Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.</li>
<li>NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.</li>
<li>We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.</li>
</ul>


Major memory names have fallen with the recent market concerns and only staged a small reboound due to Nvidia's bullish results.
NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.
We see relative value in Micron vs. Nanya Technology and SK Hynix. SK Hynix is ahead of the game for AI, and Nanya offers focused DRAM exposure however.


Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>Local press states that <a href="https://www.smartkarma.com/entities/samsung-electronics-pref-shares" target="_blank" data-smartkarma-citation="entities:23591:1" rel="noopener">Samsung Electronics Pref Shares (005935 KS)</a>sold shares as they look to invest in their future capex</li>
<li>The capex amount for 2023 will be around 40-50 trillion KRW and it doesn't seem like W3 trillion is a needle mover</li>
<li>With a new 3 year shareholder return plan, I would think maybe cash is needed to secure ammunition for M&amp;A</li>
</ul>


Local press states that Samsung Electronics Pref Shares (005935 KS)sold shares as they look to invest in their future capex
The capex amount for 2023 will be around 40-50 trillion KRW and it doesn't seem like W3 trillion is a needle mover
With a new 3 year shareholder return plan, I would think maybe cash is needed to secure ammunition for M&amp;A


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>Doosan Robotics is getting ready to complete its IPO in Korea in September. The expected IPO price range is 21,000 won to 26,000 won.</li>
<li>The company estimates its sales to surge from 67 billion won in 2023 to 766.3 billion won in 2027, representing 83.9% CAGR from 2023 to 2027.</li>
<li>One of the major reasons why local investors will have a positive view of Doosan Robotics is due to Samsung's investment in Rainbow Robotics whose share price increased 232% YTD. </li>
</ul>


Doosan Robotics is getting ready to complete its IPO in Korea in September. The expected IPO price range is 21,000 won to 26,000 won.
The company estimates its sales to surge from 67 billion won in 2023 to 766.3 billion won in 2027, representing 83.9% CAGR from 2023 to 2027.
One of the major reasons why local investors will have a positive view of Doosan Robotics is due to Samsung's investment in Rainbow Robotics whose share price increased 232% YTD. 


<ul>
<li>On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.</li>
<li>Global tech giants including Apple, Samsung Electronics, NVIDIA, and Intel are expected to invest in Arm once the company is listed on the market.</li>
<li>The IPO offering amount is expected to be between $8 billion and $10 billion.</li>
</ul>


On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.
Global tech giants including Apple, Samsung Electronics, NVIDIA, and Intel are expected to invest in Arm once the company is listed on the market.
The IPO offering amount is expected to be between $8 billion and $10 billion.


SoftBank Plans to Complete IPO of Arm in September on NASDAQ

Event-Driven

<ul>
<li>Softbank's Masayoshi Son is seeking a "strategic alliance" between Samsung Electronics (005930 KS) and ARM.</li>
<li>Masayoshi Son plans to visit South Korea next month to meet with Samsung's Lee Jae-Yong to discuss a potential strategic alliance between Samsung and ARM. </li>
<li>Although the exact details of the investment stake in ARM remain uncertain, the probabilities are rising that Samsung could spend billions of dollars to buy a minority stake in ARM</li>
</ul>


Softbank's Masayoshi Son is seeking a "strategic alliance" between Samsung Electronics (005930 KS) and ARM.
Masayoshi Son plans to visit South Korea next month to meet with Samsung's Lee Jae-Yong to discuss a potential strategic alliance between Samsung and ARM. 
Although the exact details of the investment stake in ARM remain uncertain, the probabilities are rising that Samsung could spend billions of dollars to buy a minority stake in ARM


Softbank Seeking A "Strategic Alliance" Between Samsung Electronics and ARM?

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSD LI)

Memory Monitor: SK Hynix Appearing Prescient; Relative Value in Micron

NAND and DRAM price declines have stabilized. Demand for DRAM from servers is expected to exceed that from mobile devices, driven by AI usage.

Vincent Fernando, CFA

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We have been awaiting for a M&A announcement from Samsung Electronics for years. Is this the time to do it? Why it would make sense that M&A...

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Doosan Robotics IPO Preview

Doosan Robotics is getting ready to complete its IPO in Korea in September.The expected IPO price range is 21,000 won to 26,000 won.

Douglas Kim

SoftBank Plans to Complete IPO of Arm in September on NASDAQ

On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.

Douglas Kim

Softbank Seeking A "Strategic Alliance" Between Samsung Electronics and ARM?

According to Nikkei newspaper, Apple and Samsung Electronics plan to invest in SoftBank Group owned chip designer Arm at its initial public...

Douglas Kim

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