Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Micron's record FQ3-26 largely withstands forensic scrutiny. Minimal GAAP–non-GAAP adjustments, receivables aligned with revenue, and flat inventory despite tripled sales underpin a provisional 3.5/5.0 forensic score—the memory sector benchmark.</li>
<li>Three issues merit attention: government incentives contributed US$3.0bn (10.3%) of nine-month adjusted FCF; other liabilities rose US$7.8bn, adding US$7.3bn to operating cash; FQ3 interest expense was zero due to capitalisation.</li>
<li>We remain Bullish with unchanged FV of US$1,400. The critical FQ4 disclosure is SCA deposit accounting: where the US$18bn sits, and whether it enters operating cash, will determine FCF credibility.</li>
</ul>


Micron's record FQ3-26 largely withstands forensic scrutiny. Minimal GAAP–non-GAAP adjustments, receivables aligned with revenue, and flat inventory despite tripled sales underpin a provisional 3.5/5.0 forensic score—the memory sector benchmark.
Three issues merit attention: government incentives contributed US$3.0bn (10.3%) of nine-month adjusted FCF; other liabilities rose US$7.8bn, adding US$7.3bn to operating cash; FQ3 interest expense was zero due to capitalisation.
We remain Bullish with unchanged FV of US$1,400. The critical FQ4 disclosure is SCA deposit accounting: where the US$18bn sits, and whether it enters operating cash, will determine FCF credibility.


Micron Technology (MU US) - A Forensic Read on Its Accounts, Audited for Proof

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul>
<li>No changes have been made to the portfolio today.</li>
<li>Our KTX Tactical DR Port posted an average total return of -0.77%, pressured by selling in technology stocks, particularly MICRON80 and SNDK80, following their strong speculative gains.</li>
<li>The decline was further weighed down by lower chip selling prices on a month-on-month basis.</li>
</ul>


No changes have been made to the portfolio today.
Our KTX Tactical DR Port posted an average total return of -0.77%, pressured by selling in technology stocks, particularly MICRON80 and SNDK80, following their strong speculative gains.
The decline was further weighed down by lower chip selling prices on a month-on-month basis.


KTX Tactical DR Picks - July 16, 2026 (Eng.)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Hyperscalers are expected to issue more than $300 billion (up 148% YoY) in corporate bonds in 2026. </li>
<li>Amazon's $25B debt issuance on 7 July drew weak investor demand, signaling a potentially cold reception for future large-scale capital raises by tech hyperscalers in the coming months.</li>
<li>This is one of the signs that the investors are pushing back on the excessive debt issuance by the hyperscalers. </li>
</ul>


Hyperscalers are expected to issue more than $300 billion (up 148% YoY) in corporate bonds in 2026. 
Amazon's $25B debt issuance on 7 July drew weak investor demand, signaling a potentially cold reception for future large-scale capital raises by tech hyperscalers in the coming months.
This is one of the signs that the investors are pushing back on the excessive debt issuance by the hyperscalers. 


Institutional Investors Starting to Push Back on the Excessive Debt Issuance by the Hyperscalers

Technology / Semiconductor / Internet Research

Nicolas Baratte

Thematic (Sector/Industry)

<ul>
<li>Import tariff into the US: Korea 25%, Taiwan 32%. But the White house clarified: no Reciprocal Tariff on semiconductors.  </li>
<li>There are other exemption (pharmaceuticals, lumber, certain minerals not available in the US). But then Apple or Nvidia don’t import Semis from Taiwan or Korea. </li>
<li>They import iPhones from China / India or Servers made in Taiwan. Is it a little bug to be fixed? There’s an interesting loophole: 10% tariff on Singapore.  </li>
</ul>


Import tariff into the US: Korea 25%, Taiwan 32%. But the White house clarified: no Reciprocal Tariff on semiconductors.  
There are other exemption (pharmaceuticals, lumber, certain minerals not available in the US). But then Apple or Nvidia don’t import Semis from Taiwan or Korea. 
They import iPhones from China / India or Servers made in Taiwan. Is it a little bug to be fixed? There’s an interesting loophole: 10% tariff on Singapore.  


No Tariffs on Semiconductors – but Does It Matter?

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

<ul>
<li>Hyperscaler CapEx could be slowing down, based on 4Q24 spending</li>
<li>Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases</li>
<li>Industry CapEx as a percent of revenue has slowed its growth</li>
</ul>


Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth


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)