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

Thematic (Sector/Industry)

<ul>
<li>DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.</li>
<li>In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.</li>
<li>Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment </li>
</ul>


DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.
In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.
Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment 


Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Today after the close, the Nikkei Index Committee <a href="https://indexes.nikkei.co.jp/nkave/archives/news/20260904E_1.pdf" target="_blank" rel="noopener">announced</a> the Sep26 Nikkei 225 Average review. There are 3 ADDs and 3 DELETEs. </li>
<li>The 3 ADDs are <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525)</a>, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016)</a>, and <a href="https://www.smartkarma.com/entities/capcom-co-ltd" target="_blank" data-smartkarma-citation="entities:1459:1" rel="noopener">Capcom Co Ltd (9697)</a>. Three DELETEs are <a href="https://www.smartkarma.com/entities/archion-corporation" target="_blank" data-smartkarma-citation="entities:47577:1" rel="noopener">Archion (543A)</a>, <a href="https://www.smartkarma.com/entities/konica-minolta-inc" target="_blank" data-smartkarma-citation="entities:17287:1" rel="noopener">Konica Minolta (4902)</a> , and <a href="https://www.smartkarma.com/entities/kanadevia-corporation" target="_blank" data-smartkarma-citation="entities:14969:1" rel="noopener">Kanadevia (7004)</a>. Limited surprises here. </li>
<li>I had Food &amp; Life (3563) instead of Capcom and I had Kanadevia just under the liquidity kickout threshold. Flows are still big (~US$4.7bn a side). Funding is +167 baskets.</li>
</ul>


Today after the close, the Nikkei Index Committee announced the Sep26 Nikkei 225 Average review. There are 3 ADDs and 3 DELETEs. 
The 3 ADDs are Kokusai Electric (6525), JX Advanced Metals (5016), and Capcom Co Ltd (9697). Three DELETEs are Archion (543A), Konica Minolta (4902) , and Kanadevia (7004). Limited surprises here. 
I had Food &amp; Life (3563) instead of Capcom and I had Kanadevia just under the liquidity kickout threshold. Flows are still big (~US$4.7bn a side). Funding is +167 baskets.


[Quiddity Index] Nikkei 225 Sep26 Rebal Results: 3 ADDs, 3 DELs, No New Rules Impact

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Yamaha Motor, Orix, Advantest, Kioxia, Rakuten, Kawasaki Kisen Kaisha, Panasonic, JFE.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Yamaha Motor, Orix, Advantest, Kioxia, Rakuten, Kawasaki Kisen Kaisha, Panasonic, JFE.


MS-Japan Index Earning Revision (Aug): Yamaha Motor, Orix, Advantest, Kioxia, Rakuten, Panasonic

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 28th. The aggregated net margin trading position is USD29,092m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 28th. The aggregated net margin trading position is USD29,092m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.


JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a>, a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.</li>
<li>Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.</li>
<li>Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.</li>
</ul>


The IPO of Shenzhen Longsys Electronics (9976 HK), a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.
Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.
Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.


Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row

Q224 DRAM $23.3 billion in Q224, +28.3% QoQ & +110.5% YoY. Q224 NAND $16.5 billion, +17% QoQ & +83% YoY. Multiple mounting tailwinds bode well for...

William Keating

[Quiddity Index] Nikkei 225 Sep26 Rebal Results: 3 ADDs, 3 DELs, No New Rules Impact

The Sep26 Nikkei 225 Review turned out slightly different than expected. One change is a toss-up. The other is more of a question. The three ADDs...

Travis Lundy

MS-Japan Index Earning Revision (Aug): Yamaha Motor, Orix, Advantest, Kioxia, Rakuten, Panasonic

We analyzed MS-Japan's consensus for Aug 2026 and highlighted changes of EPS in Yamaha Motor, Orix, Advantest, Kioxia, Rakuten, Kawasaki Kisen...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Seikoh Giken (6834 JP), Mitsubishi UFJ...

Ke Yan, CFA, FRM

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA

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