Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> reported record revenues and profits for FY22. Guidance for FY23 was underwhelming and margin pressure was much larger than feared</li>
<li>On an 18-24 month horizon, we think AEM outperforms but in the short-term stock could see more downside as worries about margin pressure persist</li>
<li>Lower Fair Value estimate to 6 SGD from 8 SGD (15x 0.40 EPS FY24).</li>
</ul>



AEM (AEM SP) reported record revenues and profits for FY22. Guidance for FY23 was underwhelming and margin pressure was much larger than feared
On an 18-24 month horizon, we think AEM outperforms but in the short-term stock could see more downside as worries about margin pressure persist
Lower Fair Value estimate to 6 SGD from 8 SGD (15x 0.40 EPS FY24).


AEM: 2023 Is a Transition Year, Back to 0.40 EPS in 2024

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.</li>
<li>Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.</li>
<li>Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.</li>
</ul>


The U.S. is reportedly working to implement China semiconductor restrictions with South Korean firms, after doing the same with Japanese and Dutch firms.
Nanya management sees a bottom for Memory prices in 1Q23E; we look at Long Micron vs. Short Nanya.
Firms are significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.


Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Intel cut its dividend by 2/3rd, freeing up $4B in cash.</li>
<li>The company revised own capital intensity guidance for 2023 to low 30s% from 35%, while maintaining 24/25 guidance.</li>
<li>Recent $11B debt raise and Mobile eye shares should provide enough capital for the next year.</li>
</ul>


Intel cut its dividend by 2/3rd, freeing up $4B in cash.
The company revised own capital intensity guidance for 2023 to low 30s% from 35%, while maintaining 24/25 guidance.
Recent $11B debt raise and Mobile eye shares should provide enough capital for the next year.


Intel’s Cut Its Dividend, But Should It Cut Its Foundry?

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 memories, the most volatile part of the chip market, have declined dramatically since June</li>
<li>During downturns memory chip prices typically collapse until they hit cost</li>
<li>NAND appears to be selling at or near cost, but DRAM still has room for further declines</li>
</ul>


Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June
During downturns memory chip prices typically collapse until they hit cost
NAND appears to be selling at or near cost, but DRAM still has room for further declines


Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

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/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> (HSAI) raised around US$190m in its US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>We have looked at the company’s past performance and valuations. In this note, we will talk about the trading updates.</li>
</ul>



Hesai Group (HSAI US) (HSAI) raised around US$190m in its US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
We have looked at the company’s past performance and valuations. In this note, we will talk about the trading updates.


Hesai Group IPO Trading - Managed to Break the Drought

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

AEM: 2023 Is a Transition Year, Back to 0.40 EPS in 2024

AEM reported record revenues and profits in FY22. The outlook for FY23 is weak as management thinks of it as a transition year.

Nicolas Van Broekhoven

Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

Firms are also significantly expanding semiconductor capacity in Singapore, with the latest being Applied Materials and French firm Soitec.

Vincent Fernando, CFA

Intel’s Cut Its Dividend, But Should It Cut Its Foundry?

Intel unsuprisingly cut its dividend given the massive PC inventory glut and lack of FCF in 2023 and to keep its foundry plans intact...we question...

Aaron Gabin

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

The semiconductor memory market has collapsed, but the collapse is nearly over for Samsung, SK hynix, Micron, WDC, and Kioxia.

Jim Handy

Hesai Group IPO Trading - Managed to Break the Drought

Hesai Group (HSAI US) raised around US$190m in its US IPO. We have looked at the company's performance in our previous note, in this note we will...

Sumeet Singh

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