Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul>
<li>Hello from Kyoto! If there was a single big story from VLSI this year, it had to be Backside Power Delivery (BSPDN). VLSI is one of the premier conferences for semiconductor design and has been held since the 1980s.</li>
<li>Today it’s one of the best places to present cutting-edge research in circuit technology.</li>
<li>The key revolutionary announcement at VLSI this year was BSPDN. Let’s discuss.</li>
</ul>


Hello from Kyoto! If there was a single big story from VLSI this year, it had to be Backside Power Delivery (BSPDN). VLSI is one of the premier conferences for semiconductor design and has been held since the 1980s.
Today it’s one of the best places to present cutting-edge research in circuit technology.
The key revolutionary announcement at VLSI this year was BSPDN. Let’s discuss.


VLSI Japan : It’s Better on the Backside

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments: We can now modify DNA inside of a human body (in vivo), thanks to some groundbreaking work announced this week by Intellia Therapeutics (NTLA) which saw the company’s share price surge 55%.  What this means is that we can now send precision therapeutics (based on CRISPR technology) to “seek and destroy” problematic genes.

Headline Developments: We can now modify DNA inside of a human body (in vivo), thanks to some groundbreaking work announced this week by Intellia Therapeutics (NTLA) which saw the company’s share price surge 55%.  What this means is that we can now send precision therapeutics (based on CRISPR technology) to “seek and destroy” problematic genes.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With no stocks in outright inclusion or deletion zone, we do not expect any constituent changes for the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> in June.</li>
<li>Capping changes will result in a one-way turnover of 5.3% leading to a round-trip trade of US$1.51bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a> is expected to be the largest buy in June following the stock being the largest sell at the March rebalance (also due to capping).</li>
</ul>


With no stocks in outright inclusion or deletion zone, we do not expect any constituent changes for the Hang Seng TECH Index (HSTECH INDEX) in June.
Capping changes will result in a one-way turnover of 5.3% leading to a round-trip trade of US$1.51bn.

Li Auto (2015 HK) is expected to be the largest buy in June following the stock being the largest sell at the March rebalance (also due to capping).


HSTECH Index Rebalance Preview: Round-Trip Trade of US$1.5bn in June

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> is a speciality manufacturer of semiconductor production equipment. <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; (KKR US)</a> seeks to raise about US$750 million through listing Kokusai.</li>
<li>In <a href="https://www.smartkarma.com/insights/kokusai-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:113787" rel="noopener">Kokusai Electric IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on a declining revenue trend, a challenging near-term growth target, high China revenue risk, margins on a downward trend, increasing inventory days and deteriorating FCF.</li>
</ul>



Kokusai Electric (6525 JP) is a speciality manufacturer of semiconductor production equipment. KKR &amp; (KKR US) seeks to raise about US$750 million through listing Kokusai.
In Kokusai Electric IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on a declining revenue trend, a challenging near-term growth target, high China revenue risk, margins on a downward trend, increasing inventory days and deteriorating FCF.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> is a speciality manufacturer of semiconductor production equipment. <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; (KKR US)</a> seeks to raise about US$750 million through listing Kokusai.   </li>
<li>Kokusai has the leading market share in the batch deposition equipment market and the second largest market share in the treatment equipment market, according to TechInsights and Gartner.</li>
<li>The key elements of the bull case rest on a leading market share, strong IP, healthy forward revenue indicators, increasing recurring service revenue, solid gross margin trends and modest leverage.</li>
</ul>



Kokusai Electric (6525 JP) is a speciality manufacturer of semiconductor production equipment. KKR &amp; (KKR US) seeks to raise about US$750 million through listing Kokusai.   
Kokusai has the leading market share in the batch deposition equipment market and the second largest market share in the treatment equipment market, according to TechInsights and Gartner.
The key elements of the bull case rest on a leading market share, strong IP, healthy forward revenue indicators, increasing recurring service revenue, solid gross margin trends and modest leverage.


Hong Kong

ASM Pacific Technology Limited manufactures semiconductor back end equipment. The Company produces assembly equipment, packaging equipment, surface mount technology equipment, and other equipment. ASM Pacific Technology supplies its products in microelectronics, semiconductor, optoelectronics, and other fields.

ASM Pacific Technology (522 HK)

VLSI Japan : It’s Better on the Backside

If there was a single big story from VLSI this year, it had to be BSPDN. Intel announces its PowerVia technology, and scaling the backside is the...

Fabricated Knowledge

Weekly Innovation Review (WIRE) #38

Headline Developments: We can now modify DNA inside of a human body (in vivo), thanks to some groundbreaking work announced this week

Granite Bay Capital

HSTECH Index Rebalance Preview: Round-Trip Trade of US$1.5bn in June

We do not expect any constituent changes for the HSTECH Index in June. Capping changes will result in a one-way turnover of 5.3% leading to a round...

Brian Freitas

Kokusai Electric IPO: The Bear Case

The bear case rests on a declining revenue trend, a challenging near-term growth target, high China revenue risk, margins on a downward trend,...

Arun George

Kokusai Electric IPO: The Bull Case

The key elements of the bull case rest on a leading market share, strong IP, healthy forward revenue indicators, increasing recurring service...

Arun George