Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

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

Equity Bottom-Up

<ul>
<li>Last week <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> announced a 5 billion USD investment into <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>. </li>
<li>If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.</li>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.</li>
</ul>


Last week NVIDIA Corp (NVDA US) announced a 5 billion USD investment into Intel Corp (INTC US). 
If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.

AEM (AEM SP) has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.


AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.</li>
<li>Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.</li>
<li>As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.</li>
</ul>


Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.
Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.
As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.


TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

<ul>
<li>PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.</li>
<li>The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.</li>
<li>The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.</li>
</ul>


PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.


PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.</li>
<li>They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.</li>
<li>2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.</li>
</ul>


AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.
They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.
2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.


AI Servers: The Big System Designers / Assemblers in Taiwan

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)

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

Nicolas Van Broekhoven

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

AI Servers: The Big System Designers / Assemblers in Taiwan

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

​NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

Nicolas Van Broekhoven

TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain

​TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

Vincent Fernando, CFA

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

​PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

AI Servers: The Big System Designers / Assemblers in Taiwan

​Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

TSMC's COUPE at SEMICON advances silicon photonics for industrial-scale packaging, with Taiwan's ecosystem poised for adoption in AI networking...

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...