Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>We are upgrading our existing facilities and any discussions with customers at this point are based on the capacity that we believe is possible as a result of such upgrades.</li>
<li>Demand is likely to exceed supply for more than three years, because of such supply constraints. In terms of the price level,  prices would need to be dramatically higher.</li>
<li>We have no plans whatsoever to restart the Yoshinogari project. At current price levels, it is not viable. All costs are rising now, with Japan potentially headed for more inflation</li>
</ul>


We are upgrading our existing facilities and any discussions with customers at this point are based on the capacity that we believe is possible as a result of such upgrades.
Demand is likely to exceed supply for more than three years, because of such supply constraints. In terms of the price level,  prices would need to be dramatically higher.
We have no plans whatsoever to restart the Yoshinogari project. At current price levels, it is not viable. All costs are rising now, with Japan potentially headed for more inflation


Silicon Wafers & The Looming Leading Edge Supply Crisis

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>US markets fall as tech stocks slide – Fed holds rates, Nvidia drops 4% on export concerns, Meta and Microsoft decline post-earnings, while Tesla rises despite weak results.</li>
<li>Fed cautious on inflation and rates – Officials see trade and immigration pressures, inflation remains elevated, job market solid, and a higher bar for further rate cuts.</li>
<li>Strong earnings from Japan Inc.  – Advantest's profit up 2.7x, Makita's net profit up 65%,  &amp; Shin Etsu's profit rises 6%.</li>
</ul>


US markets fall as tech stocks slide – Fed holds rates, Nvidia drops 4% on export concerns, Meta and Microsoft decline post-earnings, while Tesla rises despite weak results.
Fed cautious on inflation and rates – Officials see trade and immigration pressures, inflation remains elevated, job market solid, and a higher bar for further rate cuts.
Strong earnings from Japan Inc.  – Advantest's profit up 2.7x, Makita's net profit up 65%,  &amp; Shin Etsu's profit rises 6%.


Ohayo Japan | Nvidia, Meta, and Microsoft Hit Hard

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it. </li>
<li>
Most overbought: Meta, Softbank Group, SK Hynix, USO. Most oversold: NetEase Cloud Music, BYD Company, HKEX and Clearing, ASX 200, CATL, Hitachi, Advantest Corp, SPDR Gold Shares, BHP Group Ltd</li>
</ul>


WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it. 

Most overbought: Meta, Softbank Group, SK Hynix, USO. Most oversold: NetEase Cloud Music, BYD Company, HKEX and Clearing, ASX 200, CATL, Hitachi, Advantest Corp, SPDR Gold Shares, BHP Group Ltd


WEEKLY Tactical Recap | Asymmetric Setups : SoftBank Group, SK Hynix, CATL, META, Gold, Oil, NetEase

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Tech and semi's continuing to favor AI over power/analog post Marvell and Microchip numbers.</li>
<li>Worth paying attention to less known Japanese SPE Shibaura Mechatronics and the long lost Towa.</li>
<li>US Homebuilders weak on concern over Trump's plans to deport undocumented workers.</li>
</ul>


Tech and semi's continuing to favor AI over power/analog post Marvell and Microchip numbers.
Worth paying attention to less known Japanese SPE Shibaura Mechatronics and the long lost Towa.
US Homebuilders weak on concern over Trump's plans to deport undocumented workers.


Japan Morning Connection: Buy Momentum at All Costs in Japan Set to Continue?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.</li>
<li>Low Positioning coupled with Negative Momentum: Nissan Motor Corp and Misumi Group</li>
<li>High Positioning coupled with High Momentum: ASICS Corp and Kyushu Railway</li>
</ul>


We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.
Low Positioning coupled with Negative Momentum: Nissan Motor Corp and Misumi Group
High Positioning coupled with High Momentum: ASICS Corp and Kyushu Railway


Japan

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic, and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

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Shin Etsu Chemical (4063 JP)

Silicon Wafers & The Looming Leading Edge Supply Crisis

Demand is likely to exceed supply for more than three years, because of such supply constraints. In terms of the price level, prices would need to...

William Keating

Ohayo Japan | Nvidia, Meta, and Microsoft Hit Hard

US markets fall on tech stock slide despite Fed holding rates, Nvidia drops 4% on export concerns, Meta and Microsoft decline post-earnings, while...

Mark Chadwick

WEEKLY Tactical Recap | Asymmetric Setups : SoftBank Group, SK Hynix, CATL, META, Gold, Oil, NetEase

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

Japan Morning Connection: Buy Momentum at All Costs in Japan Set to Continue?

Tech and semi's continue to favour AI over power/analog, some rotation into lesser known JP SPE, US Homebuilders weak over Trump's deportation plans.

Andrew Jackson

Japan Funds: Extreme Stocks

We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silicon Wafers & The Looming Leading Edge Supply Crisis

Demand is likely to exceed supply for more than three years, because of such supply constraints. In terms of the price level, prices would need to...

William Keating

Ohayo Japan | Nvidia, Meta, and Microsoft Hit Hard

​US markets fall on tech stock slide despite Fed holding rates, Nvidia drops 4% on export concerns, Meta and Microsoft decline post-earnings, while...

Mark Chadwick

WEEKLY Tactical Recap | Asymmetric Setups : SoftBank Group, SK Hynix, CATL, META, Gold, Oil, NetEase

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

Japan Morning Connection: Buy Momentum at All Costs in Japan Set to Continue?

​Tech and semi's continue to favour AI over power/analog, some rotation into lesser known JP SPE, US Homebuilders weak over Trump's deportation plans.

Andrew Jackson

Japan Funds: Extreme Stocks

We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.

Steven Holden

US markets fall on tech stock slide despite Fed holding rates, Nvidia drops 4% on export concerns, Meta and Microsoft decline post-earnings, while...

Tech and semi's continue to favour AI over power/analog, some rotation into lesser known JP SPE, US Homebuilders weak over Trump's deportation plans.