Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> released record 2H21 results which indicate <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> ramp continues as expected. Management expects more of the same in FY22.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has a variety of issues but it will spend massive amounts of cash to keep up with rivals. <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> remains a major beneficiary.</li>
<li>Fair value unchanged at 8 SGD, or 78% upside from current 4.5 SGD share price.</li>
</ul>



AEM (AEM SP) released record 2H21 results which indicate Intel Corp (INTC US) ramp continues as expected. Management expects more of the same in FY22.

Intel Corp (INTC US) has a variety of issues but it will spend massive amounts of cash to keep up with rivals. AEM (AEM SP) remains a major beneficiary.
Fair value unchanged at 8 SGD, or 78% upside from current 4.5 SGD share price.


AEM Holdings: 2H21 Revenue Acceleration to Continue into FY22. Fair Value Maintained at 8 SGD

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

<ul>
<li>Q323 revenues of $2.40 billion, at the upper end of the guidance range, up 2% QoQ but down 12.5% YoY</li>
<li>Current quarter revenue forecast of $2.45 billion, essentially flat sequentially</li>
<li>Services revenue on track for ~8% YoY growth despite overall revenues tracking to an 8.6% YoY decline..</li>
</ul>


Q323 revenues of $2.40 billion, at the upper end of the guidance range, up 2% QoQ but down 12.5% YoY
Current quarter revenue forecast of $2.45 billion, essentially flat sequentially
Services revenue on track for ~8% YoY growth despite overall revenues tracking to an 8.6% YoY decline..


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>KLA Corporation delivered a positive result and managed an all-around beat in the last quarter.</li><li>KLA demonstrated consistent execution amid a competitive market by delivering results at the upper end of the guidance and commitment range.</li><li>We give KLA Corporation a 'Hold rating with a revised target price.</li></ul>

KLA Corporation delivered a positive result and managed an all-around beat in the last quarter.KLA demonstrated consistent execution amid a competitive market by delivering results at the upper end of the guidance and commitment range.We give KLA Corporation a 'Hold rating with a revised target price.

KLA Corporation: Tech Transitions Powering Their Value! – Major Drivers

<ul><li>KLA managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>The company's revenue exceeded the guidance range and represented 6% year-over-year growth.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

KLA managed to exceed analyst expectations in terms of revenue as well as earnings.The company's revenue exceeded the guidance range and represented 6% year-over-year growth.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

KLA Corporation: The Growth Engines You Didn’t Know About! – Key Drivers

<ul>
<li>ASML reported Q423 revenues of €7.2 billion, up 7.5% QoQ and ~€100 million above the guided midpoint for the quarter.</li>
<li>ASML guided Q124 at €5.25 billion, down a very significant 27% sequentially. Also reiterated their previous forecast for 2024 revenues to be remain flat with 2023</li>
<li>ASML shares surged &gt;8% in overnight trading. What's going on here?</li>
</ul>


ASML reported Q423 revenues of €7.2 billion, up 7.5% QoQ and ~€100 million above the guided midpoint for the quarter.
ASML guided Q124 at €5.25 billion, down a very significant 27% sequentially. Also reiterated their previous forecast for 2024 revenues to be remain flat with 2023
ASML shares surged &gt;8% in overnight trading. What's going on here?


ASML Guides Q124 Down 27% QoQ, Shares Surge >8%. What Gives?

United States

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

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KLA-Tencor Corp (KLAC US)

AEM Holdings: 2H21 Revenue Acceleration to Continue into FY22. Fair Value Maintained at 8 SGD

AEM continues to deliver solid results. FY22 guidance points to another record year for the company. AEM remains major beneficiary of Intel Capex...

Nicolas Van Broekhoven

KLAC. Bouncing Along The Bottom

Q323 revenue $2.40 billion, +2% QoQ but -12.5% YoY. Q423 forecast of $2.45 billion. Services revenue on track for ~8% YoY growth despite overall...

William Keating

KLA Corporation: Tech Transitions Powering Their Value! – Major Drivers

KLA Corporation delivered a positive result and managed an all-around beat in the last quarter. KLA demonstrated consistent execution amid a...

Baptista Research

KLA Corporation: The Growth Engines You Didn’t Know About! – Key Drivers

KLA managed to exceed analyst expectations in terms of revenue as well as earnings. The company's revenue exceeded the guidance range and...

Baptista Research

ASML Guides Q124 Down 27% QoQ, Shares Surge >8%. What Gives?

Q423 revenues of €7.2 billion, + 7.5% QoQ. Q124 guided at €5.25 billion, - 27% QoQ. Reiterated '24 guidance flat YoY. Share surge >8% overnight....

William Keating

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