Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Zhen Ding Technology Holding / Equity Bottom-Up

<ul><li>Nvidia expands beyond chips to offer various AI services, becoming a one-stop AI factory for customers.</li><li>Cobalt recycling gains popularity as speculation grows over export restrictions, driving the trend in the industry.</li><li>India and Singapore sign MoU on semiconductors, while UK delegation pursues closer ties with Taiwan for collaboration.</li></ul>

Nvidia expands beyond chips to offer various AI services, becoming a one-stop AI factory for customers.Cobalt recycling gains popularity as speculation grows over export restrictions, driving the trend in the industry.India and Singapore sign MoU on semiconductors, while UK delegation pursues closer ties with Taiwan for collaboration.

Tech Supply Chain Tracker (06-Sep-2024): Nvidia transforms into AI factory 🤖

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>Foxconn benefits from regionalized production with improved efficiency, reduced shipping costs, and better supply chain integration.</li><li>AMEC is confident in their lawsuit against the US Department of Defense, showing strong belief in the merit of their legal case.</li><li>Japan's economy faces uncertainty with financial resources at risk after Kishida's resignation, raising concerns amidst the country's economic landscape and supply chain players cautiously optimistic about AI server boom.</li></ul>

Foxconn benefits from regionalized production with improved efficiency, reduced shipping costs, and better supply chain integration.AMEC is confident in their lawsuit against the US Department of Defense, showing strong belief in the merit of their legal case.Japan's economy faces uncertainty with financial resources at risk after Kishida's resignation, raising concerns amidst the country's economic landscape and supply chain players cautiously optimistic about AI server boom.

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.</li>
<li>Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.</li>
<li>TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.</li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT) has significantly outperformed this year, driven by a global AI-driven tailwind resulting in substantial revenue growth acceleration and a significant earnings upgrade cycle.
Record levels of FCF generation have supported dividend increases, and whilst future DPS expectations seem conservative, the current dividend yield suggests future increases have been priced in.
TSMC trades just above its 5-year historic average trading levels and at a premium to its key competitors, other smaller listed foundries, its main customers, and large suppliers.


TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cap-gemini-sa" target="_blank" data-smartkarma-citation="entities:21411:1" rel="noopener">Cap Gemini SA (CAP FP)</a> is estimated to be excluded from the selection list in the long-run due to being pushed way above 60% coverage in the Technology sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/merck-kgaa" target="_blank" data-smartkarma-citation="entities:21676:1" rel="noopener">Merck KGaA (MRK GR)</a> switches between in and out of the selection list because it fluctuates close to the 60% coverage of the Health Care sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> has a higher probability of deletion from SX5E if <a href="https://www.smartkarma.com/entities/merck-kgaa" target="_blank" data-smartkarma-citation="entities:21676:1" rel="noopener">Merck KGaA (MRK GR)</a>  qualifies to the selection list. Forecasted passive fund supply is  ~15 ADV.   </li>
</ul>



Cap Gemini SA (CAP FP) is estimated to be excluded from the selection list in the long-run due to being pushed way above 60% coverage in the Technology sector.

Merck KGaA (MRK GR) switches between in and out of the selection list because it fluctuates close to the 60% coverage of the Health Care sector.

Nokia OYJ (NOKIA FH) has a higher probability of deletion from SX5E if Merck KGaA (MRK GR)  qualifies to the selection list. Forecasted passive fund supply is  ~15 ADV.   


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>ASML announced its second quarter 2024 financial results, revealing data that both supports and raises concerns about its short-term performance and long-term strategy.</li><li>The company posted total net sales of EUR 6.2 billion, slightly ahead of its guided figures, with net system sales contributing EUR 4.8 billion.</li><li>The net system sales were driven by 54% Logic and 46% Memory, with Installed Base Management sales slightly higher than expected at EUR 1.48 billion.</li></ul>

ASML announced its second quarter 2024 financial results, revealing data that both supports and raises concerns about its short-term performance and long-term strategy.The company posted total net sales of EUR 6.2 billion, slightly ahead of its guided figures, with net system sales contributing EUR 4.8 billion.The net system sales were driven by 54% Logic and 46% Memory, with Installed Base Management sales slightly higher than expected at EUR 1.48 billion.

ASML Holding N.V.: What Is The Impact Of Impact of the Chips Act and Global Expansion? - Major Drivers

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

Tech Supply Chain Tracker (06-Sep-2024): Nvidia transforms into AI factory 🤖

Nvidia expands into AI services, cobalt recycling in demand, India-Singapore semiconductor deal, UK-Taiwan collaboration at SEMICON, Zhen Ding...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (20-Aug-2024): Regional production helps Foxconn.

Regionalized production boosts efficiency for Foxconn, AMEC confident in lawsuit, Japan's financial resources in jeopardy, supply chain players...

Tech Supply Chain Tracker

TSMC (2330-TT): Revisiting Previous Bullish Themes Following Outperformance

In this insight, we revisit our bullish outlook for TSMC by analysing its revenue growth and margin prospects, Free Cash Flow generation outlook,...

Wium Malan, CFA

EURO STOXX 50: Exclusion by Sector

Merck KGaA's fluctuating ranking in the Health Care sector impacts the probability of Nokia's deletion from EURO STOXX 50 which can cause a passive...

Dimitris Ioannidis

ASML Holding N.V.: What Is The Impact Of Impact of the Chips Act and Global Expansion? - Major Drivers

ASML announced its second quarter 2024 financial results, revealing data that both supports and raises concerns about its short-term performance...

Baptista Research

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