Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

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

<ul>
<li>Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.</li>
<li>We look at the company's core segments: system-level devices and solutions, and sensors.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.
We look at the company's core segments: system-level devices and solutions, and sensors.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI Emerging Markets / Technical Analysis

<ul>
<li>In our prior EM Strategy (October 2) we discussed that as long as EEM-US is above our important line-in-the-sand at $37, we were buyers on the pullback.</li>
<li>This support level held and EEM-US now displays a bullish 3-month downtrend reversal as the DXY appears to be breaking below $105.70, all bullish signals signaling additional upside-- buy.</li>
<li>We are bullish as long as $36.50-$37 support holds on EEM-US. Our first target is $42, which is 1.5+ year resistance. Remain overweight India, and we're upgrading Poland/Greece to overweight</li>
</ul>


In our prior EM Strategy (October 2) we discussed that as long as EEM-US is above our important line-in-the-sand at $37, we were buyers on the pullback.
This support level held and EEM-US now displays a bullish 3-month downtrend reversal as the DXY appears to be breaking below $105.70, all bullish signals signaling additional upside-- buy.
We are bullish as long as $36.50-$37 support holds on EEM-US. Our first target is $42, which is 1.5+ year resistance. Remain overweight India, and we're upgrading Poland/Greece to overweight


MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

DZT Research

DZT 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.

Index Rebalance

Yangtze Optical Fibre & Cable / Index Rebalance

Yangtze Optical Fibre & Cable (601869 CH)

<ul>
<li>MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.</li>
<li>ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.</li>
<li>DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.</li>
</ul>


MSCI announced the quarterly review results on 12 May 2026. As the cycle enters implementation, this note updates the stock setup.
ADD weakness is broad, with CH Mid-vel and CH Low-vel both failing to build bridge support.
DELETEs already sold off, but HK High-vel DELETE still has the weakest first-week implementation profile.


MS-China June 2026 Rebalance: Pre-Implementation Update

<ul>
<li>We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.</li>
<li>DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.</li>
<li>ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.</li>
</ul>


We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.
DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.
ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.


MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

China

Shenzhen Goodix Technology Co., Ltd. manufactures semiconductor components. The Company develops, produces, and distributes fingerprint identification chips, capacitive touch controller chips, and more. Shenzhen Goodix Technology also provides technology training and hardware testing services worldwide.

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Shenzhen Goodix Technology (603160 CH)

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

MSCI EM Index Reversing 3-Month Downtrend -- Buy. Remain Overweight India, Upgrading Poland & Greece

In our prior EM Strategy (10/2/23) we discussed that, if $EEM is above $37, we were buyers on the pullback. Support held and now EEM displays a...

Vermilion Research

MS-China June 2026 Rebalance: Pre-Implementation Update

MSCI China enters implementation phase on June 1st. We provides an update to stock's performance and discussed implementation trades.

Ke Yan, CFA, FRM

MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

Following MSCI May 2026 announcement, we a look at the trading pattern of affected stocks for MSCI-China from historical perspective by overlaying...

Ke Yan, CFA, FRM

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