Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company</li>
<li>Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially</li>
<li>HBM negotiations for 2026 supply &amp; pricing still ongoing. Could Micron be holding out for a better deal?</li>
</ul>


Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company
Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially
HBM negotiations for 2026 supply &amp; pricing still ongoing. Could Micron be holding out for a better deal?


Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside</li>
<li>No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either</li>
<li>Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists</li>
</ul>


Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside
No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either
Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists


Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.</li>
<li>What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?   </li>
<li>Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China. </li>
</ul>


US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.
What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?   
Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China. 


US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jun 20th. The aggregated short interest was USD8.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SK Hynix, Skc, Hanwha Solutions, Kepco E&amp;C, Samsung Fire &amp; Marine Insurance, Meritz Financi, Alteogen, Daewoo Shipbuilding, Korzinc.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 20th. The aggregated short interest was USD8.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SK Hynix, Skc, Hanwha Solutions, Kepco E&amp;C, Samsung Fire &amp; Marine Insurance, Meritz Financi, Alteogen, Daewoo Shipbuilding, Korzinc.


KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Despite ongoing military conflicts and a trade war, Asia ex Japan headline valuations are remarkably stable and robust. North Asia's and India's valuations and growth forecasts are healthier than ASEAN's</li>
<li>North Asia's and India's EPS growth and ROE profile are sturdier. Korea's, Taiwan's, China's and India's forecast EPS growth (2026E) are 15-17%. Conversely, Singapore's, Thailand's, Malaysia's and Philippines' are 4.5-8.5%.</li>
<li>Taiwan and India (15-15.5%) have highest forecast ROEs. Indonesia (13.9%), Philippines (12.6%), HK/China (10-11%) follows. All others have single digit forecast ROE. Our overweights on Korea, HK/CN, India seem justified.</li>
</ul>


Despite ongoing military conflicts and a trade war, Asia ex Japan headline valuations are remarkably stable and robust. North Asia's and India's valuations and growth forecasts are healthier than ASEAN's
North Asia's and India's EPS growth and ROE profile are sturdier. Korea's, Taiwan's, China's and India's forecast EPS growth (2026E) are 15-17%. Conversely, Singapore's, Thailand's, Malaysia's and Philippines' are 4.5-8.5%.
Taiwan and India (15-15.5%) have highest forecast ROEs. Indonesia (13.9%), Philippines (12.6%), HK/China (10-11%) follows. All others have single digit forecast ROE. Our overweights on Korea, HK/CN, India seem justified.


Asian Equities: Growth and ROE Driving Valuation Divergence; North Asia Pockets Robust, ASEAN Feeble

South Korea

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.

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SK Hynix (000660 KS)

Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Micron's HBM negotiations for 2026 supply & pricing are still ongoing. Could they be holding out for a better deal? Let's see...

William Keating

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China

US tightening restrictions on foreign-owned semiconductor production in China, exempting Samsung, SK Hynix, TSMC from import licenses. Samsung and...

Nicolas Baratte

KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix (000660 KS), Skc (011790 KS), Hanwha...

Ke Yan, CFA, FRM

Asian Equities: Growth and ROE Driving Valuation Divergence; North Asia Pockets Robust, ASEAN Feeble

Despite conflicts & trade war, AxJ valn remain stable especially in HK/CN, KR, TW & IN. KR, TW, CN & IN have 15-17% f'cast EPS grth. SG, TH, MY,...

Manishi Raychaudhuri

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52-week Range

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Micron Q325 Earnings: NAND's Surprising Rebound While HBM Already @$6 Billion Annual Run Rate.

Micron's HBM negotiations for 2026 supply & pricing are still ongoing. Could they be holding out for a better deal? Let's see...

William Keating

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

​Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China

​US tightening restrictions on foreign-owned semiconductor production in China, exempting Samsung, SK Hynix, TSMC from import licenses. Samsung and...

Nicolas Baratte

KRX Short Interest Weekly (Jun 20th): SK Hynix, Skc, Hanwha Solutions, Kepco E&C

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix (000660 KS), Skc (011790 KS), Hanwha...

Ke Yan, CFA, FRM

Asian Equities: Growth and ROE Driving Valuation Divergence; North Asia Pockets Robust, ASEAN Feeble

​Despite conflicts & trade war, AxJ valn remain stable especially in HK/CN, KR, TW & IN. KR, TW, CN & IN have 15-17% f'cast EPS grth. SG, TH, MY,...

Manishi Raychaudhuri

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

US tightening restrictions on foreign-owned semiconductor production in China, exempting Samsung, SK Hynix, TSMC from import licenses. Samsung and...

Despite conflicts & trade war, AxJ valn remain stable especially in HK/CN, KR, TW & IN. KR, TW, CN & IN have 15-17% f'cast EPS grth. SG, TH, MY,...