Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul>
<li>Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.</li>
<li>Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   </li>
<li>KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. </li>
</ul>


Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 


Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. </li>
<li>Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.</li>
<li>Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. </li>
</ul>


Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. 
Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. 


Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

<ul>
<li>The UST curve twisted steeper on Friday, continuing the steepening trend following the Fed's rate cut decision last Wednesday.</li>
<li>The yield on the 2Y UST declined 2 bps to 3.52%, while the yield on the 10Y UST rose 3 bps to 4.18%.</li>
<li>Equities fell on investor anxiety over AI stocks, after Broadcom provided a disappointing sales outlook. </li>
</ul>


The UST curve twisted steeper on Friday, continuing the steepening trend following the Fed's rate cut decision last Wednesday.
The yield on the 2Y UST declined 2 bps to 3.52%, while the yield on the 10Y UST rose 3 bps to 4.18%.
Equities fell on investor anxiety over AI stocks, after Broadcom provided a disappointing sales outlook. 


Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> has been downtrending for a while, a speculative LONG positioning starts to become attractive for some, but according to our model the short-term upside is limited.</li>
<li>The stock is pulling back this week, second consecutive week down, this insight will try to identify price zones where to buy the stock and where to exit / hedge.</li>
<li>BYD could be held past our suggested profit target at 101.8 (in case the next bear rally it's not just a bear-rally), but time-wise it's a 2 weeks rally, tops.</li>
</ul>



BYD (1211 HK) has been downtrending for a while, a speculative LONG positioning starts to become attractive for some, but according to our model the short-term upside is limited.
The stock is pulling back this week, second consecutive week down, this insight will try to identify price zones where to buy the stock and where to exit / hedge.
BYD could be held past our suggested profit target at 101.8 (in case the next bear rally it's not just a bear-rally), but time-wise it's a 2 weeks rally, tops.


BYD (1211 HK) Tactical Outlook: Time To Go LONG? Not Yet.

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul>
<li>Back on <a href="https://www.smartkarma.com/insights/samsung-electronics-005930-ks-1-7-t-krw-block-deal-sale-where-to-buy-the-inevitable-pullback" target="_blank" rel="noopener">October 24th we forecasted</a><a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>'s pullback. Samsung pulled back 1 week after, ended in the support BUY zone we predicted and rallied higher from there.</li>
<li>Now, fast-forward to December 8th, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> is getting very close to the previous top at 112,400. Our model says the stock is overbought. </li>
<li>Double top? Not necessarily, but in the short-term the stock is about to pullback again. Our analysis tries to identify when the pullback can happen and where to enter LONG.
</li>
</ul>


Back on October 24th we forecastedSamsung Electronics (005930 KS)'s pullback. Samsung pulled back 1 week after, ended in the support BUY zone we predicted and rallied higher from there.
Now, fast-forward to December 8th, Samsung Electronics (005930 KS) is getting very close to the previous top at 112,400. Our model says the stock is overbought. 
Double top? Not necessarily, but in the short-term the stock is about to pullback again. Our analysis tries to identify when the pullback can happen and where to enter LONG.



Samsung Electronics (005930 KS) Tactical Outlook: The Stock Is OVERBOUGHT

Insights on Companies in the NVIDIA Supply Chain