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>Semiconductor revenues remain in a decline, although that decline has slowed.</li>
<li>Prices appear to have reached cost.  They should follow cost declines until a shortage returns.</li>
<li>The timing of the next shortage is still in question.</li>
</ul>


Semiconductor revenues remain in a decline, although that decline has slowed.
Prices appear to have reached cost.  They should follow cost declines until a shortage returns.
The timing of the next shortage is still in question.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>One may presume that <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> moved their <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares received from their non-CCASS holdings of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. It does not tell us much else. </li>
<li>Allocation in the <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a> partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. </li>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. </li>
</ul>


One may presume that Prosus (PRX NA) moved their Meituan (3690 HK) shares received from their non-CCASS holdings of Tencent (700 HK). It does not tell us much else. 
Allocation in the S.M.Entertainment Co (041510 KS) partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. 

Toyo Construction (1890 JP) has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. 


Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

Travis Lundy

<ul>
<li>The Nikkei 225 March 2023 Rebalance is 31 March at the close. There is about US$1.75bn of funding to sell against US$1.85bn of 3 names to buy. </li>
<li>The impact on the Buy Side is middling at 3, 6.4, and 6.9 days of ADV to buy. The three DELETES are larger on average but they are all smallcaps. </li>
<li>One trade - long an ADD vs a Peer - is still worth doing. Indexers buy the stock, it goes into a dark closet, and never comes out.</li>
</ul>


The Nikkei 225 March 2023 Rebalance is 31 March at the close. There is about US$1.75bn of funding to sell against US$1.85bn of 3 names to buy. 
The impact on the Buy Side is middling at 3, 6.4, and 6.9 days of ADV to buy. The three DELETES are larger on average but they are all smallcaps. 
One trade - long an ADD vs a Peer - is still worth doing. Indexers buy the stock, it goes into a dark closet, and never comes out.


Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS. SPX reclaims 4000 level to cose up +1.4%; Nasdaq 100 enters BULL MARKET;  Micron +7% Intel +7.6%  spurs sentiment around Semi recovery. </li>
<li>JAPAN. NKY Futs -0.3% vs Cash; USDJPY ¥132.8;  Dividend x-Date today - expect ~¥1trill of reinvestment BUYING in total; New Toyota CEO vows to get serious about EVs -about time</li>
<li>NUGGET. Incoming CEO Makiko Ono - Set to Further Globalize Suntory Beverage.  If she can execute, stock looks like a bargain. </li>
</ul>


OVERSEAS. SPX reclaims 4000 level to cose up +1.4%; Nasdaq 100 enters BULL MARKET;  Micron +7% Intel +7.6%  spurs sentiment around Semi recovery. 
JAPAN. NKY Futs -0.3% vs Cash; USDJPY ¥132.8;  Dividend x-Date today - expect ~¥1trill of reinvestment BUYING in total; New Toyota CEO vows to get serious about EVs -about time
NUGGET. Incoming CEO Makiko Ono - Set to Further Globalize Suntory Beverage.  If she can execute, stock looks like a bargain. 


Good Morning Japan |NASDAQ BULL MARKET! NUGGET: CEO Makiko Ono-Set to Further Globalize Suntory Bev

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, aims to raise up to around US$900m in its Japan listing in April 2023.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.


Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

No Signs of a Chip Recovery

Has the chip downturn ended? No. Is there any sign that it's going to end soon? Again, no. This Insight provides concrete data points to...

Jim Handy

Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Nikkei 225 March 2023 Rebal Tomorrow

The Nikkei 225 Rebalance for March 2023 is tomorrow (Friday 31 March 2023) at the close. There is a US$1.75bn funding sell at the close.

Travis Lundy

Good Morning Japan |NASDAQ BULL MARKET! NUGGET: CEO Makiko Ono-Set to Further Globalize Suntory Bev

In the US, NASDAQ 100 enters bull market. Broad based US rally. In Japan, Tech to lead; Drivers today: US rally, weaker yen; Underweight investors...

Mark Chadwick

Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.

Sumeet Singh

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