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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the "traditional" foundry market</li>
<li>The lion's share of this new market will come from IDM, a combination of increased outsourcing (e.g. Intel) and new JV deals (e.g. Germany and Japan)</li>
<li>Foundry 2.0 reflects the reality of how the semi industry is evolving and it's the polar opposite of Intel's IDM 2.0 </li>
</ul>


TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the "traditional" foundry market
The lion's share of this new market will come from IDM, a combination of increased outsourcing (e.g. Intel) and new JV deals (e.g. Germany and Japan)
Foundry 2.0 reflects the reality of how the semi industry is evolving and it's the polar opposite of Intel's IDM 2.0 


TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 112.2% as of Aug 16th.</li>
<li>The average A-H premium changed by 0.9ppt week-on-week, led by health care, financials, utilities and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 112.2% as of Aug 16th.
The average A-H premium changed by 0.9ppt week-on-week, led by health care, financials, utilities and offset by communication services, real estate.
We highlight weekly changes in A-H premium for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.


A-H Premium Weekly (Aug 16th):Asymchem Lab, Air China, GAC Group, Hua Hong Semi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was again a net buyer, for HK$16.6bn this week (now 28wks in a row of net buying), on VERY LOW two-way volumes. </li>
<li>Gross volumes were very low. Net volumes were decent. There were three ETFs in the top 5 SOUTHBOUND net buys this past week suggesting position unwinding.</li>
<li>Top net buys other than the ETFs were China Mobile and Tencent (now 14 out of 15 days seeing net SOUTHBOUND buying)</li>
</ul>


SOUTHBOUND was again a net buyer, for HK$16.6bn this week (now 28wks in a row of net buying), on VERY LOW two-way volumes. 
Gross volumes were very low. Net volumes were decent. There were three ETFs in the top 5 SOUTHBOUND net buys this past week suggesting position unwinding.
Top net buys other than the ETFs were China Mobile and Tencent (now 14 out of 15 days seeing net SOUTHBOUND buying)


HK Connect SOUTHBOUND Flows (To 16 Aug 2024); Big Net Buying On "Tiny" Overall Volume, ETFs Big

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>981 HK/1347 HK: Semiconductor export growth remained robust in July (+/+)</li>
<li>1211 HK/LI US/NIO US/1810 HK/XPEV US: 2024 week 31 EV makers started to bifurate .(/////////)</li>
<li>1810 HK: Xiaomi’s smartphone unit volume sales in Japan grow triple-digit y-o-y in 2Q24 (+)</li>
</ul>


981 HK/1347 HK: Semiconductor export growth remained robust in July (+/+)
1211 HK/LI US/NIO US/1810 HK/XPEV US: 2024 week 31 EV makers started to bifurate .(/////////)
1810 HK: Xiaomi’s smartphone unit volume sales in Japan grow triple-digit y-o-y in 2Q24 (+)


[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>After hitting a low point in Q4 2023, Research on Hong Kong companies has been slow to pick up reflecting the ongoing skepticism from investors. </li>
<li>Reports on the large China tech companies dominated the top ten companies covered over the last couple of years and in the first half of 2024.</li>
<li>As China continues to dominate and make news in the global EV market, research in that sector has picked up.</li>
</ul>


After hitting a low point in Q4 2023, Research on Hong Kong companies has been slow to pick up reflecting the ongoing skepticism from investors. 
Reports on the large China tech companies dominated the top ten companies covered over the last couple of years and in the first half of 2024.
As China continues to dominate and make news in the global EV market, research in that sector has picked up.


BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

China

Hua Hong Semiconductor Limited manufactures semiconductors on 200mm wafers for specialty applications. The Company's products are used in the consumer electronic, communication, computing and industrial, and automotive industries.

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Hua Hong Semiconductor (1347 HK)

TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering?

TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the...

William Keating

A-H Premium Weekly (Aug 16th):Asymchem Lab, Air China, GAC Group, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 16 Aug 2024); Big Net Buying On "Tiny" Overall Volume, ETFs Big

SOUTHBOUND volumes this past week were very low overall, but there was decent net buying aided by BIG buying of ETFs and large caps and very little...

Travis Lundy

[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...

Blue Lotus Research Institute

BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Tech NEV companies continue to dominate the research landscape for Hong Kong coverage. Bosideng, China Water Affairs, Topsports, BYD and Xiaomi...

David Mudd

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52-week Range

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TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering?

TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the...

William Keating

A-H Premium Weekly (Aug 16th):Asymchem Lab, Air China, GAC Group, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Air China, GAC Group, Hua Hong Semi.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 16 Aug 2024); Big Net Buying On "Tiny" Overall Volume, ETFs Big

SOUTHBOUND volumes this past week were very low overall, but there was decent net buying aided by BIG buying of ETFs and large caps and very little...

Travis Lundy

[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

​Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...

Blue Lotus Research Institute

BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Tech NEV companies continue to dominate the research landscape for Hong Kong coverage. Bosideng, China Water Affairs, Topsports, BYD and Xiaomi...

David Mudd

Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...