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

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.

<ul><li>Cadence Design had a solid quarter and managed an all-around beat with growth across all its business groups.</li><li>Cadence also launched 13 products across all its business groups, paving the way for future growth.</li><li>The System Design & Analysis business group achieved double-digit growth, increasing revenue by 17% year-on-year and expanding its footprint in several verticals, including Aerospace & Defense and 5G communications.</li></ul>

Cadence Design had a solid quarter and managed an all-around beat with growth across all its business groups.Cadence also launched 13 products across all its business groups, paving the way for future growth.The System Design & Analysis business group achieved double-digit growth, increasing revenue by 17% year-on-year and expanding its footprint in several verticals, including Aerospace & Defense and 5G communications.

Cadence Design Systems Inc: A Real Powerhouse In System Design & Analysis – Key Drivers

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

Index Rebalance

<ul>
<li>The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF tracks the index and has an AUM of US$7.2bn.</li>
<li>Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.</li>
</ul>


The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.
The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$7.2bn.
Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.


MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

<ul><li>Cadence achieved a solid result and managed to exceed analyst expectations in terms of revenues as well as earnings.</li><li>The company saw a 19% increase in revenue as its cutting-edge solutions proved to be particularly pertinent in the current climate, enabling customers to accomplish their increasingly dynamic design objectives.</li><li>Cadence has significantly increased the footprint of their primary EDA, IP, and system solutions at market-shaping clients.</li></ul>

Cadence achieved a solid result and managed to exceed analyst expectations in terms of revenues as well as earnings.The company saw a 19% increase in revenue as its cutting-edge solutions proved to be particularly pertinent in the current climate, enabling customers to accomplish their increasingly dynamic design objectives.Cadence has significantly increased the footprint of their primary EDA, IP, and system solutions at market-shaping clients.

Cadence Design Systems Inc.: Major Drivers

<ul><li>Cadence deliver a good result in Q3 surpassing Wall Street expectations on all fronts, driven by its technological leadership, solid execution, diverse customer base, and robust business model.</li><li>Despite the current macroeconomic uncertainty, it is evident that long-term sustained design activity is being driven by generational drivers like 5G, hyperscale computing, and AI/ML where Cadence is a key player.</li><li>Cadence also added the revolutionary Verisium AI verification tool and the JedAI data platform to their portfolio in Q3.</li></ul>

Cadence deliver a good result in Q3 surpassing Wall Street expectations on all fronts, driven by its technological leadership, solid execution, diverse customer base, and robust business model.Despite the current macroeconomic uncertainty, it is evident that long-term sustained design activity is being driven by generational drivers like 5G, hyperscale computing, and AI/ML where Cadence is a key player.Cadence also added the revolutionary Verisium AI verification tool and the JedAI data platform to their portfolio in Q3.

Cadence Design Systems: Acquisition of OpenEye Scientific Software & Other Drivers

United States

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology.  The Company licenses its electronic design automation software technology and provides a variety of professional services.  Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

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Cadence Design Sys (CDNS US)

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

Cadence Design Systems Inc: A Real Powerhouse In System Design & Analysis – Key Drivers

Cadence Design had a solid quarter and managed an all-around beat with growth across all its business groups. Cadence also launched 13 products...

Baptista Research

MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact

No constituent changes, but there are float/capping changes. Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. Stocks are...

Brian Freitas

Cadence Design Systems Inc.: Major Drivers

Cadence achieved a solid result and managed to exceed analyst expectations in terms of revenues as well as earnings. The company saw a 19%...

Baptista Research

Cadence Design Systems: Acquisition of OpenEye Scientific Software & Other Drivers

Cadence deliver a good result in Q3 surpassing Wall Street expectations on all fronts, driven by its technological leadership, solid execution,...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)