Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

Hua Hong Semiconductor / Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of June.</li>
<li>The top 10 provide an average ~6.02% premium with a potential ~7.06% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of June.
The top 10 provide an average ~6.02% premium with a potential ~7.06% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


EQD | Hong Kong June 2026 Monthly Covered Call Report

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>Q1 2026 revenue of US$660.9 million, a YoY increase of 22.2%. Gross margin stood at 13%, a year-on-year increase of 3.8 pp. Both figures were in line with guidance.</li>
<li>Net profit attributable to shareholders of the parent company amounted to US$20.9 million, marking substantial year-on-year growth.</li>
<li>Q2 2026 revenue to be in the range of US$690 million to US$700 million, with a projected gross margin of 14% to 16%.</li>
</ul>


Q1 2026 revenue of US$660.9 million, a YoY increase of 22.2%. Gross margin stood at 13%, a year-on-year increase of 3.8 pp. Both figures were in line with guidance.
Net profit attributable to shareholders of the parent company amounted to US$20.9 million, marking substantial year-on-year growth.
Q2 2026 revenue to be in the range of US$690 million to US$700 million, with a projected gross margin of 14% to 16%.


Hua Hong Semiconductor Limited (1347.HK) Q1 2026 Earnings Call Transcript

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asia-Ex-Japan equities have moved from a valuation rerating driven rally to an earnings driven rally. Since late October, Asia-ex-Japan equities have appreciated 8% but its forward PE has declined 6%.</li>
<li>Korea's 2026 EPS estimate up 67.8% in last 6 months, followed by Taiwan (17.5%) and Malaysia (7.5%). Philippines (-4.4%), India (-3.9%) and Indonesia (-1.3%) constitute the bottom of the pile.</li>
<li>Technology and basic materials are driving the earnings upgrades while consumer-oriented sectors are dragging them down. We think consumption sentiment recovery shall be essential for earnings upgrades to sustain.</li>
</ul>


Asia-Ex-Japan equities have moved from a valuation rerating driven rally to an earnings driven rally. Since late October, Asia-ex-Japan equities have appreciated 8% but its forward PE has declined 6%.
Korea's 2026 EPS estimate up 67.8% in last 6 months, followed by Taiwan (17.5%) and Malaysia (7.5%). Philippines (-4.4%), India (-3.9%) and Indonesia (-1.3%) constitute the bottom of the pile.
Technology and basic materials are driving the earnings upgrades while consumer-oriented sectors are dragging them down. We think consumption sentiment recovery shall be essential for earnings upgrades to sustain.


Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

Asia and Global Semiconductor and Tech Research

Andrew Lu

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Hong Kong Alpha portfolio gained 16.26% in January resulting in a 6.2% outperformance to its benchmark.  The portfolio has outperformed HK indexes by 48% to 63% since inception on 10/1/24.</li>
<li>Hong Kong Alpha has generated 50% of its return from alpha and has a Sharpe ratio of 1.79 since inception.  The portfolio's annualized mean excess return is 28%.</li>
<li>At the end of January, we reduced positions in the materials, communications, and conglomerate sectors and added positions in the food, energy, and manufacturing sectors.</li>
</ul>


Hong Kong Alpha portfolio gained 16.26% in January resulting in a 6.2% outperformance to its benchmark.  The portfolio has outperformed HK indexes by 48% to 63% since inception on 10/1/24.
Hong Kong Alpha has generated 50% of its return from alpha and has a Sharpe ratio of 1.79 since inception.  The portfolio's annualized mean excess return is 28%.
At the end of January, we reduced positions in the materials, communications, and conglomerate sectors and added positions in the food, energy, and manufacturing sectors.


HONG KONG ALPHA PORTFOLIO: (January 2026)

China

Hua Hong Semiconductor is a global pure-play semiconductor foundry specializing in embedded/standalone non-volatile memory, power discrete, analog & power management, and logic & RF technologies. The company provides diversified wafer fabrication and supporting services for various specialty process platforms. It is headquartered in Shanghai, China, and was founded in 2005.

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Hua Hong Semiconductor (1347 HK)

EQD | Hong Kong June 2026 Monthly Covered Call Report

June's top HKEX covered call candidates offer a 6.02% premium and 7.06% potential upside if exercised, ideal for investors with a neutral outlook...

Nicholas Pezolano

Hua Hong Semiconductor Limited (1347.HK) Q1 2026 Earnings Call Transcript

Q2 2026 revenue to be in the range of US$690 million to US$700 million, up around 5% sequentially, with a projected gross margin of 14% to 16%.

William Keating

Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...

Manishi Raychaudhuri

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

HONG KONG ALPHA PORTFOLIO: (January 2026)

At the end of January, we began to move out of materials and tech and into early cycle sectors. We continue with mid-month exposure adjustments: we...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Hong Kong June 2026 Monthly Covered Call Report

​June's top HKEX covered call candidates offer a 6.02% premium and 7.06% potential upside if exercised, ideal for investors with a neutral outlook...

Nicholas Pezolano

Hua Hong Semiconductor Limited (1347.HK) Q1 2026 Earnings Call Transcript

Q2 2026 revenue to be in the range of US$690 million to US$700 million, up around 5% sequentially, with a projected gross margin of 14% to 16%.

William Keating

Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

​Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...

Manishi Raychaudhuri

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

HONG KONG ALPHA PORTFOLIO: (January 2026)

At the end of January, we began to move out of materials and tech and into early cycle sectors. We continue with mid-month exposure adjustments: we...

David Mudd

June's top HKEX covered call candidates offer a 6.02% premium and 7.06% potential upside if exercised, ideal for investors with a neutral outlook...

Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...