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

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2022-01-25/nvidia-is-said-to-quietly-prepare-to-abandon-takeover-of-arm" target="_blank" rel="noopener"> Bloomberg reported</a> overnight that Nvidia was moving to accept reality and give up on the Arm merger. </li>
<li>This was largely expected but does deprive Softbank of a source of cash to conduct its buyback. </li>
<li>It also highlights the overall negative environment for Softbank’s traditional business “strategy”.</li>
</ul>



 Bloomberg reported overnight that Nvidia was moving to accept reality and give up on the Arm merger. 
This was largely expected but does deprive Softbank of a source of cash to conduct its buyback. 
It also highlights the overall negative environment for Softbank’s traditional business “strategy”.


Softbank – NVIDIA’s Abandonment of Arm and the Search for Credibility

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>From a market point of view, Intel's risk-reward profile appears more compelling than many of its high-flying peers.</li>
<li>From a business perspective, the company will likely continue to suffer in the short-term, however, strategic positioning is still strong.</li>
<li>What has historically been Intel's weak spot could prove to be its key competitive advantage over the coming years.</li>
</ul>


From a market point of view, Intel's risk-reward profile appears more compelling than many of its high-flying peers.
From a business perspective, the company will likely continue to suffer in the short-term, however, strategic positioning is still strong.
What has historically been Intel's weak spot could prove to be its key competitive advantage over the coming years.


Intel: Well-Positioned To Compete But Hardly A Short-Term Play

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. </li>
<li>Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. </li>
<li>We still suspect however that momentum could actually accelerate through the year.</li>
</ul>


TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. 
Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. 
We still suspect however that momentum could actually accelerate through the year.


Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. </li>
<li>The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.</li>
<li>A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  </li>
</ul>


It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. 
The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.
A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  


Virtual Smoke and Mirror—Vision to Reality

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> issued a positive profit alert 15/12/2021.</li>
<li>Company will report FY21 results in 60 days which will be the best ever. 1H22 is on track to show growth YoY. </li>
<li>Forecast exceptional dividend to celebrate 25-yr since founding and 10-yr since IPO. </li>
</ul>



PC Partner (1263 HK) issued a positive profit alert 15/12/2021.
Company will report FY21 results in 60 days which will be the best ever. 1H22 is on track to show growth YoY. 
Forecast exceptional dividend to celebrate 25-yr since founding and 10-yr since IPO. 


Preview PC Partner FY21 Earnings: Record Profit + Record Dividend + Strong Outlook for FY22

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)

Softbank – NVIDIA’s Abandonment of Arm and the Search for Credibility

Bloomberg reported overnight that Nvidia was moving to accept reality and give up on the Arm merger. This highlights the overall negative...

Mio Kato

Intel: Well-Positioned To Compete But Hardly A Short-Term Play

From a market point of view, Intel's risk-reward profile appears more compelling than many of its high-flying peers. From a business perspective,...

Vladimir Dimitrov, CFA

TSMC – Exceptional as Usual

TSMC guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for...

Mio Kato

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

Preview PC Partner FY21 Earnings: Record Profit + Record Dividend + Strong Outlook for FY22

Pc Partner issued a positive profit alert last month. We preview its FY21 results due in 60 days and expect more of the same in FY22. On an ex-cash...

Nicolas Van Broekhoven

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