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

<ul>
<li>Lenovo (0992.HK) reported full-year FY2025/26 revenues of a record US$83.1 billion, up 20% YoY, with net profit attributable to shareholders of US$1.9 billion, up 38%.</li>
<li>Lenovo reported Q4 revenues of US$21.6 billion, +27% YoY, its fastest growth in five years. AI-related revenue hit 38% of group revenue in the quarter and grew 84% YoY.</li>
<li>Lenovo’s Infrastructure Solutions Group turned full-year profitable, delivering record revenue of US$19.2 billion, up 32%, and an operating profit of US$73 million, a roughly US$140 million year-on-year swing</li>
</ul>


Lenovo (0992.HK) reported full-year FY2025/26 revenues of a record US$83.1 billion, up 20% YoY, with net profit attributable to shareholders of US$1.9 billion, up 38%.
Lenovo reported Q4 revenues of US$21.6 billion, +27% YoY, its fastest growth in five years. AI-related revenue hit 38% of group revenue in the quarter and grew 84% YoY.
Lenovo’s Infrastructure Solutions Group turned full-year profitable, delivering record revenue of US$19.2 billion, up 32%, and an operating profit of US$73 million, a roughly US$140 million year-on-year swing


Lenovo’s Q4 FY25/26. Record Quarter, Record Year, ISG Inflection Point

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> constituents from 30 to 50.</li>
<li>While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.</li>
<li>The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.</li>
</ul>


On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of Hang Seng TECH Index (HSTECH INDEX) constituents from 30 to 50.
While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.
The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.


HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in Shariah compliant companies in Greater China.</li><li>These companies may be established State Owned Enterprise, technology/entrepreneurial companies listed on Shanghai, Shenzhen, Hong Kong and ChiNext.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

The strategy seeks to invest in Shariah compliant companies in Greater China.These companies may be established State Owned Enterprise, technology/entrepreneurial companies listed on Shanghai, Shenzhen, Hong Kong and ChiNext.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

Greater China (Shariah) Portfolio (18-Aug-2026)

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo</li>
<li>The iTraxx Main was broadly flat at 53 bps, while the iTraxx X-Over narrowed 1 bps to 255 bps. The US CDX HY widened 3 bps to 323 bps. European bourses were mostly flat to 0.7% lower, except for the DAX (+0.5%), FTSE MIB (+0.3%) and IBEX 35 (+0.1%). In the US, the S&amp;P 500 fell 0.1%, while the Nasdaq gained 0.1%.</li>
<li>In Asia this morning, the Nikkei is down 0.3%, while the Hang Seng is 0.4% lower. US equity futures are mostly trading higher. WTI and Brent are USD 58.4/bbl and USD 62.0/bbl, respectively.</li>
</ul>


In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo
The iTraxx Main was broadly flat at 53 bps, while the iTraxx X-Over narrowed 1 bps to 255 bps. The US CDX HY widened 3 bps to 323 bps. European bourses were mostly flat to 0.7% lower, except for the DAX (+0.5%), FTSE MIB (+0.3%) and IBEX 35 (+0.1%). In the US, the S&amp;P 500 fell 0.1%, while the Nasdaq gained 0.1%.
In Asia this morning, the Nikkei is down 0.3%, while the Hang Seng is 0.4% lower. US equity futures are mostly trading higher. WTI and Brent are USD 58.4/bbl and USD 62.0/bbl, respectively.


<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo</li>
<li>UST yields rose 2-3 bps across the curve yesterday, as the release of hawkish-leaning October Fed meeting minutes cast doubts over a rate cut in December.</li>
<li>This was despite a solid auction of 20Y notes. Yields on USTs rose 2 bps each, to 3.59% for the 2Y and 4.14% for the 10Y. Equities halted a four-day slide, after Nvidia reported solid Q3/25-26 results and gave a strong revenue forecast. The S&amp;P 500 and Nasdaq climbed 0.4% and 0.6% to 6,642 and 22,564, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo
UST yields rose 2-3 bps across the curve yesterday, as the release of hawkish-leaning October Fed meeting minutes cast doubts over a rate cut in December.
This was despite a solid auction of 20Y notes. Yields on USTs rose 2 bps each, to 3.59% for the 2Y and 4.14% for the 10Y. Equities halted a four-day slide, after Nvidia reported solid Q3/25-26 results and gave a strong revenue forecast. The S&amp;P 500 and Nasdaq climbed 0.4% and 0.6% to 6,642 and 22,564, respectively.


China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo Group Ltd Adr (LNVGY US)

Lenovo’s Q4 FY25/26. Record Quarter, Record Year, ISG Inflection Point

Lenovo’s ISG division turned full-year profitable, delivering record revenue of US$19.2 billion, up 32%, and an operating profit of US$73 million,...

William Keating

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

Greater China (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in Shariah compliant companies in Greater China. These companies may be established State Owned Enterprise,...

Crea8

Lucror Analytics - Convertibles Brief

In today's Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo The iTraxx Main was broadly flat...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Lenovo UST yields rose 2-3 bps across the...

Lucror Analytics

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