Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

The World Semiconductor Trade Statistics (WSTS) for September have been released, and they indicate that 2020 will see modest revenue growth despite the COVID-19 pandemic.  This is a pleasant surprise given that so many people are currently unable to work or to spend money on their favorite activities.

The World Semiconductor Trade Statistics (WSTS) for September have been released, and they indicate that 2020 will see modest revenue growth despite the COVID-19 pandemic.  This is a pleasant surprise given that so many people are currently unable to work or to spend money on their favorite activities.

September Semiconductor Stats In: 2020 Growth Despite Pandemic

President

Thomas Coughlin

Coughlin Associates

Memory and storage demand are a critical ingredient in worldwide  digital transformations, spurred by the pandemic.  Demand for memory and processor investments, including domain specific processing, will drive semiconductor fab growth, especially in Asia through 2024.

Memory and storage demand are a critical ingredient in worldwide  digital transformations, spurred by the pandemic.  Demand for memory and processor investments, including domain specific processing, will drive semiconductor fab growth, especially in Asia through 2024.

The Pandemic Will Help Drive Silicon Wafer Fab Spending Increases Through 2023

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM Holdings (AEM SP)</a> published great 9M20 results. Management will give FY21 guidance in January but sounded upbeat on its prospects going into FY21.AEM has hired an entire new CEO/CFO/CTO suite over the past 18 months. We believe this highly qualified new C-suit would not have joined AEM if they did not see a clear path of making AEM into a 1 billion USD company going forward. YTD the share price of AEM is up by 75% but has come off its earlier highs. Given FY21 guidance uncertainty and muted consensus expectations (2% revenue growth in FY21 and -1% growth in FY22) we like the risk/reward set-up. The downside is protected by <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM Holdings (AEM SP)</a> becoming a takeover target itself at some point but not before the maximum value has been extracted by the current management team.Fair Value of 5 SGD remains (this is based on 10x 2020 EV/EBITDA or 14.7x 2020 P/E). Peers trade at an average of 26.1x 2020 P/E and 16.9x 2020 EV/EBITDA.

AEM Holdings (AEM SP) published great 9M20 results. Management will give FY21 guidance in January but sounded upbeat on its prospects going into FY21.AEM has hired an entire new CEO/CFO/CTO suite over the past 18 months. We believe this highly qualified new C-suit would not have joined AEM if they did not see a clear path of making AEM into a 1 billion USD company going forward. YTD the share price of AEM is up by 75% but has come off its earlier highs. Given FY21 guidance uncertainty and muted consensus expectations (2% revenue growth in FY21 and -1% growth in FY22) we like the risk/reward set-up. The downside is protected by AEM Holdings (AEM SP) becoming a takeover target itself at some point but not before the maximum value has been extracted by the current management team.Fair Value of 5 SGD remains (this is based on 10x 2020 EV/EBITDA or 14.7x 2020 P/E). Peers trade at an average of 26.1x 2020 P/E and 16.9x 2020 EV/EBITDA.

AEM Holdings: Optimistic on FY21; Fair Value Remains at 5 SGD (41% Upside)

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

Nothing new here except a few things that the Chinese handset triumverates desire to gain market share in the absence of Huawei.  The problem is it seems Oppo + Vivo +  Xiaomi ("OPX") &gt; Huawei.  Are we all headed for a wake up call in the 1H21 with the Chinese handset oversupply?

Nothing new here except a few things that the Chinese handset triumverates desire to gain market share in the absence of Huawei.  The problem is it seems Oppo + Vivo +  Xiaomi ("OPX") &gt; Huawei.  Are we all headed for a wake up call in the 1H21 with the Chinese handset oversupply?

Hynix Earnings Recap - Oh, Oh - Is Everyone Running the Same Direction?

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

TSMC has been a significant outperformer versus Samsung Electronics.   How can TSMC continue this performance in the near future?   We take a look at their customer profiles as well what has been priced in and has not for the next few years.

TSMC has been a significant outperformer versus Samsung Electronics.   How can TSMC continue this performance in the near future?   We take a look at their customer profiles as well what has been priced in and has not for the next few years. 

TSMC Vs. Samsung.  Where's the Net Add Upside?

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

September Semiconductor Stats In: 2020 Growth Despite Pandemic

September's semiconductor industry stats indicate 5+% growth for 2020. Can the business sustain this, or will COVID-19 and/or the US-China Trade...

Jim Handy

The Pandemic Will Help Drive Silicon Wafer Fab Spending Increases Through 2023

Increased semi fab investments in Asia, spurred by investments to provide services during the pandemic, will drive digital transformations

Thomas Coughlin

AEM Holdings: Optimistic on FY21; Fair Value Remains at 5 SGD (41% Upside)

AEM beat consensus for the 7th quarter in a row. An entirely new C-suite can now take the company to its next milestone: 1 billion USD market cap...

Nicolas Van Broekhoven

Hynix Earnings Recap - Oh, Oh - Is Everyone Running the Same Direction?

Is Chinese handset glut inevitable? It seems that we are headed for a significant supply by Oppo, Vivo and Xiaomi to more than offset the hole...

Ken S. Kim

TSMC Vs. Samsung. Where's the Net Add Upside?

Why TSMC is still a buy as we look into 2022. Does Samsung have the scale to keep Qualcomm in their grasp and if not what is the next catalyst for...

Ken S. Kim

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