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

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Hua Hong released its 4Q25/FY25 results. 4Q25 revenue rose 22.4% YoY / 3.9% QoQ to US$660mn, a quarterly record, driven by high utilization and robust shipments.</li><li>GPM was 13.0% in 3Q, down from 13.5% in 3Q but in line with mgmt.’s guidance.</li><li>Net profit was US$17mn in 4Q, down 53.4% QoQ mainly due to higher labor costs.</li><li>For FY25, revenue increased 20% YoY to US$2.4bn (in line with our estimates and BBG consensus), while GPM was 11.8%, also in line with our estimates and BBG consensus, partly offset by higher depreciation. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Hua Hong released its 4Q25/FY25 results. 4Q25 revenue rose 22.4% YoY / 3.9% QoQ to US$660mn, a quarterly record, driven by high utilization and robust shipments.GPM was 13.0% in 3Q, down from 13.5% in 3Q but in line with mgmt.’s guidance.Net profit was US$17mn in 4Q, down 53.4% QoQ mainly due to higher labor costs.For FY25, revenue increased 20% YoY to US$2.4bn (in line with our estimates and BBG consensus), while GPM was 11.8%, also in line with our estimates and BBG consensus, partly offset by higher depreciation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hua Hong Semi (1347 HK) - Improving Mix and Scale, yet Valuation Stretches

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>China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.</li>
<li>In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.</li>
<li>Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.</li>
</ul>


China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.
In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.
Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.


Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>TSMC's CoWoS and 2nm GAA lead is structurally uncontested through 2028; AI capex compounds an already-unrivalled wafer and packaging monopoly.</li>
<li>Re-Rating catalyst is Q2 2026 earnings (TSMC 16 Jul, UMC 29 Jul, Hua Hong 6 Aug) testing whether fundamentals can support stock prices that have surged 200–500%.</li>
<li>Sector call: 2 BUY (TSMC, GlobalFoundries), 1 NEUTRAL (SMIC), 2 SELL (UMC, Hua Hong Grace).</li>
</ul>


TSMC's CoWoS and 2nm GAA lead is structurally uncontested through 2028; AI capex compounds an already-unrivalled wafer and packaging monopoly.
Re-Rating catalyst is Q2 2026 earnings (TSMC 16 Jul, UMC 29 Jul, Hua Hong 6 Aug) testing whether fundamentals can support stock prices that have surged 200–500%.
Sector call: 2 BUY (TSMC, GlobalFoundries), 1 NEUTRAL (SMIC), 2 SELL (UMC, Hua Hong Grace).


Semiconductor Foundry Handbook 2026 — One Monopoly, Two Disconnected Valuations

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

Hua Hong Semi (1347 HK) - Improving Mix and Scale, yet Valuation Stretches

Hua Hong released its 4Q25/FY25 results. 4Q25 revenue rose 22.4% YoY / 3.9% QoQ to US$660mn, a quarterly record, driven by high utilization and...

CMB International

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

Semiconductor Foundry Handbook 2026 — One Monopoly, Two Disconnected Valuations

Five foundries, one true monopoly, two stocks priced for a fantasy. The EV/EBITDA-vs-ROIC framework that tells you which is which — before Q2...

Mo Aziz

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

Hua Hong Semi (1347 HK) - Improving Mix and Scale, yet Valuation Stretches

Hua Hong released its 4Q25/FY25 results. 4Q25 revenue rose 22.4% YoY / 3.9% QoQ to US$660mn, a quarterly record, driven by high utilization and...

CMB International

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

​China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

Semiconductor Foundry Handbook 2026 — One Monopoly, Two Disconnected Valuations

Five foundries, one true monopoly, two stocks priced for a fantasy. The EV/EBITDA-vs-ROIC framework that tells you which is which — before Q2...

Mo Aziz

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...

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...