Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd-cec874fc-ef78-403b-8658-7a7298f0a28d" target="_blank" data-smartkarma-citation="entities:25241:1" rel="noopener">Samsung Electronics (SMSN LI)</a> Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.</li>
<li>A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US).</a>
</li>
</ul>



Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.

SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).



SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Event-Driven

<ul>
<li>SAMR would draw out review process for too long for a deal to be approved</li>
<li>Intel faces an existential crisis and even the new Foundry division has issues</li>
<li>A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins</li>
</ul>


SAMR would draw out review process for too long for a deal to be approved
Intel faces an existential crisis and even the new Foundry division has issues
A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins


Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

Taiwan Tech Focused Senior Analyst

Patrick Liao

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>SMIC's revenue might be looking at around US$2bn in 4Q24 and it's a bit reduction of GM from 3Q24 because of the seasonality at the year end.</li>
<li>Since around 2019, US was putting an sanction on China, no matter how the argument is true.</li>
<li>SMIC continued delivering 7nm chips, and even the 5nm chips could be further delivered using a similar method, although the yield rate may be a concern.</li>
</ul>


SMIC's revenue might be looking at around US$2bn in 4Q24 and it's a bit reduction of GM from 3Q24 because of the seasonality at the year end.
Since around 2019, US was putting an sanction on China, no matter how the argument is true.
SMIC continued delivering 7nm chips, and even the 5nm chips could be further delivered using a similar method, although the yield rate may be a concern.


SMIC (981.HK): Surviving Amidst a Prolonged US-China Trade War

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Monetary / Caixin Explains: Why and How China is overhauling monetary policy (Part 3)</li><li>Huawei /Cover Story: Huawei’s smart car ambitions face hurdles as it seeks to replicate Aito’s success</li><li>Corruption /: Ex-education vice minister targeted in corruption probe</li></ul>

Monetary / Caixin Explains: Why and How China is overhauling monetary policy (Part 3)Huawei /Cover Story: Huawei’s smart car ambitions face hurdles as it seeks to replicate Aito’s successCorruption /: Ex-education vice minister targeted in corruption probe

CX Daily: Why and How China’s Overhauling Monetary Policy (Part 3) 

<ul><li>Huawei Technologies Co. Ltd. on Tuesday began taking preorders for the second electric vehicle (EV) co-developed with automaker partner Chery Automobile Co. Ltd., after seemingly overcoming production hurdles that dogged their earlier model.</li><li>The Luxeed R7 is the first electric coupe SUV marketed under Huawei’s Harmony Intelligent Mobility Alliance — originally known as Smart Selection.</li><li>Positioned as a challenger to Tesla Inc.’s Model Y, the new car’s preorder prices range from 268,000 yuan ($37,651) to 348,000 yuan, according to Huawei’s official online store Vmall.</li></ul>

Huawei Technologies Co. Ltd. on Tuesday began taking preorders for the second electric vehicle (EV) co-developed with automaker partner Chery Automobile Co. Ltd., after seemingly overcoming production hurdles that dogged their earlier model.The Luxeed R7 is the first electric coupe SUV marketed under Huawei’s Harmony Intelligent Mobility Alliance — originally known as Smart Selection.Positioned as a challenger to Tesla Inc.’s Model Y, the new car’s preorder prices range from 268,000 yuan ($37,651) to 348,000 yuan, according to Huawei’s official online store Vmall.

Huawei Opens Preorders for Second EV Made With Chery 

China

Huawei Technologies Co., Ltd. provides networking products and telecommunication solutions. The Company researches and develops internet access, transmission network, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, managed, learning, and global delivery services.

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Huawei Technology (40978Z CH)

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

SMIC (981.HK): Surviving Amidst a Prolonged US-China Trade War

SMIC's revenue for 4Q24 expected ~US$2bn, slight reduction from 3Q24 due to year-end seasonality. Despite US sanctions on China since 2019, SMIC...

Patrick Liao

CX Daily: Why and How China’s Overhauling Monetary Policy (Part 3)

Monetary / Caixin Explains: Why and How China is overhauling monetary policy (Part 3) China’s central bank has started a major overhaul of how it...

Caixin Global

Huawei Opens Preorders for Second EV Made With Chery

Huawei Technologies Co. Ltd. on Tuesday began taking preorders for the second electric vehicle (EV) co-developed with automaker partner Chery...

Caixin Global

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52-week Range

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SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

​China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

SMIC (981.HK): Surviving Amidst a Prolonged US-China Trade War

​SMIC's revenue for 4Q24 expected ~US$2bn, slight reduction from 3Q24 due to year-end seasonality. Despite US sanctions on China since 2019, SMIC...

Patrick Liao

CX Daily: Why and How China’s Overhauling Monetary Policy (Part 3)

Monetary / Caixin Explains: Why and How China is overhauling monetary policy (Part 3) China’s central bank has started a major overhaul of how it...

Caixin Global

Huawei Opens Preorders for Second EV Made With Chery

Huawei Technologies Co. Ltd. on Tuesday began taking preorders for the second electric vehicle (EV) co-developed with automaker partner Chery...

Caixin Global

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

SMIC's revenue for 4Q24 expected ~US$2bn, slight reduction from 3Q24 due to year-end seasonality. Despite US sanctions on China since 2019, SMIC...