Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to current first movers from Tesla to Nvidia look excessive.</li>
<li>It’s striking that Wal-Mart and GM are outperforming Amazon and Tesla, while Intel is outperforming AMD as it reinvents itself as an AI player - some incumbents are adapting fast to disruption risks.</li>
<li>I’ve been covering AI regularly since 2013/4 as a theme, but every IB tech analyst is now an…</li>
</ul>


The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to current first movers from Tesla to Nvidia look excessive.
It’s striking that Wal-Mart and GM are outperforming Amazon and Tesla, while Intel is outperforming AMD as it reinvents itself as an AI player - some incumbents are adapting fast to disruption risks.
I’ve been covering AI regularly since 2013/4 as a theme, but every IB tech analyst is now an…


Incumbent 'Second Mover' Advantage as AI Hype Risks Reality Check...

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>We revise down <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield</li>
</ul>


We revise down King Yuan Electronics Co, Ltd. (2449 TT)’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.

King Yuan Electronics Co, Ltd. (2449 TT)’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)

King Yuan Electronics Co, Ltd. (2449 TT)’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield


KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

<ul>
<li>Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.</li>
<li>Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month</li>
<li>Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.</li>
<li>Prices seem to be…</li>
</ul>


Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.
Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month
Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.
Prices seem to be…


As China Digs for Growth, Can Korea Break Chaebol Dominance?

<ul>
<li>The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has outperformed wider tech indices.</li>
<li>The explosion in video steaming, cloud computing and the shift toward semi-autonomous vehicles as well as the huge computational intensity of AI software are all key drivers through end decade.</li>
<li>Global semiconductor industry sales saw accelerating growth from mid-2016, with Q4 sales of $93bn 12.3% higher y/y - semiconductors are…</li>
</ul>


The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has outperformed wider tech indices.
The explosion in video steaming, cloud computing and the shift toward semi-autonomous vehicles as well as the huge computational intensity of AI software are all key drivers through end decade.
Global semiconductor industry sales saw accelerating growth from mid-2016, with Q4 sales of $93bn 12.3% higher y/y - semiconductors are…


Structural and Cyclical Drivers Underpin Semiconductor Outperformance

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<p>The "internet of things" (IoT) concept is in its nascent stage of development, but it is on the verge of exploding. To put its development into context of another more recent phenomenon, this is the stage of development in which MySpace was attracting the earliest adopters in the then-burgeoning social media industry. Simply stated, there are many more iterations of the IoT universe until this concept reaches public consciousness.</p><p>Even so, as consumers, devices and now things become more connected, the possibilities in terms of what could be leveraged as a vehicle for enabling commerce are now endless. In time, the idea of a smartphone as a commerce device could be old news as commerce moves beyond simply portable consumer devices to include durable goods, such as refrigerators, washing machines or automobiles.</p>

The "internet of things" (IoT) concept is in its nascent stage of development, but it is on the verge of exploding. To put its development into context of another more recent phenomenon, this is the stage of development in which MySpace was attracting the earliest adopters in the then-burgeoning social media industry. Simply stated, there are many more iterations of the IoT universe until this concept reaches public consciousness.Even so, as consumers, devices and now things become more connected, the possibilities in terms of what could be leveraged as a vehicle for enabling commerce are now endless. In time, the idea of a smartphone as a commerce device could be old news as commerce moves beyond simply portable consumer devices to include durable goods, such as refrigerators, washing machines or automobiles.

5 Ways The Internet Of Things Will Influence Commerce

United States

Broadcom Corporation provides integrated silicon solutions that enable broadband digital data transmission of voice, data, and video content to the home and within the business enterprise.  The Company designs, develops, and supplies integrated circuits for cable set-top boxes, cable modems, high-speed networking, direct satellite and digital broadcast, and digital subscriber line.

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Broadcom Corp Cl A (BRCM US)

Incumbent 'Second Mover' Advantage as AI Hype Risks Reality Check...

The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to...

Sean Maher

KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.

KYEC revises down 2026 revenue growth forecast to 38-40%, still exceeding last year's growth, with 1Q26 revenue YoY +2-3% better than expected....

Patrick Liao

As China Digs for Growth, Can Korea Break Chaebol Dominance?

Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by...

Sean Maher

Structural and Cyclical Drivers Underpin Semiconductor Outperformance

The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has...

Sean Maher

5 Ways The Internet Of Things Will Influence Commerce

The "internet of things" (IoT) concept is in its nascent stage of development, but it is on the verge of exploding. To put its development into...

Euromonitor International Ltd.

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