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 steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The overvaluation or undervaluation of China core assets cannot be explained solely by valuation models such as PE/PB/DCF etc., but rather by considering the deep meaning represented by them.</li>
<li>The so-called policy, strategic, and systemic importance are playing increasingly important role in stock picking process. It's not wise to just analyze it from bottom-up perspective without considering top-down perspective.</li>
<li>There’s no eternal,universal,absolute truth in this world. We’re in the midst of a "unprecedented upheaval in a century".It's time to change mindset so investors don't miss the next valuation takeoff.</li>
</ul>


The overvaluation or undervaluation of China core assets cannot be explained solely by valuation models such as PE/PB/DCF etc., but rather by considering the deep meaning represented by them.
The so-called policy, strategic, and systemic importance are playing increasingly important role in stock picking process. It's not wise to just analyze it from bottom-up perspective without considering top-down perspective.
There’s no eternal,universal,absolute truth in this world. We’re in the midst of a "unprecedented upheaval in a century".It's time to change mindset so investors don't miss the next valuation takeoff.


Valuation System with Chinese Characteristics – the Correct Interpretation and Its Deep Meaning

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: memory ICs and computing ICs.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor.
We look at the company's core segments: memory ICs and computing ICs.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

<ul>
<li>Semiconductor revenues remain in a decline, although that decline has slowed.</li>
<li>Prices appear to have reached cost.  They should follow cost declines until a shortage returns.</li>
<li>The timing of the next shortage is still in question.</li>
</ul>


Semiconductor revenues remain in a decline, although that decline has slowed.
Prices appear to have reached cost.  They should follow cost declines until a shortage returns.
The timing of the next shortage is still in question.


China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>JD: JD plans listing of its MRO distributor subsidiary JD Industrials (+)</li>
<li>PDD: Reports indicate that small merchants rebel against PDD policies (-)</li>
<li>981HK/1347HK/650HK/ACMR: Japan announces restrictions on exports of semiconductor equipment (+)</li>
</ul>


JD: JD plans listing of its MRO distributor subsidiary JD Industrials (+)
PDD: Reports indicate that small merchants rebel against PDD policies (-)
981HK/1347HK/650HK/ACMR: Japan announces restrictions on exports of semiconductor equipment (+)


China TMT Update: JD/PDD/981HK/1347HK/650HK/ACMR - Small Merchants Rebel Against PDD Policies

China

Semiconductor Manufacturing International Corporation operates as a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

SMIC (Semiconductor Manufacturing International Corp)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

Valuation System with Chinese Characteristics – the Correct Interpretation and Its Deep Meaning

Many investors do not have a deep understanding of the "valuation system with Chinese characteristics". It is necessary to provide some...

Xinyao (Criss) Wang

Ingenic Semiconductor (北京君正) A+H Pre-IPO: Early Thoughts

Ingenic Semiconductor is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

No Signs of a Chip Recovery

Has the chip downturn ended? No. Is there any sign that it's going to end soon? Again, no. This Insight provides concrete data points to...

Jim Handy

China TMT Update: JD/PDD/981HK/1347HK/650HK/ACMR - Small Merchants Rebel Against PDD Policies

Small merchants rebel against PDD policies ; Japan announces restrictions on exports of semiconductor equipment; JD plans listing of its MRO...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)