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)

Memory, both DRAM and NAND, are currently in a super-cycle characterized by tight supply and rising prices. Commentators are divided as to whether this cycle is different from previous cycles and consequently what the future holds for supply, demand and pricing. Furthermore, there are growing concerns that China’s semiconductor ambitions could soon result in the market being flooded with high volumes of low-cost DRAM. In this Insight, we examine the history of DRAM from inception to the present day, in particular looking at how market leadership which began in the US, transitioned first to Japan and then to Korea, with a largely failed attempt by Taiwan in between. We ask whether the conditions that allowed these leadership transitions to occur in the past could once again play out in favour of China’s determination to grow its indigenous semiconductor industry.

Memory, both DRAM and NAND, are currently in a super-cycle characterized by tight supply and rising prices. Commentators are divided as to whether this cycle is different from previous cycles and consequently what the future holds for supply, demand and pricing. Furthermore, there are growing concerns that China’s semiconductor ambitions could soon result in the market being flooded with high volumes of low-cost DRAM. In this Insight, we examine the history of DRAM from inception to the present day, in particular looking at how market leadership which began in the US, transitioned first to Japan and then to Korea, with a largely failed attempt by Taiwan in between. We ask whether the conditions that allowed these leadership transitions to occur in the past could once again play out in favour of China’s determination to grow its indigenous semiconductor industry.  

Learnings From The History Of Memory Part 1 - China's DRAM Dreams

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<h2>Earlier Rumor is becoming a fact</h2>After months of rumors about Dr. Liang, Mong Song might join <a href="https://www.smartkarma.com/entities/14231" target="_blank" data-smartkarma-citation="entities:14231:1">Semiconductor Manufacturing (981 HK)</a> as a CEO, SMIC today announced Dr. Liang (age 65) as Co-CEO for a proposed term of three years with an annual cash compensation of US$200,000 (net of tax) together with Co-CEO Dr. Zhao, HaiJun. Both have been appointed as executive directors of SMIC. Dr. Liang graduated with a doctorate degree in EE at University of California, Berkeley. Dr. Liang held senior director…

Earlier Rumor is becoming a factAfter months of rumors about Dr. Liang, Mong Song might join Semiconductor Manufacturing (981 HK) as a CEO, SMIC today announced Dr. Liang (age 65) as Co-CEO for a proposed term of three years with an annual cash compensation of US$200,000 (net of tax) together with Co-CEO Dr. Zhao, HaiJun. Both have been appointed as executive directors of SMIC. Dr. Liang graduated with a doctorate degree in EE at University of California, Berkeley. Dr. Liang held senior director…

Dr. Liang Joins SMIC After TSMC/Samsung; Rumor as a CEO Is Becoming a Fact

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<h2>Summary</h2><ul><li>What did IC Insights say about China foundry market? Pure-play foundry sales in China are expected to jump by 16% y/y this year to about US$6.95bn, more than double the rate of increase for the total pure-play foundry market (7.5% y/y). The Chinese foundry market represented 11% of the global pure-play foundry market in 2015, 12% in 2016, and is forecast to hold a 13% share this year.</li></ul><ul><li>China Foundry Market might be Dominated by TSMC: TSMC and UMC together dominate 55% of China foundry…</li></ul>

SummaryWhat did IC Insights say about China foundry market? Pure-play foundry sales in China are expected to jump by 16% y/y this year to about US$6.95bn, more than double the rate of increase for the total pure-play foundry market (7.5% y/y). The Chinese foundry market represented 11% of the global pure-play foundry market in 2015, 12% in 2016, and is forecast to hold a 13% share this year.China Foundry Market might be Dominated by TSMC: TSMC and UMC together dominate 55% of China foundry…

China Foundry Market Might Be Dominated by TSMC; Our Analysis After IC Insights Report

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

MSCI Emerging Markets Index / Technical Analysis

This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:<ul><li>Latin America is breaking out to all-time highs.</li><li>Tech--extended but still leadership.</li><li>Uptick in attractive consumer stocks.</li><li>Commodity sectors are strengthening.</li></ul>

This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:Latin America is breaking out to all-time highs.Tech--extended but still leadership.Uptick in attractive consumer stocks.Commodity sectors are strengthening.

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Korea Stock Exchange Kospi Index / Technical Analysis

The following update was issued over the weekend which outlines our more bullish view on Korea and stocks we like in Korea, Taiwan and Hong Kong as we add on more risk in Asia.To view click on this link: <a href="http://www.screencast.com/t/9pmBn3nOBAuH" target="_blank">http://www.screencast.com/t/9pmBn3nOBAuH</a>6:58 min. <figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/033/713/original/CPG%20INSERT.png?1505712387" data-smartkarma-image-id="33713"></figure><div class="content-caption">Long stock bets</div>Korea - In last Thursday's Asian update in our macro product, we had our finger on the trigger to buy Korea given the odds of breaking above 312.25 out of the flat congestive pattern (upside breakout). We are short from 319 and…

The following update was issued over the weekend which outlines our more bullish view on Korea and stocks we like in Korea, Taiwan and Hong Kong as we add on more risk in Asia.To view click on this link: http://www.screencast.com/t/9pmBn3nOBAuH6:58 min. Long stock betsKorea - In last Thursday's Asian update in our macro product, we had our finger on the trigger to buy Korea given the odds of breaking above 312.25 out of the flat congestive pattern (upside breakout). We are short from 319 and…

Where We Are Adding Risk in Asia - Korea Focus

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectronics Corp (2303 TT)

Learnings From The History Of Memory Part 1 - China's DRAM Dreams

Memory, both DRAM and NAND, are currently in a super-cycle characterized by tight supply and rising prices. Commentators are divided as to whether...

William Keating

Dr. Liang Joins SMIC After TSMC/Samsung; Rumor as a CEO Is Becoming a Fact

Earlier Rumor is becoming a factAfter months of rumors about Dr. Liang, Mong Song might join Semiconductor Manufacturing (981 HK) as a CEO, SMIC...

Andrew Lu

China Foundry Market Might Be Dominated by TSMC; Our Analysis After IC Insights Report

SummaryWhat did IC Insights say about China foundry market? Pure-play foundry sales in China are expected to jump by 16% y/y this year to about...

Andrew Lu

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

This report highlights actionable EM stocks from across industries and regions. This week's report highlights the following: Latin America is...

Vermilion Research

Where We Are Adding Risk in Asia - Korea Focus

The following update was issued over the weekend which outlines our more bullish view on Korea and stocks we like in Korea, Taiwan and Hong Kong as...

Thomas Schroeder

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