Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>What's new?</h2>Nikkei News reported <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> is designing its own main power management chips for use in iPhones as early as in 2018, cutting dependence on <a href="https://www.smartkarma.com/entities/21607" target="_blank" data-smartkarma-citation="entities:21607:1">Dialog Semiconductor PLC (DLG GR)</a>, according to industry sources, as shares in the U.K. developer plunged after the news out. The main power management chip controls an iPhone's charging function, battery management, and energy consumption. "Based on Apple's current plan, they are set to replace partially, or around half of its power…

What's new?Nikkei News reported Apple Inc (AAPL US) is designing its own main power management chips for use in iPhones as early as in 2018, cutting dependence on Dialog Semiconductor PLC (DLG GR), according to industry sources, as shares in the U.K. developer plunged after the news out. The main power management chip controls an iPhone's charging function, battery management, and energy consumption. "Based on Apple's current plan, they are set to replace partially, or around half of its power…

Nikkei Said Apple Cuts Dialog on Power ICs Supply; We Highlighted This in May and More to Come

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Thematic (Sector/Industry)

What do you think you can buy for Bt41k in Thailand? Well, that depends on whether you are a:<ul>
<li>
Couch potato: 42 screen flat screen UHD Curved TV from Samsung;</li>
<li>
Average Joe: 2 months rent at a 40 sqm condo plus all electricity and water paid;</li>
<li>
Watch afficionado: 3 Emporio Armani and 5 Casio watches;</li>
<li>
Car lover: One-year first class car insurance for a Camry plus surveillance cameras (back and front);</li>
<li>
Samurai groupie: Package tour to Japan (Tokyo, Nagoya, Fuji)...Osaka will cost more;</li>
<li>
Movie addict: 10…</li>
</ul>

What do you think you can buy for Bt41k in Thailand? Well, that depends on whether you are a:

Couch potato: 42 screen flat screen UHD Curved TV from Samsung;

Average Joe: 2 months rent at a 40 sqm condo plus all electricity and water paid;

Watch afficionado: 3 Emporio Armani and 5 Casio watches;

Car lover: One-year first class car insurance for a Camry plus surveillance cameras (back and front);

Samurai groupie: Package tour to Japan (Tokyo, Nagoya, Fuji)...Osaka will cost more;

Movie addict: 10…


The IPhone X Hits Thailand in Another Stalemate

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.

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

Semiconductor Manufacturing International Corp (SMIC)

<h2>SMIC guides likely 4Q17 losses?</h2>After an inline 3Q17 sales/earning numbers, <a href="https://www.smartkarma.com/entities/14231" target="_blank" data-smartkarma-citation="entities:14231:1">Semiconductor Manufacturing (981 HK)</a> guides 4Q17 sales growth of 1-3% q/q and -5% to -3% y/y (vs. Bloomberg consensus' 7% q/q and 2% y/y) together with 5ppts miss on the gross margin and 12ppts miss on operating margin guidance. We thus expect coverage analysts to cut their 4Q17 estimates sharply to a loss level from a US$31mn gain forecast at the Bloomberg now. We attribute the likely 4Q17 losses to utilization falling…

SMIC guides likely 4Q17 losses?After an inline 3Q17 sales/earning numbers, Semiconductor Manufacturing (981 HK) guides 4Q17 sales growth of 1-3% q/q and -5% to -3% y/y (vs. Bloomberg consensus' 7% q/q and 2% y/y) together with 5ppts miss on the gross margin and 12ppts miss on operating margin guidance. We thus expect coverage analysts to cut their 4Q17 estimates sharply to a loss level from a US$31mn gain forecast at the Bloomberg now. We attribute the likely 4Q17 losses to utilization falling…

SMIC Guides Likely 4Q17 Losses? No Wonder Dr. Liang Is Needed

Event-Driven

<h2>Qualcomm says "NO" to Broadcom</h2>After we have highlighted two major challenges (antitrust scrutiny issue and Qualcomm's shareholders to ask much more) ahead in our earlier report " <a href="https://www.smartkarma.com/insights/broadcom-is-buying-qualcomm-two-major-challenges-ahead-to-close-the-deal" target="_blank" data-smartkarma-citation="insights:15027">Broadcom Is Buying Qualcomm; Two Major Challenges Ahead to Close the Deal</a> " dated 5 November 2017, <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm Inc (QCOM US)</a> today announced its board of directors unanimously rejected <a href="https://www.smartkarma.com/entities/998" target="_blank" data-smartkarma-citation="entities:998:1">Broadcom Limited (AVGO US)</a> 's unsolicited proposal due to the followings.<ul><li>
Undervalue: Significantly undervalues Qualcomm for its leadership…</li></ul>

Qualcomm says "NO" to BroadcomAfter we have highlighted two major challenges (antitrust scrutiny issue and Qualcomm's shareholders to ask much more) ahead in our earlier report " Broadcom Is Buying Qualcomm; Two Major Challenges Ahead to Close the Deal " dated 5 November 2017, Qualcomm Inc (QCOM US) today announced its board of directors unanimously rejected Broadcom Limited (AVGO US) 's unsolicited proposal due to the followings.
Undervalue: Significantly undervalues Qualcomm for its leadership…

Qualcomm Says "NO" To Broadcom; Raise Price with a Proxy Fight?

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Nikkei Said Apple Cuts Dialog on Power ICs Supply; We Highlighted This in May and More to Come

What's new?Nikkei News reported Apple Inc (AAPL US) is designing its own main power management chips for use in iPhones as early as in 2018,...

Andrew Lu

The IPhone X Hits Thailand in Another Stalemate

What do you think you can buy for Bt41k in Thailand? Well, that depends on whether you are a: Couch potato: 42 screen flat screen UHD Curved TV...

Athaporn Arayasantiparb, CFA

Tech Hardware Themes

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud,...

CM Research

SMIC Guides Likely 4Q17 Losses? No Wonder Dr. Liang Is Needed

SMIC guides likely 4Q17 losses?After an inline 3Q17 sales/earning numbers, Semiconductor Manufacturing (981 HK) guides 4Q17 sales growth of 1-3%...

Andrew Lu

Qualcomm Says "NO" To Broadcom; Raise Price with a Proxy Fight?

Qualcomm says "NO" to BroadcomAfter we have highlighted two major challenges (antitrust scrutiny issue and Qualcomm's shareholders to ask much...

Andrew Lu

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