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>Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.</li>
<li>Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better</li>
<li>The much anticipated second half recovery will be muted at best</li>
</ul>


Q2'23 marked a turning point with semi sales, memory, silicon wafer &amp; PC shipments PC registering modest QoQ growth while smartphones and server shipments barely missed the cut.
Despite this positive turn of events, the memory segment remains mired in losses and the outlook for foundry is getting worse, not better
The much anticipated second half recovery will be muted at best


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Elan is positioned to win from a coming PC upgrade cycle, which has been indicated by companies such as Micron, Microsoft, Intel, and Asustek among others.</li>
<li>Elan is one of the institutionally most-underheld shares in our universe based on our analysis. Windows 11 adoption has been rising and will accelerate with a PC upgrade cycle.</li>
<li>We've updated our Elan model, we continue to rate the shares Outperform and have a NT$142 target price. Moreover, the stock's past all time remains 65% above current share price.</li>
</ul>


Elan is positioned to win from a coming PC upgrade cycle, which has been indicated by companies such as Micron, Microsoft, Intel, and Asustek among others.
Elan is one of the institutionally most-underheld shares in our universe based on our analysis. Windows 11 adoption has been rising and will accelerate with a PC upgrade cycle.
We've updated our Elan model, we continue to rate the shares Outperform and have a NT$142 target price. Moreover, the stock's past all time remains 65% above current share price.


Elan Microelectronics: Positioned to Win from PC Upgrade Cycle; Massively Underheld by Institutions

<ul>
<li>Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.</li>
<li>NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.</li>
<li>We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.</li>
</ul>


Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.
NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.
We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.


Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>MaxLinear's acquisition of Silicon Motion has been abandoned, with both sides threatening arbitration. </li>
<li>It is difficult to understand why the acquisition would have resulted in the synergies projected by management.  The businesses are very different.</li>
<li>Assuming the companies go different ways, expect for SiMo to perform as it has in the past.</li>
</ul>


MaxLinear's acquisition of Silicon Motion has been abandoned, with both sides threatening arbitration. 
It is difficult to understand why the acquisition would have resulted in the synergies projected by management.  The businesses are very different.
Assuming the companies go different ways, expect for SiMo to perform as it has in the past.


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> raised US$151m in its Korean IPO, after the deal was priced at KRW31,000/share, the top end of its IPO price range.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. </li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Fadu (440110 KS) raised US$151m in its Korean IPO, after the deal was priced at KRW31,000/share, the top end of its IPO price range.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs. 
In this note, we will talk about the demand for the deal and other trading dynamics.


Fadu IPO Trading - Strong Subscription Rates Compared to Recent Korean IPOs

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)

Q2'23 Semiconductor Review & Outlook

Q2'23 saw semi sales, memory, silicon wafer & PC shipments PC with modest QoQ growth. Smartphones and server shipments barely missed the cut....

William Keating

Elan Microelectronics: Positioned to Win from PC Upgrade Cycle; Massively Underheld by Institutions

Elan is one of the institutionally most-underheld shares in our universe based on our analysis. Windows 11 adoption and touch usage for PCs has...

Vincent Fernando, CFA

Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron

NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.

Vincent Fernando, CFA

What's Next for SiMo?

MaxLinear has called off its planned acquisition of Silicon Motion. Does this indicate future problems for SiMo? Not necessarily.

Jim Handy

Fadu IPO Trading - Strong Subscription Rates Compared to Recent Korean IPOs

Fadu (440110 KS) raised US$151m in its Korean IPO. In this note, we will talk about the demand for the deal and other trading dynamics.

Ethan Aw

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