Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

Post <a href="https://www.smartkarma.com/entities/21591" target="_blank" data-smartkarma-citation="entities:21591:1">Bayerische Motoren Werke AG (BMW GR)</a>, <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel Corp (INTC US)</a> , and Mobileye announced new self-driving car to launch by 2021 together with multiple road tests of <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> self-driving car, we estimate semiconductor usage for automotive industry will grow substantially for next few years and outpace semiconductor usage growth for PC, notebook, tablet, and smartphone and outpace semiconductor market size for AR/VR, internet of Things, and robotics. Due to a paradigm shift of automotive industry from gasoline car to electronic car and self-driving car, we estimate semiconductor value per car will exceed US$500 by 2020-2025 (from US$315 in 2012 and US$385 in 2017) by accounting 20-30% of global logic semiconductor market. In net, we see three structural changes like automotive industry consolidation is coming on rising R&amp;D, new semiconductor vendors are emerging, and value per car rising at 5-6% CAGR for next 5-10 years in automotive industry.

Post Bayerische Motoren Werke AG (BMW GR), Intel Corp (INTC US) , and Mobileye announced new self-driving car to launch by 2021 together with multiple road tests of Alphabet Inc Cl C (GOOG US) self-driving car, we estimate semiconductor usage for automotive industry will grow substantially for next few years and outpace semiconductor usage growth for PC, notebook, tablet, and smartphone and outpace semiconductor market size for AR/VR, internet of Things, and robotics. Due to a paradigm shift of automotive industry from gasoline car to electronic car and self-driving car, we estimate semiconductor value per car will exceed US$500 by 2020-2025 (from US$315 in 2012 and US$385 in 2017) by accounting 20-30% of global logic semiconductor market. In net, we see three structural changes like automotive industry consolidation is coming on rising R&amp;D, new semiconductor vendors are emerging, and value per car rising at 5-6% CAGR for next 5-10 years in automotive industry.

Andrew on Tech: Automotive Semis the Next Wave

Transport Sector, China and Asia-focused Research

Charles De Trenck

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into building such a portfolio. It did involve risk taking and periods of relative volatility. I have found several golden rules, also based on failures of up close experiences from myself and others. My hands down worse investment was not cutting losses in certain names into the 2008 crash – most notably Citigroup shares, some of which I was forcibly locked into owing to management options with false information from HR. GE was another counter I took a beating on in 2008+.But some 2009-09 investment lessons I found mirrored some of my 1987-88 market crash lessons. Over time I have reduced volatility in my portfolio.  My main lesson for my conservative investment style was that buying into the heart of a crash takes quite a bit of time and patience to claw back to break even on average picks.  But in the end I stuck to this value style for increasing positions a number of times over the years. What follows is a no-holds barred account of my rules based investments, and losses and gains which have led to decent long-term performance despite a few scary gaps.The second half of this piece is a dialogue with a global investor friend of 15-20 years.

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into building such a portfolio. It did involve risk taking and periods of relative volatility. I have found several golden rules, also based on failures of up close experiences from myself and others. My hands down worse investment was not cutting losses in certain names into the 2008 crash – most notably Citigroup shares, some of which I was forcibly locked into owing to management options with false information from HR. GE was another counter I took a beating on in 2008+.But some 2009-09 investment lessons I found mirrored some of my 1987-88 market crash lessons. Over time I have reduced volatility in my portfolio.  My main lesson for my conservative investment style was that buying into the heart of a crash takes quite a bit of time and patience to claw back to break even on average picks.  But in the end I stuck to this value style for increasing positions a number of times over the years. What follows is a no-holds barred account of my rules based investments, and losses and gains which have led to decent long-term performance despite a few scary gaps.The second half of this piece is a dialogue with a global investor friend of 15-20 years.

Building a Rules Based Perpetual Portfolio(Incl Global Investor Q & A)

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Fullerton India Credit Company Ltd, a locally registered Non-Banking Finance Company (NBFC) owned by Temasek via Fullerton Singapore, plans to issue masala bonds to international investors in order to diversify its funding sources. Masala bonds are rupee denominated offshore bonds quite similar to dim sum bonds issued by Chinese companies. After HDFC, the largest mortgage lender in India, became the first company last week to successfully place a Masala Bond issue more companies are eyeing this…

Fullerton India Credit Company Ltd, a locally registered Non-Banking Finance Company (NBFC) owned by Temasek via Fullerton Singapore, plans to issue masala bonds to international investors in order to diversify its funding sources. Masala bonds are rupee denominated offshore bonds quite similar to dim sum bonds issued by Chinese companies. After HDFC, the largest mortgage lender in India, became the first company last week to successfully place a Masala Bond issue more companies are eyeing this…

Fullerton India to Issue Masala Bonds for Local Ops; Investors in Yield Hunt Chase Cos for Issuance

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector<ul><li>Dry bulk stocks impacted by market malaise and company-specific events</li><li>Tide is turning for tanker operators; port sector transitioning to value play</li><li>Rally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping</li></ul>

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sectorDry bulk stocks impacted by market malaise and company-specific eventsTide is turning for tanker operators; port sector transitioning to value playRally in offshore stocks could be a dead cat bounce; retracement in oil prices affect gas shipping

DMER - Maritime Financial Insights -  July 2016

<h2>Container Shipping - 2016 Another Record Likely, This Time on Scrapping</h2>More containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal.Drewry believes that, for the first time, 450,000teu of containership capacity is expected to be scrapped in just one year, as the containership sector recognises that there are far too many ships chasing too little cargo. Based on an average size of 3,000teu for ships which are being scrapped,…

Container Shipping - 2016 Another Record Likely, This Time on ScrappingMore containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal.Drewry believes that, for the first time, 450,000teu of containership capacity is expected to be scrapped in just one year, as the containership sector recognises that there are far too many ships chasing too little cargo. Based on an average size of 3,000teu for ships which are being scrapped,…

Container Shipping - 2016 Another Record Likely, This Time on Scrapping

China

CITIC Limited is a diversified conglomerate with five core business segments: comprehensive financial services, advanced intelligent manufacturing, advanced materials, new consumption, and new-type urbanization. Its activities include banking, securities, trust, insurance, specialty steel production, automotive parts manufacturing, heavy machinery, resource exploration, telecommunications, publishing, and real estate. The company was incorporated in 1985 and is headquartered in Hong Kong.

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CITIC (267 HK)

Andrew on Tech: Automotive Semis the Next Wave

Post Bayerische Motoren Werke AG (BMW GR), Intel Corp (INTC US) , and Mobileye announced new self-driving car to launch by 2021 together with...

Andrew Lu

Building a Rules Based Perpetual Portfolio(Incl Global Investor Q & A)

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into...

Charles De Trenck

Fullerton India to Issue Masala Bonds for Local Ops; Investors in Yield Hunt Chase Cos for Issuance

Fullerton India Credit Company Ltd, a locally registered Non-Banking Finance Company (NBFC) owned by Temasek via Fullerton Singapore, plans to...

Asia Advisors

DMER - Maritime Financial Insights - July 2016

Dry bulk normalisation continues; Tankers trend down in line with our expectations, Introduce Offshore sector Dry bulk stocks impacted by market...

Drewry Maritime Financial Research

Container Shipping - 2016 Another Record Likely, This Time on Scrapping

Container Shipping - 2016 Another Record Likely, This Time on ScrappingMore containership capacity is being demolished than ever before, including...

Drewry Maritime Financial Research

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