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

Thematic (Sector/Industry)

<ul>
<li>DRAM revenues for Q125 amounted to $28.6 billion, up 1.5% QoQ and up 57.4% YoY. </li>
<li>NAND Q125 revenues amounted to $13.3 billion, down 20.6% QoQ and down 5.5% YoY.</li>
<li>Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030. Transformation incoming!</li>
</ul>


DRAM revenues for Q125 amounted to $28.6 billion, up 1.5% QoQ and up 57.4% YoY. 
NAND Q125 revenues amounted to $13.3 billion, down 20.6% QoQ and down 5.5% YoY.
Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030. Transformation incoming!


Semiconductor Memory Q125 Review, Tariff & Tech Transition Impacts, HBM Outlook Etc.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. </li>
<li>Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.</li>
<li>Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.</li>
</ul>


This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. 
Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.
Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.


An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 2 changes for the FnGuide Top 10 Index and 1 change for the FnGuide Top 10 Equal Weight Index in June.</li>
<li>There will be capping inflows for <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, capping outflows for <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and funding outflows for the other index constituents.</li>
<li>A long adds/ short deletes trade has performed well historically for the FnGuide Top 10 Index with positive performance till implementation followed by reversion post implementation in most cases.</li>
</ul>


There could be 2 changes for the FnGuide Top 10 Index and 1 change for the FnGuide Top 10 Equal Weight Index in June.
There will be capping inflows for Samsung Electronics (005930 KS), capping outflows for SK Hynix (000660 KS) and funding outflows for the other index constituents.
A long adds/ short deletes trade has performed well historically for the FnGuide Top 10 Index with positive performance till implementation followed by reversion post implementation in most cases.


FnGuide Top 10 & Equal Weight Index Rebalance Preview: Outperformance Continues

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

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17</li>
<li>Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract</li>
<li>PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches </li>
</ul>


Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches 


Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

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 foreign holdings of KRX stocks as of May 30th. The aggregated holding was USD537.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD964mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Sme, Hyundai Rotem, Samsung Heavy Industries, Doosan Enerbility, Kakao, SK Hynix.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 30th. The aggregated holding was USD537.8bn.
We estimate that foreign flows to be inflows of USD964mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Sme, Hyundai Rotem, Samsung Heavy Industries, Doosan Enerbility, Kakao, SK Hynix.


KRX Foreign Holding Weekly (May 30th): Sme, Hyundai Rotem, Samsung Heavy Industries

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
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Samsung Electronics Pref Shares (005935 KS)

Semiconductor Memory Q125 Review, Tariff & Tech Transition Impacts, HBM Outlook Etc.

Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030....

William Keating

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

Once Lee Jae-Yong makes the final inheritance tax payment next year (April 2026), he can start to reinvest his dividend income in various Samsung...

Douglas Kim

FnGuide Top 10 & Equal Weight Index Rebalance Preview: Outperformance Continues

There could be 2 changes for the FnGuide Top 10 Index and 1 change for the FnGuide Top 10 Equal Weight Index in June. The forecast adds have...

Brian Freitas

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

KRX Foreign Holding Weekly (May 30th): Sme, Hyundai Rotem, Samsung Heavy Industries

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sme, Hyundai Rotem, Samsung Heavy Industries,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semiconductor Memory Q125 Review, Tariff & Tech Transition Impacts, HBM Outlook Etc.

Micron's HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030....

William Keating

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

Once Lee Jae-Yong makes the final inheritance tax payment next year (April 2026), he can start to reinvest his dividend income in various Samsung...

Douglas Kim

FnGuide Top 10 & Equal Weight Index Rebalance Preview: Outperformance Continues

There could be 2 changes for the FnGuide Top 10 Index and 1 change for the FnGuide Top 10 Equal Weight Index in June. The forecast adds have...

Brian Freitas

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

​Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

KRX Foreign Holding Weekly (May 30th): Sme, Hyundai Rotem, Samsung Heavy Industries

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sme, Hyundai Rotem, Samsung Heavy Industries,...

Ke Yan, CFA, FRM

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.