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

Thematic (Sector/Industry)

<ul>
<li>Why the 6 hour martial law in Korea was called by President Yoon</li>
<li>The negative impact of the President's decision is one of many reasons for Korea to underperform into 1h25</li>
<li>Corp Value Up plays are still attractive; for those looking to short, you might have to wait longer</li>
</ul>


Why the 6 hour martial law in Korea was called by President Yoon
The negative impact of the President's decision is one of many reasons for Korea to underperform into 1h25
Corp Value Up plays are still attractive; for those looking to short, you might have to wait longer


Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Unisoc secures US$448M in funding to improve development of 5G chips, highlighting the growing importance of 5G technology in the tech industry.</li><li>India aims to attract more electric vehicle manufacturers by expanding incentives, signaling a push towards sustainable transportation solutions.</li><li>Nvidia collaborates with Thailand on AI despite challenges in the data center ecosystem, showing commitment to advancing AI technology globally.</li></ul>

Unisoc secures US$448M in funding to improve development of 5G chips, highlighting the growing importance of 5G technology in the tech industry.India aims to attract more electric vehicle manufacturers by expanding incentives, signaling a push towards sustainable transportation solutions.Nvidia collaborates with Thailand on AI despite challenges in the data center ecosystem, showing commitment to advancing AI technology globally.

Tech Supply Chain Tracker (06-Dec-2024): Unisoc gets $448M to enhance 5G chip development.

<ul><li>Artificial intelligence granted sovereign status, with autonomous decision-making capabilities, gaining power and authority.</li><li>Fujifilm Taiwan expands by building a new plant in Hsinchu, while ASM grows in proximity to TSMC and suppliers in Taiwan.</li><li>China issues a warning to Biden and Trump with an export ban on gallium and germanium, impacting US industries; Marvell sees strong 3Q24 results boosted by high demand for AI silicon.</li></ul>

Artificial intelligence granted sovereign status, with autonomous decision-making capabilities, gaining power and authority.Fujifilm Taiwan expands by building a new plant in Hsinchu, while ASM grows in proximity to TSMC and suppliers in Taiwan.China issues a warning to Biden and Trump with an export ban on gallium and germanium, impacting US industries; Marvell sees strong 3Q24 results boosted by high demand for AI silicon.

Tech Supply Chain Tracker (05-Dec-2024): AI sovereignty.

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

<ul>
<li>Kioxia is planning to offer its IPO on 18 December 2024.  This Insight profiles Kioxia and its market.</li>
<li>NAND flash, Kioxia's product, is a commodity, and that results in dramatic price, revenue, and margin swings.</li>
<li>Kioxia is in a joint venture that provides excellent scale economies which are offset by a supply agreement that amplifies troubles caused by oversupplies</li>
</ul>


Kioxia is planning to offer its IPO on 18 December 2024.  This Insight profiles Kioxia and its market.
NAND flash, Kioxia's product, is a commodity, and that results in dramatic price, revenue, and margin swings.
Kioxia is in a joint venture that provides excellent scale economies which are offset by a supply agreement that amplifies troubles caused by oversupplies


Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Kioxia has announced the terms for its IPO, and plans to raise $730m through issuing new shares as well as offer by existing shareholders, at a market capitalisation of $819bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> 's earnings have been volatile and margins have trailed compared to peers Micron and SK Hynix. Earnings are approaching a new peak.</li>
<li>Kioxia’s implied valuation multiples are at a deep discount to peer multiples, suggesting there is significant upside to the indicative IPO price range.</li>
</ul>


Kioxia has announced the terms for its IPO, and plans to raise $730m through issuing new shares as well as offer by existing shareholders, at a market capitalisation of $819bn.

Kioxia Holdings (285A JP) 's earnings have been volatile and margins have trailed compared to peers Micron and SK Hynix. Earnings are approaching a new peak.
Kioxia’s implied valuation multiples are at a deep discount to peer multiples, suggesting there is significant upside to the indicative IPO price range.


Kioxia IPO: Peer Comparison and Valuation

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 (005930 KS)

The Ides of March in December

The impact of President Yoon's call for martial law will be felt into 1H25. Here are some things to look out for as we head into 2025 for Korea.

Ken S. Kim

Tech Supply Chain Tracker (06-Dec-2024): Unisoc gets $448M to enhance 5G chip development.

Unisoc secures $448M funding for 5G chip development, India aims to attract EV manufacturers, Nvidia partners with Thailand for AI despite data...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (05-Dec-2024): AI sovereignty.

AI granted sovereign power, Fujifilm Taiwan builds in Hsinchu, ASM expands near TSMC, China threatens US industries, Marvell sees strong 3Q24,...

Tech Supply Chain Tracker

Understanding Kioxia, A Worthwhile IPO?

With Kioxia's upcoming IPO prospective stockholders need to consider the challenges of the volatile NAND flash market, Kioxia's competition, and...

Jim Handy

Kioxia IPO: Peer Comparison and Valuation

Kioxia's implied valuation multiples are at a deep discounts to peer multiples. The company’s earnings have been volatile and margins have trailed...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Ides of March in December

The impact of President Yoon's call for martial law will be felt into 1H25. Here are some things to look out for as we head into 2025 for Korea.

Ken S. Kim

Tech Supply Chain Tracker (06-Dec-2024): Unisoc gets $448M to enhance 5G chip development.

Unisoc secures $448M funding for 5G chip development, India aims to attract EV manufacturers, Nvidia partners with Thailand for AI despite data...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (05-Dec-2024): AI sovereignty.

AI granted sovereign power, Fujifilm Taiwan builds in Hsinchu, ASM expands near TSMC, China threatens US industries, Marvell sees strong 3Q24,...

Tech Supply Chain Tracker

Understanding Kioxia, A Worthwhile IPO?

With ​Kioxia's upcoming IPO prospective stockholders need to consider the challenges of the volatile NAND flash market, Kioxia's competition, and...

Jim Handy

Kioxia IPO: Peer Comparison and Valuation

Kioxia's implied valuation multiples are at a deep discounts to peer multiples. The company’s earnings have been volatile and margins have trailed...

Shifara Samsudeen, FCMA, CGMA

With Kioxia's upcoming IPO prospective stockholders need to consider the challenges of the volatile NAND flash market, Kioxia's competition, and...