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

Equity Bottom-Up

<ul>
<li>Samsung's earnings was recently reported, with memory revenues up nearly 50% in the fourth quarter</li>
<li>This gain has been driven by very strong growth in AI and a normalization of inventory levels</li>
<li>The memory business is approaching positive margins once again, and SK hynix is already profitable</li>
</ul>


Samsung's earnings was recently reported, with memory revenues up nearly 50% in the fourth quarter
This gain has been driven by very strong growth in AI and a normalization of inventory levels
The memory business is approaching positive margins once again, and SK hynix is already profitable


Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Thematic (Sector/Industry)

<ul>
<li>Despite the rise and rise of the Magnificent 7, clues that this has made the S&amp;P 500 Index, and hence US stocks riskier, are limited.</li>
<li>However, looking at betas against other stock market indices and other asset classes reveals that risk associated with US stocks is trending slightly higher.</li>
<li>The key takeaway from this analysis, however, is that Treasuries - showing higher volatility and less diversification benefits - ARE quickly losing their appeal within a multi-asset portfolio.</li>
</ul>


Despite the rise and rise of the Magnificent 7, clues that this has made the S&amp;P 500 Index, and hence US stocks riskier, are limited.
However, looking at betas against other stock market indices and other asset classes reveals that risk associated with US stocks is trending slightly higher.
The key takeaway from this analysis, however, is that Treasuries - showing higher volatility and less diversification benefits - ARE quickly losing their appeal within a multi-asset portfolio.


Are the Magnificent 7 a Danger to Your Portfolio?

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:27270:1" rel="noopener">ASE Technology Holding (3711 TT)</a> 1Q24F outlook may be dim due to normal seasonality, resulting in a decline of mid-to-high single digits in revenue.</li>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> are expected to experience a strong rebound.</li>
<li>The 2024F outlook for ASEH indicates a low double-digit YoY growth.  </li>
</ul>


The ASE Technology Holding (3711 TT) 1Q24F outlook may be dim due to normal seasonality, resulting in a decline of mid-to-high single digits in revenue.

Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US) are expected to experience a strong rebound.
The 2024F outlook for ASEH indicates a low double-digit YoY growth.  


ASEH (3711.TT; ASX.US): 1Q24F Revenue Outlook Could Be Down Slightly QoQ; 2024F Should Grow ~10% YoY

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>SoftBank group’s headline NAV discount is over 50%, factoring in the T-Mobile shares windfall at December-end</li>
<li>SoftBank Corp is looking to IPO digital payments company PayPay, which should also be a positive driver for SoftBank Group shares going forward, but only a marginal one</li>
<li>Arm shares have been defying gravity, but we see downside risk going forward, as well as questions over SVF1 and SVF2 private company valuations; and the threat of JPY appreciation</li>
</ul>


SoftBank group’s headline NAV discount is over 50%, factoring in the T-Mobile shares windfall at December-end
SoftBank Corp is looking to IPO digital payments company PayPay, which should also be a positive driver for SoftBank Group shares going forward, but only a marginal one
Arm shares have been defying gravity, but we see downside risk going forward, as well as questions over SVF1 and SVF2 private company valuations; and the threat of JPY appreciation


Softbank (9984 JP): Big Fat NAV Discount, but Headwinds Outweigh Tailwinds Going Forward

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Samsung Memory Revenues Up Impressively

Samsung's memory business sees significant growth in Q4, driven by AI and inventory stabilization, nearing positive margins while SK hynix turns...

Jim Handy

Are the Magnificent 7 a Danger to Your Portfolio?

The quick answer is that the Magnificent 7 are not a significant threat to the risk-return characteristics of your portfolio. However, the case for...

Jeroen Blokland

ASEH (3711.TT; ASX.US): 1Q24F Revenue Outlook Could Be Down Slightly QoQ; 2024F Should Grow ~10% YoY

ASEH 1Q24F outlook is expected for a mid-to high single digits QoQ decline. Mediatek and NVDA are anticipated to a strong rebound in 1Q24F. ASEH's...

Patrick Liao

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Softbank (9984 JP): Big Fat NAV Discount, but Headwinds Outweigh Tailwinds Going Forward

SoftBank group's NAV discount is 50%+, post T-Mobile shares windfall. PayPay IPO may boost SoftBank shares a bit but JPY strength detracts, Arm...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung Memory Revenues Up Impressively

​Samsung's memory business sees significant growth in Q4, driven by AI and inventory stabilization, nearing positive margins while SK hynix turns...

Jim Handy

Are the Magnificent 7 a Danger to Your Portfolio?

The quick answer is that the Magnificent 7 are not a significant threat to the risk-return characteristics of your portfolio. However, the case for...

Jeroen Blokland

ASEH (3711.TT; ASX.US): 1Q24F Revenue Outlook Could Be Down Slightly QoQ; 2024F Should Grow ~10% YoY

​ASEH 1Q24F outlook is expected for a mid-to high single digits QoQ decline. Mediatek and NVDA are anticipated to a strong rebound in 1Q24F. ASEH's...

Patrick Liao

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

Softbank (9984 JP): Big Fat NAV Discount, but Headwinds Outweigh Tailwinds Going Forward

​SoftBank group's NAV discount is 50%+, post T-Mobile shares windfall. PayPay IPO may boost SoftBank shares a bit but JPY strength detracts, Arm...

Victor Galliano

Samsung's memory business sees significant growth in Q4, driven by AI and inventory stabilization, nearing positive margins while SK hynix turns...

ASEH 1Q24F outlook is expected for a mid-to high single digits QoQ decline. Mediatek and NVDA are anticipated to a strong rebound in 1Q24F. ASEH's...

SoftBank group's NAV discount is 50%+, post T-Mobile shares windfall. PayPay IPO may boost SoftBank shares a bit but JPY strength detracts, Arm...