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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC snags $6.6 billion in US CHIPS Act funding, along with loans up to $5 billion and tax credits up to 25% on eligible capital expenditures</li>
<li>TSMC has committed to building a third fab in Arizona, scheduled to begin operations around 2030</li>
<li>TSMC's reiteration of their world class CAGR, Gross Margin &amp; ROE numbers shines a light on Intel's vastly inferior performance outlook.</li>
</ul>


TSMC snags $6.6 billion in US CHIPS Act funding, along with loans up to $5 billion and tax credits up to 25% on eligible capital expenditures
TSMC has committed to building a third fab in Arizona, scheduled to begin operations around 2030
TSMC's reiteration of their world class CAGR, Gross Margin &amp; ROE numbers shines a light on Intel's vastly inferior performance outlook.


TSMC Snags US CHIPS Act Funding & Ups The Ante On Intel

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>DRAM producer Nanya Tech will report its 1Q24E results on April 10th.</li>
<li>While Micron has said it is evaluating the impact of the Taiwan earthquake on its operations and has halted price discussions with clients, Nanya could provide latest DRAM outlook color.</li>
<li>Short interest has spiked ahead of Nanya's results; We note that the company has a large revenue and margin rebound it needs to deliver on to meet 2024E consensus.</li>
</ul>


DRAM producer Nanya Tech will report its 1Q24E results on April 10th.
While Micron has said it is evaluating the impact of the Taiwan earthquake on its operations and has halted price discussions with clients, Nanya could provide latest DRAM outlook color.
Short interest has spiked ahead of Nanya's results; We note that the company has a large revenue and margin rebound it needs to deliver on to meet 2024E consensus.


Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>After the market close on 8 April, it was reported that Lee Boo-Jin will sell 5,247,140 shares of Samsung Electronics in a block deal (up to 443 billion won).</li>
<li>The expected block deal sale price is 83,700 to 84,500 won per share, which represents a discount rate of up to 0.95% compared to the closing price on 8 April. </li>
<li>We are positive on this block deal sale and on Samsung Electronics. We would take the deal. </li>
</ul>


After the market close on 8 April, it was reported that Lee Boo-Jin will sell 5,247,140 shares of Samsung Electronics in a block deal (up to 443 billion won).
The expected block deal sale price is 83,700 to 84,500 won per share, which represents a discount rate of up to 0.95% compared to the closing price on 8 April. 
We are positive on this block deal sale and on Samsung Electronics. We would take the deal. 


Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin

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

Samsung Electronics / Equity Capital Markets

<ul>
<li>KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of  Samsung Electronics (005930 KS).</li>
<li>The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of  Samsung Electronics (005930 KS).
The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Samsung Electronics Placement - Better Timing This Time Around

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> is looking to raise up to US$551m in its Korean IPO.</li>
<li>HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) is looking to raise up to US$551m in its Korean IPO.
HD Hyundai Marine Solution (HMS from hereon) is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In our previous notes, we talked about the company’s historical performance and undertook a peer comparison. In this note, we share our thoughts on valuation.


HD Hyundai Marine Solution IPO - Thoughts on Valuation

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.

Samsung Electronics Pref Shares (005935 KS)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samsung Electronics Pref Shares (005935 KS)

TSMC Snags US CHIPS Act Funding & Ups The Ante On Intel

TSMC gets $6.6 billion US CHIPS Act funding & will build a third fab in Arizona, scheduled to open in 2030. They also reminded us of their world...

William Keating

Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising

Nanya Tech to report results -- Potential insight into DRAM outlook amid Micron's earthquake impact evaluation. We note increased short interest....

Vincent Fernando, CFA

Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin

After the market close on 8 April, it was reported that Lee Boo-Jin will sell 5,247,140 shares of Samsung Electronics in a block deal (up to 443...

Douglas Kim

Samsung Electronics Placement - Better Timing This Time Around

KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of Samsung Electronics (005930 KS).

Sumeet Singh

HD Hyundai Marine Solution IPO - Thoughts on Valuation

Books have opened today as the firm seeks to raise up to US$550m. Bookbuilding will run from today to April 22, with pricing slated for April 24....

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC Snags US CHIPS Act Funding & Ups The Ante On Intel

TSMC gets $6.6 billion US CHIPS Act funding & will build a third fab in Arizona, scheduled to open in 2030. They also reminded us of their world...

William Keating

Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising

​Nanya Tech to report results -- Potential insight into DRAM outlook amid Micron's earthquake impact evaluation. We note increased short interest....

Vincent Fernando, CFA

Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin

After the market close on 8 April, it was reported that Lee Boo-Jin will sell 5,247,140 shares of Samsung Electronics in a block deal (up to 443...

Douglas Kim

Samsung Electronics Placement - Better Timing This Time Around

KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of Samsung Electronics (005930 KS).

Sumeet Singh

HD Hyundai Marine Solution IPO - Thoughts on Valuation

Books have opened today as the firm seeks to raise up to US$550m. Bookbuilding will run from today to April 22, with pricing slated for April 24....

Ethan Aw

Nanya Tech to report results -- Potential insight into DRAM outlook amid Micron's earthquake impact evaluation. We note increased short interest....