Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul>
<li>Another week of earnings. I will start with a summary and then go into specific bits from each company.</li>
<li>I continue to like automotive, specifically semiconductors.</li>
<li>However, despite sequentially better results, we are seeing continued weakness in automotive and meaningful weakness in Industrial</li>
</ul>


Another week of earnings. I will start with a summary and then go into specific bits from each company.
I continue to like automotive, specifically semiconductors.
However, despite sequentially better results, we are seeing continued weakness in automotive and meaningful weakness in Industrial


Earnings: ON, AMKR, RMBS, UCTT, AMD, ASMI, KLAC, MPWR, ALGM, STM, INTC

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Tech and Semi's month-end weakness setting a risk-off tone for Japan to start.</li>
<li>Mag7 all down, although there are a few bright spots AH with Intel and Amazon higher.</li>
<li>Watch Ibiden earnings call for clues if their NVDA business can take over from INTC as its main driver.</li>
</ul>


Tech and Semi's month-end weakness setting a risk-off tone for Japan to start.
Mag7 all down, although there are a few bright spots AH with Intel and Amazon higher.
Watch Ibiden earnings call for clues if their NVDA business can take over from INTC as its main driver.


Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.</li>
<li>Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.</li>
<li>Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.</li>
</ul>


13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.
Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.
Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.


Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

<ul>
<li>Apple down hitting suppliers, with ARM and Qualcomm spat taking both lower. Watch Softbank for weakness.</li>
<li>Tesla earnings smashing it out of the park, will help buoy EV related including Nidec - whose own numbers yesterday were positive.</li>
<li>Texas Instruments +4% on numbers beat should help industrial elec names such as Rohm and Fuji Elec, despite lingering concerns.</li>
</ul>


Apple down hitting suppliers, with ARM and Qualcomm spat taking both lower. Watch Softbank for weakness.
Tesla earnings smashing it out of the park, will help buoy EV related including Nidec - whose own numbers yesterday were positive.
Texas Instruments +4% on numbers beat should help industrial elec names such as Rohm and Fuji Elec, despite lingering concerns.


Japan Morning Connection: Tesla Big Beat and SK Hynix Numbers to Buoy Sentiment

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders raised around US$2.4bn in its Japan IPO. </li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. 
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

Earnings: ON, AMKR, RMBS, UCTT, AMD, ASMI, KLAC, MPWR, ALGM, STM, INTC

Another week of earnings. I will start with a summary and then go into specific bits from each company. I continue to like automotive,...

Fabricated Knowledge

Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

Risk-off tone for Japan with tech and semi month-end weakness. Mag7 down although Intel and Amazon higher AH. Watch Ibiden if their NVDA business...

Andrew Jackson

Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

Toyota Group cross-holding unwinds are more than ¥1trln already and buybacks are close to ¥2trln since The Aisin Announcement. Today, TIC sells,...

Travis Lundy

Japan Morning Connection: Tesla Big Beat and SK Hynix Numbers to Buoy Sentiment

Watch Softbank for weakness as ARM and Qualcomm brought lower by spat, Tesla's strong earnings will buoy EV related, Texas Instruments' positive...

Andrew Jackson

Tokyo Metro IPO Trading - Robust Demand for Quality Asset

Tokyo Metro (9023 JP)'s shareholders raised around US$2.4bn in its Japan IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

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