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>Revenues of $7.05 billion were marginally higher than midpoint of $6.93 billion, up 4% QoQ and up 5% YoY.  Guided current quarter at $7.15 billion +1.5% QoQ , +10.5% YoY</li>
<li>Most WFE share prices have retreated to early 2022 levels, matching with when annual revenues first exceeded the $100 billion level</li>
<li>After a 44% growth spurt in 2021, we have had three years with mostly no growth. We expect the same in 2025. Invest accordingly</li>
</ul>


Revenues of $7.05 billion were marginally higher than midpoint of $6.93 billion, up 4% QoQ and up 5% YoY.  Guided current quarter at $7.15 billion +1.5% QoQ , +10.5% YoY
Most WFE share prices have retreated to early 2022 levels, matching with when annual revenues first exceeded the $100 billion level
After a 44% growth spurt in 2021, we have had three years with mostly no growth. We expect the same in 2025. Invest accordingly


For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Higher yields leading to profit taking ahead of tomorrows CPI print.</li>
<li>TEL numbers show expected WFE growth despite its pivot away from China.</li>
<li>Good numbers from Softbank, as its SVF posts strong unrealized gains on its solid unlisted pipeline.</li>
</ul>


Higher yields leading to profit taking ahead of tomorrows CPI print.
TEL numbers show expected WFE growth despite its pivot away from China.
Good numbers from Softbank, as its SVF posts strong unrealized gains on its solid unlisted pipeline.


Japan Morning Connection: Market Reflects Concerns over Tomorrow's CPI Print

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

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

<ul>
<li>TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

<ul>
<li>Trump names including banks, energy and tech rally hard, while renewables are sold heavily</li>
<li>Underperformance by semi-capex plays with high China sales may be reflected in Japan SPE today</li>
<li>Global defense rallied on the spectre of higher spend requirements for EU countries</li>
</ul>


Trump names including banks, energy and tech rally hard, while renewables are sold heavily
Underperformance by semi-capex plays with high China sales may be reflected in Japan SPE today
Global defense rallied on the spectre of higher spend requirements for EU countries


Japan Morning Connection: Trump Names Rally in the Wake of Re-Election

<ul>
<li>Q324 revenues of $2.84 billion, at the upper end of the guided range, up 10.5% QoQ and up 18.3% YoY</li>
<li>Q424 revenue guide of 2.95 billion, plus or minus $150 million. This represents a ~4% QoQ increase and a 18.6% increase YoY</li>
<li>CEO Rick Wallace: "for years now, we've really had primarily one major player at the leading edge”. That's an interesting comment to make.</li>
</ul>


Q324 revenues of $2.84 billion, at the upper end of the guided range, up 10.5% QoQ and up 18.3% YoY
Q424 revenue guide of 2.95 billion, plus or minus $150 million. This represents a ~4% QoQ increase and a 18.6% increase YoY
CEO Rick Wallace: "for years now, we've really had primarily one major player at the leading edge”. That's an interesting comment to make.


KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

AMAT's so-so quarter & outlook tanked semis as earnings season ends, just like ASML did when it began. Most WFE share prices are now back at early...

William Keating

Japan Morning Connection: Market Reflects Concerns over Tomorrow's CPI Print

Profit taking ahead of CPI report, TEL shows WFE growth despite its pivot away from China, Softbank's SVF shows strong unreaslised gains on its...

Andrew Jackson

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Japan Morning Connection: Trump Names Rally in the Wake of Re-Election

Trump names rally while renewables sold heavily. Underperformance by semi-capex with high China sales may reflect in Japan SPE. Global defense...

Andrew Jackson

KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Q324 $2.84 billion, +10.5% QoQ & +18.3% YoY. Q424 guide $2.95 billion, +4% QoQ & +18.6% YoY. CEO states "for years now, we've really had primarily...

William Keating

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

AMAT's so-so quarter & outlook tanked semis as earnings season ends, just like ASML did when it began. Most WFE share prices are now back at early...

William Keating

Japan Morning Connection: Market Reflects Concerns over Tomorrow's CPI Print

Profit taking ahead of CPI report, TEL shows WFE growth despite its pivot away from China, Softbank's SVF shows strong unreaslised gains on its...

Andrew Jackson

Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Japan Morning Connection: Trump Names Rally in the Wake of Re-Election

Trump names rally while renewables sold heavily. Underperformance by semi-capex with high China sales may reflect in Japan SPE. Global defense...

Andrew Jackson

KLAC Q324. Heavy Emphasis On Leading Edge For Growth In 2025

Q324 $2.84 billion, +10.5% QoQ & +18.3% YoY. Q424 guide $2.95 billion, +4% QoQ & +18.6% YoY. CEO states "for years now, we've really had primarily...

William Keating

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...