Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>Semiconductors and AI chips have become a geopolitical tool, between the US and China but also between the US and the Rest of the World (Biden’s Jan-25 limitations by country).</li>
<li>This has led to an increase in Chinese R&amp;D in Semiconductors since 2020. In particular 3 areas: AI chips, production equipment, small geometries below 7nm. This article reviews recent announcements.</li>
<li>Rush orders for Nvidia H20 GPU since Jan-25. Loongsoon breakthru AI chip. SMIC starting 5nm production in 2025. SiCarrier announced EUV lithography machine.</li>
</ul>


Semiconductors and AI chips have become a geopolitical tool, between the US and China but also between the US and the Rest of the World (Biden’s Jan-25 limitations by country).
This has led to an increase in Chinese R&amp;D in Semiconductors since 2020. In particular 3 areas: AI chips, production equipment, small geometries below 7nm. This article reviews recent announcements.
Rush orders for Nvidia H20 GPU since Jan-25. Loongsoon breakthru AI chip. SMIC starting 5nm production in 2025. SiCarrier announced EUV lithography machine.


APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a>  is planning to raise up to US$500m through its upcoming US IPO.</li>
<li>It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.</li>
</ul>



Chagee Holdings (CHA US)  is planning to raise up to US$500m through its upcoming US IPO.
It is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.


Chagee IPO: Peer Comp and Thoughts on Valuation

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a>'s 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.</li>
<li>The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GOTO</a> remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. </li>
</ul>



GoTo Gojek Tokopedia's 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.
The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. 


GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Pop Mart International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Pop Mart International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.


HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.</li>
<li>The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.</li>
<li>On 3/31/25 we sold <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK)</a> , <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> , <a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a> , and <a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a></li>
</ul>


The Hong Kong Alpha simulated portfolio returned 0.97% in March outperforming its benchmark by 1.1%.  Since inception the portfolio has outperformed Hong Kong indexes by 8% to 11%.
The portfolio has generated alpha while maintaining a correlation of 0.8 and a beta of 1.05.  The HK Alpha portfolio has a Sharpe ratio of 2.19 YTD.
On 3/31/25 we sold Shanghai Electric Group Company (2727 HK) , Citic Securities (H) (6030 HK) , Sands China (1928 HK) , and Sunny Optical Technology Group (2382 HK)


China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Semiconductors and AI Servers in China

Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...

Nicolas Baratte

Chagee IPO: Peer Comp and Thoughts on Valuation

Chagee, a leading premium tea drinks brand, is planning to raise up to US$500m through its upcoming US IPO. In this note, we discuss the company's...

Nicholas Tan

GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from...

Angus Mackintosh

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO (March 2025)

The Hong Kong Alpha portfolio returned 0.97% in March outperforming its benchmark by 1.1%. Since inception the portfolio has outperformed Hong...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semiconductors and AI Servers in China

​Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...

Nicolas Baratte

Chagee IPO: Peer Comp and Thoughts on Valuation

Chagee, a leading premium tea drinks brand, is planning to raise up to US$500m through its upcoming US IPO. In this note, we discuss the company's...

Nicholas Tan

GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from...

Angus Mackintosh

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

HONG KONG ALPHA PORTFOLIO (March 2025)

The Hong Kong Alpha portfolio returned 0.97% in March outperforming its benchmark by 1.1%. Since inception the portfolio has outperformed Hong...

David Mudd

Geopolitical tensions drive Chinese R&D in semiconductors, with focus on AI chips and small geometries. Recent announcements include rush orders...