Taiwan Tech Focused Asia L/S Analyst

Henry King

Equity Bottom-Up

<ul>
<li>1H22 is likely the peak for VGA card. Our checks with VGA card makers indicate VGA card price fell in January/February and likely to continue for the rest of 2022. </li>
<li>Potential supply surge, demand decline, and price drop will all lead VGA market to trend south in 2H22.</li>
<li>VGA makers will be negatively impacted in 2H22. Gigabyte may be hit the most whereas Asustek may hit the least. Nvidia should also be hit at a certain degree.</li>
</ul>


1H22 is likely the peak for VGA card. Our checks with VGA card makers indicate VGA card price fell in January/February and likely to continue for the rest of 2022. 
Potential supply surge, demand decline, and price drop will all lead VGA market to trend south in 2H22.
VGA makers will be negatively impacted in 2H22. Gigabyte may be hit the most whereas Asustek may hit the least. Nvidia should also be hit at a certain degree.


The Current Huge Gap of VGA Card Demand over Supply May Reverse in 2H22/2023

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 2 March, it was reported in numerous media that Apple Inc will stop all product sales in Russia. This is a measure in response to Russia's invasion of Ukraine.</li>
<li>The US-led <strong>Foreign Direct Product Rule (FDPR) regulation</strong> may force a more stringent sanction that could force Samsung to stop selling smartphones in Russia. </li>
<li>Despite these concerns about FDPR, the decision as to whether to totally block Samsung's smartphone sales to Russia has not been finalized. </li>
</ul>


On 2 March, it was reported in numerous media that Apple Inc will stop all product sales in Russia. This is a measure in response to Russia's invasion of Ukraine.
The US-led Foreign Direct Product Rule (FDPR) regulation may force a more stringent sanction that could force Samsung to stop selling smartphones in Russia. 
Despite these concerns about FDPR, the decision as to whether to totally block Samsung's smartphone sales to Russia has not been finalized. 


Will Samsung Follow Apple and Be Forced to Stop Selling Smartphones in Russia Due to FDPR Rule?

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>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> goal to be the #1 semi player in the world in danger</li>
<li>An internal business audit being performed which is an indication of what to do with strategy</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> has always been the benchmark; does the focus change ?</li>
</ul>



Samsung Electronics (005930 KS) goal to be the #1 semi player in the world in danger
An internal business audit being performed which is an indication of what to do with strategy

TSMC (2330 TT) has always been the benchmark; does the focus change ?


The Conundrum for Samsung - What to Do Foundry?

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

<ul>
<li>FnGuide Samsung Group has the most AUM among locally themed indexes. As of last Friday's closing price, AUM is ₩1.52T.</li>
<li>The share price movements of Samsung Group affiliates basically show high cointegration. Therefore, a small differential impact on the flow significantly affects the short-term price direction of these stocks. </li>
<li>So, we should consider a long/short setup on a swing trading window. Particularly, we need to focus on the first two trading days, when the rebalancing impact is relatively significant.</li>
</ul>


FnGuide Samsung Group has the most AUM among locally themed indexes. As of last Friday's closing price, AUM is ₩1.52T.
The share price movements of Samsung Group affiliates basically show high cointegration. Therefore, a small differential impact on the flow significantly affects the short-term price direction of these stocks. 
So, we should consider a long/short setup on a swing trading window. Particularly, we need to focus on the first two trading days, when the rebalancing impact is relatively significant.


FnGuide Samsung Group Index Rebalancing Preview

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

Thematic (Sector/Industry)

<ul>
<li>The SIA commented today on the impact to US semiconductor makers of sanctions against Russia</li>
<li>Russia accounts for negligible consumption of technology products, so embargos should not materially impact chip sales</li>
<li>The SIA believes that there are sufficient alternate sources of supply that the absence of Russian raw materials should not pose an immediate risk</li>
</ul>


The SIA commented today on the impact to US semiconductor makers of sanctions against Russia
Russia accounts for negligible consumption of technology products, so embargos should not materially impact chip sales
The SIA believes that there are sufficient alternate sources of supply that the absence of Russian raw materials should not pose an immediate risk


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 (SMSN LI)

The Current Huge Gap of VGA Card Demand over Supply May Reverse in 2H22/2023

While Taiwanese VGA card makers reported record sales in January and NVIDIA reported record quarterly revenue for 4QFY22, the outlook of the VGA...

Henry King

Will Samsung Follow Apple and Be Forced to Stop Selling Smartphones in Russia Due to FDPR Rule?

The US-led Foreign Direct Product Rule (FDPR) regulation may force a more stringent sanction that could force Samsung to stop selling smartphones...

Douglas Kim

The Conundrum for Samsung - What to Do Foundry?

Samsung Electronics' believes that foundry will be a key point of future diversification and growth but it seems they have run into a problem. ...

Ken S. Kim

FnGuide Samsung Group Index Rebalancing Preview

FnGuide Samsung Group Index has the largest AUM among the locally-themed indexes. This post previews the upcoming rebalancing in June.

Sanghyun Park

Ukraine Invasion's Semiconductor Impact

How will the chip market be impacted by sanctions against Russia? The SIA expects a negligible demand decrease and no short-term impact tot he...

Jim Handy

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