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>Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range</li>
<li>Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!</li>
<li>NAND is headed for yet another downturn after six quarters of sequential growth. </li>
</ul>


Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range
Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!
NAND is headed for yet another downturn after six quarters of sequential growth. 


Micron. HBM Gets Even Better, NAND Gets Even Worse

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> significantly beat Q4 2024 earnings expectations, yet the stock showed minimal price movement with just a 1.0% gain immediately after the announcement.</li>
<li>Post-Earnings implied volatility declined substantially from 72% pre-earnings to below 53.4% after earnings, confirming pre-announcement predictions of overpriced volatility.</li>
<li>Straddle positions were actively traded around the earnings event. A case study showcases a profitable short straddle strategy.</li>
</ul>



Xiaomi Corp (1810 HK) significantly beat Q4 2024 earnings expectations, yet the stock showed minimal price movement with just a 1.0% gain immediately after the announcement.
Post-Earnings implied volatility declined substantially from 72% pre-earnings to below 53.4% after earnings, confirming pre-announcement predictions of overpriced volatility.
Straddle positions were actively traded around the earnings event. A case study showcases a profitable short straddle strategy.


Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

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

<ul>
<li>Micron's strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company's business.</li>
<li>This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx</li>
<li>Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures</li>
</ul>


Micron's strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company's business.
This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx
Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures


Micron 2QF25 Earnings Call Positive, But Tread with Caution

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/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
In this note, we talk about the not-so-positive aspects of the deal.


DN Solutions Pre-IPO - The Negatives - Stagnant Volumes

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB IN) have started to reverse from the highs. </li>
<li>SK Hynix, Meituan and Mediatek Inc all make recent gains in fund ownership, while HDFC Bank and AIA Group see closures.</li>
<li>UBS in AIA Group and TT International in HDFC Bank lead the fund-level closures.</li>
</ul>


Ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB IN) have started to reverse from the highs. 
SK Hynix, Meituan and Mediatek Inc all make recent gains in fund ownership, while HDFC Bank and AIA Group see closures.
UBS in AIA Group and TT International in HDFC Bank lead the fund-level closures.


AIA Group & HDFC Bank: Big Hitters Lose Momentum

South Korea

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.

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Samsung Electronics (005930 KS)

Micron. HBM Gets Even Better, NAND Gets Even Worse

Micron has increased their HBM TAM by $5 billion in each of the past two quarters. They are now expecting to reach an annual HBM run rate of $7.8...

William Keating

Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

Xiaomi Corp post-earnings implied volatility drops significantly. Trading straddle positions around earnings event proves profitable.

Gaudenz Schneider

Micron 2QF25 Earnings Call Positive, But Tread with Caution

Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Jim Handy

DN Solutions Pre-IPO - The Negatives - Stagnant Volumes

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

AIA Group & HDFC Bank: Big Hitters Lose Momentum

After establishing themselves as mainstays among active Asia Ex-Japan investors, ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB...

Steven Holden

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Micron. HBM Gets Even Better, NAND Gets Even Worse

Micron has increased their HBM TAM by $5 billion in each of the past two quarters. They are now expecting to reach an annual HBM run rate of $7.8...

William Keating

Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

​Xiaomi Corp post-earnings implied volatility drops significantly. Trading straddle positions around earnings event proves profitable.

Gaudenz Schneider

Micron 2QF25 Earnings Call Positive, But Tread with Caution

​Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...

Jim Handy

DN Solutions Pre-IPO - The Negatives - Stagnant Volumes

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

AIA Group & HDFC Bank: Big Hitters Lose Momentum

After establishing themselves as mainstays among active Asia Ex-Japan investors, ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB...

Steven Holden

Xiaomi Corp post-earnings implied volatility drops significantly. Trading straddle positions around earnings event proves profitable.

Micron's strong HBM and Data Center growth helped offset declines elsewhere, but AI growth may slack, and China semi growth is a threat. #Micron...