Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Hyperscaler CapEx could be slowing down, based on 4Q24 spending</li>
<li>Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases</li>
<li>Industry CapEx as a percent of revenue has slowed its growth</li>
</ul>


Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>REEs in the spotlight. Among the hundreds of companies hosting booths and engaging with investors and capital providers, past PDAC conferences featured a small number of rare earth elements (REEs) resource developers.</li><li>At the conference this year, the number of REE companies was noticeably higher, with many looking to develop resources in North America.</li><li>With REEs being added to the critical metals and minerals list by both US and Canadian governments and with the REE deal being a cornerstone of US-Ukraine relationship, government attention and funding opportunities being available to industry participants should improve further.</li></ul>

REEs in the spotlight. Among the hundreds of companies hosting booths and engaging with investors and capital providers, past PDAC conferences featured a small number of rare earth elements (REEs) resource developers.At the conference this year, the number of REE companies was noticeably higher, with many looking to develop resources in North America.With REEs being added to the critical metals and minerals list by both US and Canadian governments and with the REE deal being a cornerstone of US-Ukraine relationship, government attention and funding opportunities being available to industry participants should improve further.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.</li><li>However, concerns over Trump-era tariffs and ongoing trade tensions between the US and other nations weighed on sentiment, leading to retreats in both the Tokyo and Hong Kong markets.</li><li>This also put pressure on the SET Index, despite gains in stocks like DELTA, ADVANC, GULF, INTUCH, and tourism-related shares.</li></ul>

The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.However, concerns over Trump-era tariffs and ongoing trade tensions between the US and other nations weighed on sentiment, leading to retreats in both the Tokyo and Hong Kong markets.This also put pressure on the SET Index, despite gains in stocks like DELTA, ADVANC, GULF, INTUCH, and tourism-related shares.

<ul><li>The truck leasing sector stocks under our coverage reported a combined net profit of Bt139mn in 4Q24 (-56.8% YoY, +0.7% QoQ).</li><li>While new truck sales in 2025E remain challenged by low production volumes, demand has started shifting toward the used truck market.</li><li>In addition, the "You Fight, We Help" program is supporting the recovery of used truck prices, which should ease pressure on provisions and repossession losses. </li></ul>

The truck leasing sector stocks under our coverage reported a combined net profit of Bt139mn in 4Q24 (-56.8% YoY, +0.7% QoQ).While new truck sales in 2025E remain challenged by low production volumes, demand has started shifting toward the used truck market.In addition, the "You Fight, We Help" program is supporting the recovery of used truck prices, which should ease pressure on provisions and repossession losses. 

Finance & Securities: Truck Hire Purchase - MARCH 14, 2025

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,150/1,140 points and the resistance at 1,168/1,173 points.</li><li>In the medium term, the index remains in a zig-zag down trend, searching for the bottom within the 1,100-1,506-point range.</li><li>In the short term, the index is still in a downtrend, making new lows with intermittent technical rebounds. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,150/1,140 points and the resistance at 1,168/1,173 points.In the medium term, the index remains in a zig-zag down trend, searching for the bottom within the 1,100-1,506-point range.In the short term, the index is still in a downtrend, making new lows with intermittent technical rebounds. 

KTX Zoom - US University of Michigan Consumer Sentiment Index

Thematic (Sector/Industry)
Thematic (Sector/Industry) Insights

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At the conference this year, the number of REE companies was noticeably higher, with many looking to develop resources in North America.

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Technical Analysis - MARCH 14, 2025

The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.

Krungthai XSpring

Finance & Securities: Truck Hire Purchase - MARCH 14, 2025

The truck leasing sector stocks under our coverage reported a combined net profit of Bt139mn in 4Q24 (-56.8% YoY, +0.7% QoQ).

Krungthai XSpring

KTX Zoom - US University of Michigan Consumer Sentiment Index

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,150/1,140 points and the resistance at 1,168/1,173...

Krungthai XSpring

IS AI Spending Poised to Fall?

​Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

WTR Small-Cap Spotlight Recap PDAC 2025

At the conference this year, the number of REE companies was noticeably higher, with many looking to develop resources in North America.

Water Tower Research

Technical Analysis - MARCH 14, 2025

The SET initially attempted to rebound, following the positive momentum of most Asian bourses, which benefited from lower- than-expected US. CPI data.

Krungthai XSpring

Finance & Securities: Truck Hire Purchase - MARCH 14, 2025

The truck leasing sector stocks under our coverage reported a combined net profit of Bt139mn in 4Q24 (-56.8% YoY, +0.7% QoQ).

Krungthai XSpring

KTX Zoom - US University of Michigan Consumer Sentiment Index

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,150/1,140 points and the resistance at 1,168/1,173...

Krungthai XSpring

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...