Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Technology sector in Asia mostly, and Global Tech in a couple of jobs. Nicolas has worked on the sell-side for JPMorgan, CLSA and Macquarie. On the buy-side for a Tiger fund and Prudential. Nicolas has covered Asian semiconductors, Asian hardware and components, and the global Semi supply chain. In addition to stock coverage, he also publishes research on sectors as that often shows clearer trends and pinpoints the inflection points in a sharper way. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Infineon: Large Miss and Reset. Auto & Industrial Semi Is a Good Space for Shorts.

Vanguard (5347.TT): Setup 12" Fab in Singapore With 60% Stake, with NXP Investing Remaining 40%.

STMicro (STM): Can It Get Any Worse? Yes, It Will in 1Q25. Let's Wait for that Reset.

Renesas Equity Offering - Priced To Go With Index Demand Now and Later

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>If we care about PMI, we have to care about Automotive and Industrial Semiconductor. Cautiousness about high inventories and slowing end-demand slowly emerged in 1H24. 4Q guidance is a firework.</li>
<li>Renesas: 1Q24 “the Q1 bottom has not changed”. 2Q24 “more cautious outlook”. 3Q “we need to step on the brakes more. End demand, more than expected, became weaker”.</li>
<li>Do we buy stocks when valuations are low or when downward revisions are over? These stocks are cheap, but Consensus will continue cutting till 2Q25, in our view.</li>
</ul>


If we care about PMI, we have to care about Automotive and Industrial Semiconductor. Cautiousness about high inventories and slowing end-demand slowly emerged in 1H24. 4Q guidance is a firework.
Renesas: 1Q24 “the Q1 bottom has not changed”. 2Q24 “more cautious outlook”. 3Q “we need to step on the brakes more. End demand, more than expected, became weaker”.
Do we buy stocks when valuations are low or when downward revisions are over? These stocks are cheap, but Consensus will continue cutting till 2Q25, in our view.


NXP, Renesas, STMicro: Only Bad News. Auto & Industrial Semi Firms Give Poor Signals on End-Demand.

Nxp Semiconductors Nv

NXP, Renesas, STMicro: Only Bad News. Auto & Industrial Semi Firms Give Poor Signals on End-Demand.