Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.</li>
<li>ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.</li>
<li>The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.</li>
</ul>


Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.
ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.
The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.


HK IPO WATCH: Beijing ESWIN Computing Technology -  RISC-V Business !!

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.</li><li>Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.</li><li>MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.</li></ul>

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

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>As we finished week 1-4 of 3Q earnings season for major global fabless/IDM semi companies (AMD/Intel/Qualcomm/TI/Infineon/STM/MTK/OnSemi), results/ guidance have been mixed on inventory level and demand recovery.</li><li>Overall, SP/PC/NB (QCOM/MTK/Intel/AMD) started restocking given seasonal demand on new product launches, and server market (Intel/AMD) has shown signs of normalised inventory and mild recovery into 4Q.</li><li>Auto segment (TI/STM/ON) in general began to show cyclical weakness and guided cautious outlook into 4Q. </li></ul>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.

As we finished week 1-4 of 3Q earnings season for major global fabless/IDM semi companies (AMD/Intel/Qualcomm/TI/Infineon/STM/MTK/OnSemi), results/ guidance have been mixed on inventory level and demand recovery.Overall, SP/PC/NB (QCOM/MTK/Intel/AMD) started restocking given seasonal demand on new product launches, and server market (Intel/AMD) has shown signs of normalised inventory and mild recovery into 4Q.Auto segment (TI/STM/ON) in general began to show cyclical weakness and guided cautious outlook into 4Q. 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.

China Technology – Global Fabless/IDM 3Q23 Wrap: PC/SP Recovery, Auto/ Industrial Mixed

<ul><li>This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. </li><li>I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.</li><li>We are now seeing the beginning of Industrial weakening.</li></ul>

This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.We are now seeing the beginning of Industrial weakening.

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>The steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


Germany

Infineon Technologies AG designs, manufactures, and markets semiconductors. The Company offers products include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors. Infineon markets its products to the automotive, industrial, communications, and consumer and security electronics sectors.

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Infineon Technologies (IFNNY US)

HK IPO WATCH: Beijing ESWIN Computing Technology - RISC-V Business !!

Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per...

David Mudd

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive...

Fabricated Knowledge

China Technology – Global Fabless/IDM 3Q23 Wrap: PC/SP Recovery, Auto/ Industrial Mixed

Overall, SP/PC/NB (QCOM/MTK/Intel/AMD) started restocking given seasonal demand on new product launches, and server market (Intel/AMD) has shown...

CMB International

Semiconductor Cycles: Industrial and EVs

Plus my new taxonomy of cycles! Where I think each end market is in the cycle. This earnings season, Industrial semiconductor demand has been the...

Fabricated Knowledge

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

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