Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The doves have started sounding like hawks as the can gets kicked down the road</li>
<li>The Iran conflict is forcing countries to take sides in the new Cold War</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The doves have started sounding like hawks as the can gets kicked down the road
The Iran conflict is forcing countries to take sides in the new Cold War


Overview #58 - Central Bankers Are Revolting*

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Co-Packaged optics delivers real power savings, but removing the DSP transfers signal integrity, thermal management, and yield risk from a correctable chip onto the physical assembly; a less forgiving environment.</li>
<li>CPO adds irreplacibility as another constraint, turning a $300 module swap into a potential scrap event on a high-value assembly. This makes yield (and testing) the defining economic constraint.</li>
<li>The $20 billion by 2036 CPO market is not in dispute. But the investment opportunities are not uniformly distributed, spread across packaging, thermal architecture, and test infrastructure.  </li>
</ul>


Co-Packaged optics delivers real power savings, but removing the DSP transfers signal integrity, thermal management, and yield risk from a correctable chip onto the physical assembly; a less forgiving environment.
CPO adds irreplacibility as another constraint, turning a $300 module swap into a potential scrap event on a high-value assembly. This makes yield (and testing) the defining economic constraint.
The $20 billion by 2036 CPO market is not in dispute. But the investment opportunities are not uniformly distributed, spread across packaging, thermal architecture, and test infrastructure.  


[Part 1] Co-Packaged Optics: The Case For, and the Fine Print

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>US and Israeli strikes on Qatar's Ras Laffan removed 20% of global LNG supply overnight, sending European gas prices surging 70%.</li>
<li>With solar now cheaper than gas-fired power, integrated solar manufacturers and battery storage players are staring at a once-in-a-generation demand surge.</li>
<li>
India sits at the intersection of every tailwind i.e. protected home demand, European export pull, Middle East procurement, and the world's largest untapped battery storage pipeline.</li>
</ul>


US and Israeli strikes on Qatar's Ras Laffan removed 20% of global LNG supply overnight, sending European gas prices surging 70%.
With solar now cheaper than gas-fired power, integrated solar manufacturers and battery storage players are staring at a once-in-a-generation demand surge.

India sits at the intersection of every tailwind i.e. protected home demand, European export pull, Middle East procurement, and the world's largest untapped battery storage pipeline.


The Global Gas Crisis of 2026: How It Creates Massive Opportunity for Solar and BESS Players

<ul>
<li>Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.</li>
<li>Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.</li>
<li>AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.</li>
</ul>


Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.
Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.
AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.


Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ls-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:4114:1" rel="noopener">LS Electric (010120 KS)</a> has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. </li>
<li>Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. </li>
<li>It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.</li>
</ul>



LS Electric (010120 KS) has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. 
Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. 
It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.


United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

[Part 1] Co-Packaged Optics: The Case For, and the Fine Print

Co-Packaged optics offers power savings, but risks signal integrity and yield issues, making yield and testing the key economic constraints in the...

Mint Finance

The Global Gas Crisis of 2026: How It Creates Massive Opportunity for Solar and BESS Players

US and Israeli strikes removed 20% of global LNG supply, causing European gas prices to surge; solar now cheaper than gas, leading to increased...

Nimish Maheshwari

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

[Part 1] Co-Packaged Optics: The Case For, and the Fine Print

​Co-Packaged optics offers power savings, but risks signal integrity and yield issues, making yield and testing the key economic constraints in the...

Mint Finance

The Global Gas Crisis of 2026: How It Creates Massive Opportunity for Solar and BESS Players

​US and Israeli strikes removed 20% of global LNG supply, causing European gas prices to surge; solar now cheaper than gas, leading to increased...

Nimish Maheshwari

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

​Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

Co-Packaged optics offers power savings, but risks signal integrity and yield issues, making yield and testing the key economic constraints in the...

US and Israeli strikes removed 20% of global LNG supply, causing European gas prices to surge; solar now cheaper than gas, leading to increased...

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...