Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

In the past few days, we have seen some major swing moves in <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics Co Ltd (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/16955" target="_blank" data-smartkarma-citation="entities:16955:1">SK Hynix Inc (000660 KS)</a>, who together have nearly 75% and 49% of the global DRAM and NAND flash market shares, respectively.  In the last few days, in Trump's efforts to make a best deal for the United States, he has initially proposed a massive $60 billion in tariffs on various Chinese imports. In order to avoid these huge tariffs, China has proposed to buy more semiconductor chips from…

In the past few days, we have seen some major swing moves in Samsung Electronics Co Ltd (005930 KS) and SK Hynix Inc (000660 KS), who together have nearly 75% and 49% of the global DRAM and NAND flash market shares, respectively.  In the last few days, in Trump's efforts to make a best deal for the United States, he has initially proposed a massive $60 billion in tariffs on various Chinese imports. In order to avoid these huge tariffs, China has proposed to buy more semiconductor chips from…

Micron Technology - A Call Optionality on Trump's Art of the Deal?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Equity markets have remained volatile, consolidating between the recent high in late January and the low on February 9th. While the market has yet to retest either the highs or the lows, we still see both as critical levels. With support levels holding, we retain our long-term bullish stance despite the expectation of continued volatility and consolidation. In today’s report we highlight attractive and actionable groups within Technology and Financials. Within Tech we focus on TE-01 and TE-02, our Large- and Mid-Cap Semiconductor Groups (respectively), and within Financials we highlight FN-34, our Electronic Exchanges/Markets Group.

Equity markets have remained volatile, consolidating between the recent high in late January and the low on February 9th. While the market has yet to retest either the highs or the lows, we still see both as critical levels. With support levels holding, we retain our long-term bullish stance despite the expectation of continued volatility and consolidation. In today’s report we highlight attractive and actionable groups within Technology and Financials. Within Tech we focus on TE-01 and TE-02, our Large- and Mid-Cap Semiconductor Groups (respectively), and within Financials we highlight FN-34, our Electronic Exchanges/Markets Group.

U.S. Equity Strategy: Heightened Volatility; Further Consolidation; Bullish Outlook Intact.

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

Prior to Toshiba's release of its 3Q earnings at 1pm today, there were two pieces of news: The company was likely to miss its March deadline for approval of the memory unit sale, and former SMBC deputy  president Nobuaki Kurumatani would be assuming the role of chairman and CEO (with current CEO Satoshi Tsunakawa remaining as president). Toshiba then released earnings which were largely unsurprising with the memory business continuing to generate excellent profits but with OP leveling off after…

Prior to Toshiba's release of its 3Q earnings at 1pm today, there were two pieces of news: The company was likely to miss its March deadline for approval of the memory unit sale, and former SMBC deputy  president Nobuaki Kurumatani would be assuming the role of chairman and CEO (with current CEO Satoshi Tsunakawa remaining as president). Toshiba then released earnings which were largely unsurprising with the memory business continuing to generate excellent profits but with OP leveling off after…

Toshiba: Likely Delay in Deal Approval and Poor Non-Memory Earnings Make IPO More Likely

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)

<a href="https://www.smartkarma.com/entities/13382" target="_blank" data-smartkarma-citation="entities:13382:1">Micron Technology Inc (MU US)</a> issued two press releases yesterday. The first (which you can find <a href="http://investors.micron.com/releasedetail.cfm?ReleaseID=1056373" target="_blank">here</a>) relates to an update on their earnings forecast for the current quarter. You may recall from a recent Insight, <a href="https://www.smartkarma.com/insights/micron-s-latest-earnings-reaffirms-a-healthy-memory-market-environment-heading-into-2018" target="_blank" data-smartkarma-citation="insights:16321">Micron’s Latest Earnings Reaffirms A Healthy Memory Market Environment Heading into 2018</a>, that Micron's earning's calendar is out of sync with the majority of the tech sector. Their last earnings date was December 19'th - their so-called fiscal Q1 2018. In that call, they forecasted…

Micron Technology Inc (MU US) issued two press releases yesterday. The first (which you can find here) relates to an update on their earnings forecast for the current quarter. You may recall from a recent Insight, Micron’s Latest Earnings Reaffirms A Healthy Memory Market Environment Heading into 2018, that Micron's earning's calendar is out of sync with the majority of the tech sector. Their last earnings date was December 19'th - their so-called fiscal Q1 2018. In that call, they forecasted…

Micron's Updated Earnings Forecast Highlights Continued Strength Of Memory Sector

The FT reported yesterday that Toshiba maintained the possibility of an IPO for its memory unit as a backup plan in the event that antitrust approval for its deal with a consortium headed by Bain fell through. We had mentioned previously that Toshiba may be having second thoughts about letting go of its crown jewel business, especially at a time when it is generating exceptional profits. We are not certain that Toshiba would be able to raise more capital through an IPO than through a sale to the…

The FT reported yesterday that Toshiba maintained the possibility of an IPO for its memory unit as a backup plan in the event that antitrust approval for its deal with a consortium headed by Bain fell through. We had mentioned previously that Toshiba may be having second thoughts about letting go of its crown jewel business, especially at a time when it is generating exceptional profits. We are not certain that Toshiba would be able to raise more capital through an IPO than through a sale to the…

Valuation and Toshiba Memory's IPO Chances

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron Technology - A Call Optionality on Trump's Art of the Deal?

In the past few days, we have seen some major swing moves in Samsung Electronics Co Ltd (005930 KS) and SK Hynix Inc (000660 KS), who together have...

Douglas Kim

U.S. Equity Strategy: Heightened Volatility; Further Consolidation; Bullish Outlook Intact.

Equity markets have remained volatile, consolidating between the recent high in late January and the low on February 9th. While the market has yet...

Vermilion Research

Toshiba: Likely Delay in Deal Approval and Poor Non-Memory Earnings Make IPO More Likely

Prior to Toshiba's release of its 3Q earnings at 1pm today, there were two pieces of news: The company was likely to miss its March deadline for...

Mio Kato

Micron's Updated Earnings Forecast Highlights Continued Strength Of Memory Sector

Micron Technology Inc (MU US) issued two press releases yesterday. The first (which you can find here) relates to an update on their earnings...

William Keating

Valuation and Toshiba Memory's IPO Chances

The FT reported yesterday that Toshiba maintained the possibility of an IPO for its memory unit as a backup plan in the event that antitrust...

Mio Kato

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