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

Equity Bottom-Up

<ul>
<li>In a direct rebuttal of what former four former Intel board members recommend, Dr. Barrett claims splitting Intel in two would be bad for Intel and for the United States.</li>
<li>Cites example of AMD splitting out its manufacturing operations, noting that Globalfoundries has "little if any differentiated technology". Yet, GF is on track to deliver $1 billion FCF in 2024. </li>
<li>Strongly backs current CEO Pat Gelsinger, noting that he "has precisely the right strategy and attributes, and he is already driving the right changes". Many would beg to differ.</li>
</ul>


In a direct rebuttal of what former four former Intel board members recommend, Dr. Barrett claims splitting Intel in two would be bad for Intel and for the United States.
Cites example of AMD splitting out its manufacturing operations, noting that Globalfoundries has "little if any differentiated technology". Yet, GF is on track to deliver $1 billion FCF in 2024. 
Strongly backs current CEO Pat Gelsinger, noting that he "has precisely the right strategy and attributes, and he is already driving the right changes". Many would beg to differ.


Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>In general, <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)'</a> 3Q24 revenue, GM, OPM, and prepayment are hitting a recent low in 2024.</li>
<li>GlobalWafers stated that the semiconductor industry is generally recovering for AI, but we do not think that AI can represent the entire semiconductor industry.  </li>
<li>Demand for advanced sub-3nm nodes and AI technologies is expected to increase, which will drive fab utilization.</li>
</ul>


In general, Globalwafers (6488 TT)' 3Q24 revenue, GM, OPM, and prepayment are hitting a recent low in 2024.
GlobalWafers stated that the semiconductor industry is generally recovering for AI, but we do not think that AI can represent the entire semiconductor industry.  
Demand for advanced sub-3nm nodes and AI technologies is expected to increase, which will drive fab utilization.


GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 1st which has an aggregated holding worth USD1,018.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD778mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 1st which has an aggregated holding worth USD1,018.3bn.
We estimate that foreign flows to be outflows of USD778mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, United Microelectronics.


TWSE Foreign Holding Weekly (Nov 1st): TSMC, United Microelectronics

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<ul>
<li>The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
Macro data points: Chinese PMI data, South Korean exports data.</li>
<li>
Companies mentioned:<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings (PDD US)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

Macro data points: Chinese PMI data, South Korean exports data.

Companies mentioned:Alibaba Group Holding (9988 HK), Taiwan Semiconductor (TSMC) (2330 TT), PDD Holdings (PDD US)



GEMWeekly (1 Nov 2024): China New Home Sales Growth; South Korea Macro; Alibaba, TSMC, PDD

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

Dr. Barrett claims splitting Intel in two would be bad for Intel & the US. Backs current CEO noting "he has precisely the right strategy and...

William Keating

GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.

Globalwafers' 3Q24 performance hits recent low, but semiconductor industry recovery driven by demand for advanced nodes and AI technologies.

Patrick Liao

TWSE Foreign Holding Weekly (Nov 1st): TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, United Microelectronics.

Ke Yan, CFA, FRM

GEMWeekly (1 Nov 2024): China New Home Sales Growth; South Korea Macro; Alibaba, TSMC, PDD

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

Dr. Barrett claims splitting Intel in two would be bad for Intel & the US. Backs current CEO noting "he has precisely the right strategy and...

William Keating

GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.

​Globalwafers' 3Q24 performance hits recent low, but semiconductor industry recovery driven by demand for advanced nodes and AI technologies.

Patrick Liao

TWSE Foreign Holding Weekly (Nov 1st): TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, United Microelectronics.

Ke Yan, CFA, FRM

GEMWeekly (1 Nov 2024): China New Home Sales Growth; South Korea Macro; Alibaba, TSMC, PDD

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Globalwafers' 3Q24 performance hits recent low, but semiconductor industry recovery driven by demand for advanced nodes and AI technologies.