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.

Thematic (Sector/Industry)

<ul><li>Near-term: strong demand with visibility into 2024, supply chain ramp-up in progress.</li><li>Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.</li><li>Current bottlenecks are CoWoS and HBM. Suppliers are ramping up capacity to meet the demand (already observed signs of shortage easing recently). </li></ul>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.

Near-term: strong demand with visibility into 2024, supply chain ramp-up in progress.Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.Current bottlenecks are CoWoS and HBM. Suppliers are ramping up capacity to meet the demand (already observed signs of shortage easing recently). 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.

Thematic Investment and Megatrend - Riding the AI Wave into the Next Phase

<ul><li>Major global semi fabless/IDM companies (AMD/Intel/Qualcomm/TI/Infineon/ STM/MTK/OnSemi) reported in-line 2Q23 but mixed 3Q23 outlook on diversified exposure on AI applications, slower consumer electronics demand recovery, continued inventory digestion and margin pressure.</li><li>Overall, inventory digestion is below expectation in 2Q23, leading to rising DOI for most fabless players.</li><li>Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.</li></ul>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.

Major global semi fabless/IDM companies (AMD/Intel/Qualcomm/TI/Infineon/ STM/MTK/OnSemi) reported in-line 2Q23 but mixed 3Q23 outlook on diversified exposure on AI applications, slower consumer electronics demand recovery, continued inventory digestion and margin pressure.Overall, inventory digestion is below expectation in 2Q23, leading to rising DOI for most fabless players.Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.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 Technology – Global Fabless/IDM 2Q23 Wrap

Concise Playbook for the Week, Global Markets Playbook

Kevin George

Concise Playbook for the Week

Global Markets Playbook

I am an active trader in stocks, FX and commodities with over 15 years' market experience. I hold a master's degree in finance and have developed a strong skill base in technical analysis. 

Alongside technical setups I will provide earnings analysis, company valuation analysis and macroeconomic studies for the key market releases.

Equity Bottom-Up

<ul>
<li>The chip industry is seeing two "transitions" Intel is being phased out with the GPU shift, according to the company.</li>
<li>The company is also expected to be phased out of the chip industry with the next generation of processors.</li>
<li>The chip company is expected to have a new generation of chips in the coming years.</li>
</ul>


The chip industry is seeing two "transitions" Intel is being phased out with the GPU shift, according to the company.
The company is also expected to be phased out of the chip industry with the next generation of processors.
The chip company is expected to have a new generation of chips in the coming years.


Value Investing

Vladimir Dimitrov, CFA

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>The sharp rebound of Advanced Micro Devices, Inc. (NASDAQ:AMD) over the recent months came to a sudden halt after market participants were once again surprised by the deteriorating outlook for the company.</li>
<li>Prompted by the bear market rally in equities, AMD's stock has almost doubled in a matter of just a couple of months from October of last year to March 2023. 
</li>
<li>While everyone was cheering the new wave of AI-driven demand, the quarterly report from earlier this week is a warning that should not be ignored.</li>
</ul>


The sharp rebound of Advanced Micro Devices, Inc. (NASDAQ:AMD) over the recent months came to a sudden halt after market participants were once again surprised by the deteriorating outlook for the company.
Prompted by the bear market rally in equities, AMD's stock has almost doubled in a matter of just a couple of months from October of last year to March 2023. 

While everyone was cheering the new wave of AI-driven demand, the quarterly report from earlier this week is a warning that should not be ignored.


<ul>
<li>AMD's revenue and margins hit an all-time high, and that's bad news for AMD.</li>
<li>Investors should pay close attention to decisions regarding capital allocation, according to the product roadmap.</li>
<li>AMD is no longer the only game in town for semiconductors, and this is bad news to AMD.</li>
</ul>


AMD's revenue and margins hit an all-time high, and that's bad news for AMD.
Investors should pay close attention to decisions regarding capital allocation, according to the product roadmap.
AMD is no longer the only game in town for semiconductors, and this is bad news to AMD.


AMD: Underperforming The Market While Margins Hit All-Time Highs

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Thematic Investment and Megatrend - Riding the AI Wave into the Next Phase

Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.

CMB International

China Technology – Global Fabless/IDM 2Q23 Wrap

Demand recovery is expected to remain weak in 2H23E with planned production cut for most companies especially for those with limited exposure to AI.

CMB International

Intel Has Big Problems Ahead

The company is also expected to be phased out of the chip industry with the next generation of processors. The chip company is expected to have a...

Kevin George

AMD: The Bear Market Rally Is Over

rompted by the bear market rally in equities, AMD's stock has almost doubled in a matter of just a couple of months from October of last year to...

Vladimir Dimitrov, CFA

AMD: Underperforming The Market While Margins Hit All-Time Highs

AMD's revenue and margins hit an all-time high, and that's bad news for AMD. Investors should pay close attention to decisions regarding capital...

Vladimir Dimitrov, CFA

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