Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US: China industry associations send warning over sourcing US chips (+/+/-/-/-/-)</li>
<li>ACMR US: Limited impact from the addition of its subsidiaries to entity-list (/)</li>
<li>ZTO US: Parcel volume delivery grew 32% yoy in the prior week (+)</li>
</ul>


981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US: China industry associations send warning over sourcing US chips (+/+/-/-/-/-)
ACMR US: Limited impact from the addition of its subsidiaries to entity-list (/)
ZTO US: Parcel volume delivery grew 32% yoy in the prior week (+)


[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

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>Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings.</li><li>The company's fourth-quarter results showed a steady recovery from the challenging environment faced earlier in the year due to post-pandemic inventory digestion and macroeconomic challenges.</li><li>Revenue for the full fiscal year was $9.4 billion, with an earnings per share (EPS) of $6.38.</li></ul>

Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings.The company's fourth-quarter results showed a steady recovery from the challenging environment faced earlier in the year due to post-pandemic inventory digestion and macroeconomic challenges.Revenue for the full fiscal year was $9.4 billion, with an earnings per share (EPS) of $6.38.

Analog Devices Inc.: Will Its Expansion in Communications & Data Centers Be A Breakthrough Move? - Major Drivers

Technology / Semiconductor / Internet Research

Nicolas Baratte

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

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>Chinese Foundries (HuaHong, SMIC) have outgrown ex-China (GlobalFoundries, UMC, Vanguard) very significantly. Reacting to US sanctions, Chinese Chip Designers have shifted to domestic Foundries. China / ex-China supply-chains have decoupled.</li>
<li>End-Demand diverged up to 2Q24. Chinese Foundries were mentioning end-demand recovering, customers restocking, tight capacity. Ex-China Foundries mentioning the opposite: weak end-demand, customers destocking, low utilization. </li>
<li>Change of direction in 3Q24. Chinese Foundries become cautious, we see an obvious inventory problem on overblown end-demand growth expectations. Ex-China end-demand is stabilizing, destocking coming to an end.</li>
</ul>


Chinese Foundries (HuaHong, SMIC) have outgrown ex-China (GlobalFoundries, UMC, Vanguard) very significantly. Reacting to US sanctions, Chinese Chip Designers have shifted to domestic Foundries. China / ex-China supply-chains have decoupled.
End-Demand diverged up to 2Q24. Chinese Foundries were mentioning end-demand recovering, customers restocking, tight capacity. Ex-China Foundries mentioning the opposite: weak end-demand, customers destocking, low utilization. 
Change of direction in 3Q24. Chinese Foundries become cautious, we see an obvious inventory problem on overblown end-demand growth expectations. Ex-China end-demand is stabilizing, destocking coming to an end.


Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Chinese industrial production, retail sales, and fixed asset investment data.</li>
<li>
Companies mentioned:<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/tata-group" target="_blank" data-smartkarma-citation="entities:25998:1" rel="noopener">Tata Group (1396Z IN)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese industrial production, retail sales, and fixed asset investment data.

Companies mentioned:Samsung Electronics (005930 KS), Xiaomi Corp (1810 HK), Tata Group (1396Z IN)



GEMWeekly (20 Sep 2024): China Macro Disappoints; Samsung, Xiaomi, Tata

<ul><li>Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook amidst varying market conditions.</li><li>In the reported quarter, the company posted revenue exceeding $2.3 billion, with each end-market showing distinct trends.</li><li>The industrial sector, Analog Devices' largest and most profitable market, displayed resilience with a modest sequential revenue increase and a notable downtrend year-over-year, emphasizing the cyclical challenges yet underscoring possible recovery signs.</li></ul>

Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook amidst varying market conditions.In the reported quarter, the company posted revenue exceeding $2.3 billion, with each end-market showing distinct trends.The industrial sector, Analog Devices' largest and most profitable market, displayed resilience with a modest sequential revenue increase and a notable downtrend year-over-year, emphasizing the cyclical challenges yet underscoring possible recovery signs.

Analog Devices Inc.: Expansion in High-Performance Solutions for Industrial Applications

United States

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

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Analog Devices (ADI US)

[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Blue Lotus Research Institute

Analog Devices Inc.: Will Its Expansion in Communications & Data Centers Be A Breakthrough Move? - Major Drivers

Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings. The company's fourth-quarter results...

Baptista Research

Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...

Nicolas Baratte

GEMWeekly (20 Sep 2024): China Macro Disappoints; Samsung, Xiaomi, Tata

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Analog Devices Inc.: Expansion in High-Performance Solutions for Industrial Applications

Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

​China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Blue Lotus Research Institute

Analog Devices Inc.: Will Its Expansion in Communications & Data Centers Be A Breakthrough Move? - Major Drivers

Analog Devices, Inc. (ADI) recently reported its fourth-quarter and full-year fiscal year 2024 earnings. The company's fourth-quarter results...

Baptista Research

Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

​Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...

Nicolas Baratte

GEMWeekly (20 Sep 2024): China Macro Disappoints; Samsung, Xiaomi, Tata

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

Analog Devices Inc.: Expansion in High-Performance Solutions for Industrial Applications

Analog Devices recently presented their third quarter fiscal year 2024 financial results, demonstrating the company's performance and outlook...

Baptista Research

China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...