Memory Downturn

<ul>
<li>With ~2x exposure to memory compared to its peers, LRCX is feeling the pain</li>
<li>Q1 revenues of  $3.87 billion were marginally higher than the forecasted midpoint, down 26.7% sequentially and down 4.4% YoY.</li>
<li>For the current quarter, LRCX expects revenues to decline a further ~ 20% to $3.1 billion at the midpoint.</li>
</ul>


With ~2x exposure to memory compared to its peers, LRCX is feeling the pain
Q1 revenues of  $3.87 billion were marginally higher than the forecasted midpoint, down 26.7% sequentially and down 4.4% YoY.
For the current quarter, LRCX expects revenues to decline a further ~ 20% to $3.1 billion at the midpoint.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.</li>
<li>Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.
Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.
We highlight 38 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC is cutting its 2023E capex plans by 12% according to Taiwan's EDN. The company will also report earnings this Thursday.</li>
<li>TSMC suppliers ASML and Lam Research will also be reporting this week. Realtek will report this week as well.</li>
<li>Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta &amp; Pegatron pair.</li>
</ul>


TSMC is cutting its 2023E capex plans by 12% according to Taiwan's EDN. The company will also report earnings this Thursday.
TSMC suppliers ASML and Lam Research will also be reporting this week. Realtek will report this week as well.
Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta &amp; Pegatron pair.


Taiwan Tech Weekly: TSMC Cutting Capex, Earnings This Week; Suppliers ASML & Lam Also Will Report

<ul>
<li>Nanya Technology's recent results showed a margin and ASP decline that appears to have performed better than the industry average. </li>
<li>However, Nanya Technology may have traded off better pricing and margins for a continuation of high inventory levels. Nanya shares have underperformed Micron since our Mar 30th piece.</li>
<li>Nanya said it expects a marginal recovery for the DRAM market in the second half of 2023E. SK Hynix will be a next major data point, to report April 26th.</li>
</ul>


Nanya Technology's recent results showed a margin and ASP decline that appears to have performed better than the industry average. 
However, Nanya Technology may have traded off better pricing and margins for a continuation of high inventory levels. Nanya shares have underperformed Micron since our Mar 30th piece.
Nanya said it expects a marginal recovery for the DRAM market in the second half of 2023E. SK Hynix will be a next major data point, to report April 26th.


Memory Monitor: Nanya Technology Hopeful of 2H23E DRAM Recovery

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 Calls Time On The Memory Downturn

SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion. Q1'23 pegged as the trough. Recovery may be nigh, but macro outlook has actually worsened....

William Keating

LRCX. Memory Bites. Hard

With ~2x exposure to memory compared to its peers, LRCX is feeling the pain.Q1 revenues of $3.87 billion were -26.7% sequentially and -4.4% YoY....

William Keating

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023. We highlight 38 pair trades that...

Douglas Kim

Taiwan Tech Weekly: TSMC Cutting Capex, Earnings This Week; Suppliers ASML & Lam Also Will Report

Delta Thailand valuation still precarious relative to Delta Taiwan. Apple has continued to outperform the Quanta & Pegatron pair.

Vincent Fernando, CFA

Memory Monitor: Nanya Technology Hopeful of 2H23E DRAM Recovery

Nanya Technology may have traded off better pricing and margins for a continuation of high inventory levels. Nanya shares have underperformed...

Vincent Fernando, CFA

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