Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Summary</h2>In summary, we found no major surprise from <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> WWDC 2017 except some incremental improvements on Watch OS and iOS operating system. The new iMac and iPad Pro will use the latest Intel CPU Kaby Lake, AMD GPU Radeon Pro/Vega, and TSMC A10x for the performance upgrade but no incremental change in its semiconductor suppliers.  Augmented Reality software kit on iPad/iPhone seems interesting but needs to move your iPad/iPhone around to play, and lack of glasses like <a href="https://www.smartkarma.com/entities/15273" target="_blank" data-smartkarma-citation="entities:15273:1">Microsoft</a>…

SummaryIn summary, we found no major surprise from Apple Inc (AAPL US) WWDC 2017 except some incremental improvements on Watch OS and iOS operating system. The new iMac and iPad Pro will use the latest Intel CPU Kaby Lake, AMD GPU Radeon Pro/Vega, and TSMC A10x for the performance upgrade but no incremental change in its semiconductor suppliers.  Augmented Reality software kit on iPad/iPhone seems interesting but needs to move your iPad/iPhone around to play, and lack of glasses like Microsoft…

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

<a href="https://www.smartkarma.com/entities/7145" target="_blank" data-smartkarma-citation="entities:7145:1">LG Display Co Ltd (034220 KS)</a> is now hitting 52-week highs. It'd not be hard to make a reasonable guess on why its price is going strong now. The market is finally seeing some assurance that LGD still has a decent shot in the flexible OLED space. We don't know how fast and effectively LGD could catch up with Samsung. But what we know is that there is really nobody left other than LGD in this flexible OLED race. If Apple desperately needs to have another OLED supplier (which seems to be a very likely case), then it would have to turn to LGD since there would be no one else. Moreover, things certainly seem to be improving around LGD's flexible OLED production lines. We can find positive signs here and there. Most importantly, LGD wouldn't be making this huge investment on flexible OLED in P10 if it wasn't feeling fully comfortable with the current progress of improvement for production yield. So, would this lead to a much-awaited valuation re-rating in the near-term? Let's find it out.

LG Display Co Ltd (034220 KS) is now hitting 52-week highs. It'd not be hard to make a reasonable guess on why its price is going strong now. The market is finally seeing some assurance that LGD still has a decent shot in the flexible OLED space. We don't know how fast and effectively LGD could catch up with Samsung. But what we know is that there is really nobody left other than LGD in this flexible OLED race. If Apple desperately needs to have another OLED supplier (which seems to be a very likely case), then it would have to turn to LGD since there would be no one else. Moreover, things certainly seem to be improving around LGD's flexible OLED production lines. We can find positive signs here and there. Most importantly, LGD wouldn't be making this huge investment on flexible OLED in P10 if it wasn't feeling fully comfortable with the current progress of improvement for production yield. So, would this lead to a much-awaited valuation re-rating in the near-term? Let's find it out.

Update on LG Display's Flexible OLED Situation

Global TMT, Consumer, Korea, Deep Fundamental

Julian Yoon

This insight covers my meeting notes and takeaways per my recent meeting with Ctrip, providing added context and serving as a prelude to my next in-depth piece on the company which will include: <ol>
<li>Key value drivers and bottom up analysis</li>
<li>Evaluation of business model in China and global context</li>
<li>Benchmarking analysis vs. peer group</li>
<li>DCF analysis</li>
</ol>Overall, I think Ctrip is a very good story for secular growth in China's booming travel industry, rise in disposal income, shift to OTA, etc. Ctrip's market cap…

This insight covers my meeting notes and takeaways per my recent meeting with Ctrip, providing added context and serving as a prelude to my next in-depth piece on the company which will include: 
Key value drivers and bottom up analysis
Evaluation of business model in China and global context
Benchmarking analysis vs. peer group
DCF analysis
Overall, I think Ctrip is a very good story for secular growth in China's booming travel industry, rise in disposal income, shift to OTA, etc. Ctrip's market cap…

Ctrip Update and Prelude to In-Depth Bottoms up Analysis / Evaluation of Business Model

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a>'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. <a href="http://www.investors.com/news/technology/google-should-spin-out-waymo-to-beat-tesla-ford-morgan-stanley/" target="_blank">Media reports</a> put this story without batting an eyelash. <a href="http://www.cnbc.com/2017/05/23/alphabets-self-driving-waymo-unit-could-be-worth-70-billion-more-than-gm-morgan-stanley-says.html" target="_blank">This version</a> was even more…

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet Inc Cl C (GOOG US)'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. Media reports put this story without batting an eyelash. This version was even more…

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

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<ul><li>President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).1  </li><li>The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”</li><li>The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.</li><li>Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  </li></ul>

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).1  The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

Incremental New at Apple WWDC 2017?

SummaryIn summary, we found no major surprise from Apple Inc (AAPL US) WWDC 2017 except some incremental improvements on Watch OS and iOS operating...

Andrew Lu

Update on LG Display's Flexible OLED Situation

LG Display Co Ltd (034220 KS) is now hitting 52-week highs. It'd not be hard to make a reasonable guess on why its price is going strong now. The...

Sanghyun Park

Ctrip Update and Prelude to In-Depth Bottoms up Analysis / Evaluation of Business Model

This insight covers my meeting notes and takeaways per my recent meeting with Ctrip, providing added context and serving as a prelude to my next...

Julian Yoon

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet...

Charles De Trenck

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical...

Dechert LLP

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