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>Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years</li>
<li>The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe</li>
<li>Intel's share price is down &gt;10% in the two days since the new financial model was launched. </li>
</ul>


Intel launched a new segment reporting structure under which its newly created Foundry P&amp;L allegedly racked up operating losses of ~$17 billion over the past three years
The Foundry P&amp;L is not expected to reach breakeven until the '27/'28 timeframe
Intel's share price is down &gt;10% in the two days since the new financial model was launched. 


Intel's New Segment Reporting. Transparency Or Obfuscation?

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>The utilization rate for Vanguard in 1Q24F is at a recent low of 50-53%, indicating that the utilization rate is expected to increase from 2Q24 onwards.  </li>
<li>Vanguard should consider building a new 12" Fab in Singapore, aligning with our potential acquisition of Taiwan Semiconductor (TSMC) - ADR (TSM US)'s 40nm and above business.</li>
<li>In conclusion, the future outlook appears promising for the coming 3~4 years.  </li>
</ul>


The utilization rate for Vanguard in 1Q24F is at a recent low of 50-53%, indicating that the utilization rate is expected to increase from 2Q24 onwards.  
Vanguard should consider building a new 12" Fab in Singapore, aligning with our potential acquisition of Taiwan Semiconductor (TSMC) - ADR (TSM US)'s 40nm and above business.
In conclusion, the future outlook appears promising for the coming 3~4 years.  


Vanguard (5347.TT): A Consensus View to Build a New 12" Fab in Singapore.

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 Mar 29th which has an aggregated holding worth USD3,994.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,801mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.</li>
<li>We highlight foreign changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On Tech, Mediatek, Umc, Chicony Elec, Inventec.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 29th which has an aggregated holding worth USD3,994.1bn.
We estimate that foreign flows to be outflows of USD5,801mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On Tech, Mediatek, Umc, Chicony Elec, Inventec.


TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> Dimensity 9400 is expected to be released in September 2024F.  </li>
<li>Artificial Intelligence (AI) is a trending topic, and MediaTek is adapting by emphasizing Generative AI functionality in its Dimensity 9300 and 9400 smartphone models.  </li>
<li>The smartphone market is expected to recover in 2024F, with MediaTek's revenue in the second quarter potentially surpassing the first quarter.</li>
</ul>



Mediatek Inc (2454 TT) Dimensity 9400 is expected to be released in September 2024F.  
Artificial Intelligence (AI) is a trending topic, and MediaTek is adapting by emphasizing Generative AI functionality in its Dimensity 9300 and 9400 smartphone models.  
The smartphone market is expected to recover in 2024F, with MediaTek's revenue in the second quarter potentially surpassing the first quarter.


MediaTek (2454.TT): Dimensity 9400 Unveiled in Sep; 2Q24F Sales Could Be a Bit Higher than 1Q24F.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures.  </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul>


Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.
Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures.  
TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.


Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs

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's New Segment Reporting. Transparency Or Obfuscation?

Intel's newly minted Foundry P&L racked up losses of ~$17 billion over the past three years.It's not expected to hit breakeven until '27/'28. Share...

William Keating

Vanguard (5347.TT): A Consensus View to Build a New 12" Fab in Singapore.

Vanguard's utilization rate is low in 1Q24F but expected to rise in 2Q24, potential new Fab in Singapore and acquisition of TSMC's business point...

Patrick Liao

TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek...

Ke Yan, CFA, FRM

MediaTek (2454.TT): Dimensity 9400 Unveiled in Sep; 2Q24F Sales Could Be a Bit Higher than 1Q24F.

Dimensity 9400 is expected to be released in September 2024F. Generative AI in its Dimensity 9300 and 9400. MediaTek's revenue in the second...

Patrick Liao

Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs

Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel's New Segment Reporting. Transparency Or Obfuscation?

Intel's newly minted Foundry P&L racked up losses of ~$17 billion over the past three years.It's not expected to hit breakeven until '27/'28. Share...

William Keating

Vanguard (5347.TT): A Consensus View to Build a New 12" Fab in Singapore.

​Vanguard's utilization rate is low in 1Q24F but expected to rise in 2Q24, potential new Fab in Singapore and acquisition of TSMC's business point...

Patrick Liao

TWSE Foreign Holding Weekly (Mar 29th): Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek Semi, Lite-On

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai, Wistron, Wiwynn, Alchip Tech, Realtek...

Ke Yan, CFA, FRM

MediaTek (2454.TT): Dimensity 9400 Unveiled in Sep; 2Q24F Sales Could Be a Bit Higher than 1Q24F.

Dimensity 9400 is expected to be released in September 2024F. Generative AI in its Dimensity 9300 and 9400. MediaTek's revenue in the second...

Patrick Liao

Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs

Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives...

Steven Holden

Vanguard's utilization rate is low in 1Q24F but expected to rise in 2Q24, potential new Fab in Singapore and acquisition of TSMC's business point...