Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
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Thematic (Sector/Industry)

<ul>
<li>Welcome back to Monday Delights!</li>
<li>This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li>
<li>The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li>
</ul>


Welcome back to Monday Delights!
This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.


External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.</li><li>The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.</li><li>Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

<div><div><div><div><ul><li>We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.</li><li>We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.</li><li>However, challenges remain given high uncertainties in economy and geopolitical issues.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high uncertainties in economy and geopolitical issues.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>
<p>Five Things to Know About China’s Overarching Financial Stability Law</p>
</li>
<li>
<p>Chinese citizens submitted 20% more requests for government information in 2021</p>
</li>
<li>
<p>China’s Covid outbreaks take bite out of local economic growth</p>
</li>
</ul>



Five Things to Know About China’s Overarching Financial Stability Law


Chinese citizens submitted 20% more requests for government information in 2021


China’s Covid outbreaks take bite out of local economic growth



CX Daily: Five Things to Know About China’s Overarching Financial Stability Law

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

<p>Headline Developments China has likened online computer games to opium, causing shares in Tencent (700.HK) and NetEase (9999.HK) to drop 10% and 15% respectively.  The article, which appeared in state-run Economic Information Daily (before being removed), said more than half of China’s children were nearsighted and online games affects their education; adding that gaming addiction is widespread and could negatively impact their growth.</p>

Headline Developments China has likened online computer games to opium, causing shares in Tencent (700.HK) and NetEase (9999.HK) to drop 10% and 15% respectively.  The article, which appeared in state-run Economic Information Daily (before being removed), said more than half of China’s children were nearsighted and online games affects their education; adding that gaming addiction is widespread and could negatively impact their growth.

United States

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

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On Semiconductor (ON US)

Monday Delight: 03/02/25

Welcome back to Monday Delights! This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that...

Contrarian Cashflows

Semi – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced...

CMB International

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high...

CMB International

CX Daily: Five Things to Know About China’s Overarching Financial Stability Law

Five Things to Know About China’s Overarching Financial Stability Law. Chinese citizens submitted 20% more requests for government information in 2021

Caixin Global

Weekly Innovation Review (WIRE) #43

Headline Developments: China has likened online computer games to opium, causing shares in Tencent (700.HK) and NetEase (9999.HK) to drop 10% and...

Granite Bay Capital

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