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>Q323 revenues of KRW 67.4 trillion, up 12.3% QoQ but still down 7% YoY. </li>
<li>Operating profit KRW 2.4 trillion, a big improvement on the KRW 0.67 trillion in the second quarter but a far cry from the KRW 10.85 trillion in the year-ago quarter</li>
<li>While Memory has turned the corner, yet further productions cuts are still required</li>
</ul>


Q323 revenues of KRW 67.4 trillion, up 12.3% QoQ but still down 7% YoY. 
Operating profit KRW 2.4 trillion, a big improvement on the KRW 0.67 trillion in the second quarter but a far cry from the KRW 10.85 trillion in the year-ago quarter
While Memory has turned the corner, yet further productions cuts are still required


Samsung. Strategic Shift Reverses Memory ASP's Downward Spiral

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>KRX did not acknowledge any business relevance between SK Square and the Semicon industry, leading to its exclusion from the KRX Semicon after the GICS change.</li>
<li>We should consider the strong possibility that this same approach will be applied in the upcoming December KOSPI 200 IT rebalancing.</li>
<li>If we observe a somewhat unusual downward trend in SK Square's price from the 15th, this could be seen as a hint foretelling the announcement of SK Square's exclusion.</li>
</ul>


KRX did not acknowledge any business relevance between SK Square and the Semicon industry, leading to its exclusion from the KRX Semicon after the GICS change.
We should consider the strong possibility that this same approach will be applied in the upcoming December KOSPI 200 IT rebalancing.
If we observe a somewhat unusual downward trend in SK Square's price from the 15th, this could be seen as a hint foretelling the announcement of SK Square's exclusion.


Exploring Fresh Flow Trading Prospects for SK Square: Targeting Exclusion from KOSPI 200 IT

<ul>
<li>SK Hynix reported Q323 revenues of 9.066 trillion won, up 24% QoQ but still down 17% YoY</li>
<li>Net income was -2.185 trillion won, a 27% improvement on the losses in the prior quarter.</li>
<li>While DRAM has turned profitable, NAND remains stubbornly loss making and is likely to remain so for the foreseeable future</li>
</ul>


SK Hynix reported Q323 revenues of 9.066 trillion won, up 24% QoQ but still down 17% YoY
Net income was -2.185 trillion won, a 27% improvement on the losses in the prior quarter.
While DRAM has turned profitable, NAND remains stubbornly loss making and is likely to remain so for the foreseeable future


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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.</li>
<li>Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.</li>
<li>Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe</li>
</ul>


Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.
Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.
Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe


Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

EcoPro Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> is looking to raise up to US$469m in its Korean IPO.</li>
<li>Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.</li>
<li>In our previous notes, we covered the company’s performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we will share our updated thoughts on valuation.</li>
</ul>



EcoPro Materials (ECO123 KS) is looking to raise up to US$469m in its Korean IPO.
Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
In our previous notes, we covered the company’s performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we will share our updated thoughts on valuation.


Ecopro Materials IPO - Updated Thoughts on Valuation - Sentiment Has Gotten Worse

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)

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Samsung Electronics Pref Shares (005935 KS)

Samsung. Strategic Shift Reverses Memory ASP's Downward Spiral

A strategic shift in marketing strategy has reversed Samsung Memory's downward ASP spiral but further production cuts are still required for...

William Keating

Exploring Fresh Flow Trading Prospects for SK Square: Targeting Exclusion from KOSPI 200 IT

The post delves into new flow trading opportunities for SK Square, with a focus on its possibility of being excluded from KOSPI 200 IT in December.

Sanghyun Park

SK Hynix. DRAM To The Rescue

SK Hynix rQ323 revenues 9.066 trillion won, up 24% QoQ but still -17% YoY. Net income -2.185 trillion won, a 27% improvement QoQ. While DRAM...

William Keating

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

This week's key results in Taiwan include Delta, Elan, ChipMOS, Nuvoton, and AU Optronics. Positive signs for the PC and mobile space have been...

Vincent Fernando, CFA

Ecopro Materials IPO - Updated Thoughts on Valuation - Sentiment Has Gotten Worse

EcoPro Materials (ECO123 KS) is looking to raise up to US$469m in its Korean IPO. In this note, we will share our updated thoughts on valuation.

Ethan Aw

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