IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>Reuters reported that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a>, the largest <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> shareholder, plans to sell about half of its 43% stake, worth around JPY300 billion.</li>
<li>As Kokusai’s shares are trading at 3.2x the IPO price of JPY1,840, KKR would be tempted to reduce its stake further. The 180-day IPO lock-up period expired on 22 April.</li>
<li>Kokusai anticipates a return to growth and margin improvement. However, Kokusai trades at a material premium to peer multiples and is fully priced. </li>
</ul>


Reuters reported that KKR &amp; Co (KKR US), the largest Kokusai Electric (6525 JP) shareholder, plans to sell about half of its 43% stake, worth around JPY300 billion.
As Kokusai’s shares are trading at 3.2x the IPO price of JPY1,840, KKR would be tempted to reduce its stake further. The 180-day IPO lock-up period expired on 22 April.
Kokusai anticipates a return to growth and margin improvement. However, Kokusai trades at a material premium to peer multiples and is fully priced. 


Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul>
<li>Micron's earnings were… acceptable.</li>
<li>
The market didn’t like the guide, but I think it is more of a function of expectations management.
</li>
<li>
Micron is clearly on the upswing, and the stock needs healthy revenue and profit beats.

</li>
</ul>


Micron's earnings were… acceptable.

The market didn’t like the guide, but I think it is more of a function of expectations management.


Micron is clearly on the upswing, and the stock needs healthy revenue and profit beats.




Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

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

<ul>
<li>Global semiconductor equipment billings amounted to $26.4 billion in Q124, down 6% QoQ and down 2% YoY</li>
<li>China's annual WFE spending has roughly doubled between 2020 and 2023 to $36.6 billion</li>
<li>A combination of China's WFE customers including new entrants and a high failure rate among semi startups means that spending has not yet translated into corresponding increase in semi output</li>
</ul>


Global semiconductor equipment billings amounted to $26.4 billion in Q124, down 6% QoQ and down 2% YoY
China's annual WFE spending has roughly doubled between 2020 and 2023 to $36.6 billion
A combination of China's WFE customers including new entrants and a high failure rate among semi startups means that spending has not yet translated into corresponding increase in semi output


Semiconductor WFE Q124 Revenues, China's Share & What Are They Doing With All Those Tools?

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.

Equity Bottom-Up

<ul><li>Applied Materials has delivered strong performance in the second quarter of 2024, and is well positioned to benefit from long-term secular growth trends.</li><li>Key technology innovations reshaping the global economy such as artificial intelligence (AI), internet of things (IoT), and electric and autonomous vehicles are underpinned by semiconductors, potentially driving demand for more chip manufacturing capacity and fostering superior chips with improved energy efficiency.</li><li>Notably, significant inflections, key to the semiconductor roadmap, are facilitated by Applied Materials and are likely to promote its outperformance as next-generation chip technologies advance into large-scale production.</li></ul>

Applied Materials has delivered strong performance in the second quarter of 2024, and is well positioned to benefit from long-term secular growth trends.Key technology innovations reshaping the global economy such as artificial intelligence (AI), internet of things (IoT), and electric and autonomous vehicles are underpinned by semiconductors, potentially driving demand for more chip manufacturing capacity and fostering superior chips with improved energy efficiency.Notably, significant inflections, key to the semiconductor roadmap, are facilitated by Applied Materials and are likely to promote its outperformance as next-generation chip technologies advance into large-scale production.

Applied Materials Inc.: Advanced Packaging and High-bandwidth Memory (HBM) Growth & Other Major Drivers

<ul>
<li>AMAT Q124 revenues of $6.65 billion, in line with guidance and essentially flat both QoQ and YoY. Current quarter guidance also flat sequentially</li>
<li>WFE valuations are at all time record highs while revenues remain on life support from China</li>
<li>If China revenues fall off before non-China returns to growth, the WFE segment could be in for a world of pain.</li>
</ul>


AMAT Q124 revenues of $6.65 billion, in line with guidance and essentially flat both QoQ and YoY. Current quarter guidance also flat sequentially
WFE valuations are at all time record highs while revenues remain on life support from China
If China revenues fall off before non-China returns to growth, the WFE segment could be in for a world of pain.


AMAT. No Beat, No Raise, No Slump. But Why?

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering

As Kokusai’s shares are trading at 3.2x the IPO price, KKR would be tempted to reduce its stake further. Expect a secondary offering announcement...

Arun George

Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

High expectations for Micron, SiTime Spectrum-X (s/o Ian Cutress) and Consumer Bottoming, and thoughts on Semiconductors (Bearish!)

Fabricated Knowledge

Applied Materials Inc.: Advanced Packaging and High-bandwidth Memory (HBM) Growth & Other Major Drivers

Applied Materials has delivered strong performance in the second quarter of 2024, and is well positioned to benefit from long-term secular growth...

Baptista Research

AMAT. No Beat, No Raise, No Slump. But Why?

Q124 revenues $6.65 billion, in line & flat QoQ and YoY. Q224 guidance also flat QoQ. If China revenues fall before non-China grows, the WFE...

William Keating

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Kokusai Electric (6525 JP): Rumoured KKR US$1.8 Billion Secondary Offering

As Kokusai’s shares are trading at 3.2x the IPO price, KKR would be tempted to reduce its stake further. Expect a secondary offering announcement...

Arun George

Micron Earnings, SiTime, Consumer, and Applied Materials Insider Sale

High expectations for Micron, SiTime Spectrum-X (s/o Ian Cutress) and Consumer Bottoming, and thoughts on Semiconductors (Bearish!)

Fabricated Knowledge

Semiconductor WFE Q124 Revenues, China's Share & What Are They Doing With All Those Tools?

Global semiconductor equipment billings amounted to $26.4 billion in Q124, down 6% QoQ and down 2% YoY. China's annual WFE spending has roughly...

William Keating

Applied Materials Inc.: Advanced Packaging and High-bandwidth Memory (HBM) Growth & Other Major Drivers

Applied Materials has delivered strong performance in the second quarter of 2024, and is well positioned to benefit from long-term secular growth...

Baptista Research

AMAT. No Beat, No Raise, No Slump. But Why?

Q124 revenues $6.65 billion, in line & flat QoQ and YoY. Q224 guidance also flat QoQ. If China revenues fall before non-China grows, the WFE...

William Keating