Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

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<li>
Investing in semiconductors can be pretty simple if you let it be.
</li>
<li>
At a high level, I believe you want to invest in the secular at a decent price or invest in places where there are unwarranted dislocations.
</li>
<li>
Sometimes the entire ecosystem says one thing and the stocks say another. Usually, the ecosystem is right.

</li>
</ul>



Investing in semiconductors can be pretty simple if you let it be.


At a high level, I believe you want to invest in the secular at a decent price or invest in places where there are unwarranted dislocations.


Sometimes the entire ecosystem says one thing and the stocks say another. Usually, the ecosystem is right.




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

<ul>
<li>SK Hynix reported Q423 revenues of 11.31 trillion won, up 25% QoQ and up 47% YoY</li>
<li>Operating profit of 346 billion won, marking the first quarter of profit following four straight quarters of losses.</li>
<li>SK Hynix is investing heavily in custom memory solutions driven by AI-related demand. It's a far better and more profitable business model than the mainstream commodity one.</li>
</ul>


SK Hynix reported Q423 revenues of 11.31 trillion won, up 25% QoQ and up 47% YoY
Operating profit of 346 billion won, marking the first quarter of profit following four straight quarters of losses.
SK Hynix is investing heavily in custom memory solutions driven by AI-related demand. It's a far better and more profitable business model than the mainstream commodity one.


SK Hynix & The Dawn Of Custom Memory Solutions

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-16955'>SK Hynix</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Lippo Malls Indonesia Retail TrustSK Hynix

Morning Views Asia: Lippo Malls Indonesia Retail Trust, SK Hynix

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.</li>
<li>Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.</li>
<li>SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities</li>
</ul>


SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.
Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.
SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities


What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Apr 19th which has an aggregated short interest worth USD6.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We estimate the short interests to be USD 6.6bn and highlight short interest changes in Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Apr 19th which has an aggregated short interest worth USD6.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We estimate the short interests to be USD 6.6bn and highlight short interest changes in Samsung Electronics.


KRX Short Interest Weekly (Apr 19th): Samsung Electronics

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

SK Hynix (000660 KS)

Why HBM is the Hottest Thing in Memory

Micron's earnings is just a rehash of what I already talked about. Memory pricing increase is driven by HBM shifting the mix of investment there,...

Fabricated Knowledge

SK Hynix & The Dawn Of Custom Memory Solutions

SK Hynix reported Q423 revenues of 11.31 trillion won, +25% QoQ, +47% YoY. Op profit 346 billion won, first in five quarters. A pivot to custom...

William Keating

Morning Views Asia: Lippo Malls Indonesia Retail Trust, SK Hynix

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

KRX Short Interest Weekly (Apr 19th): Samsung Electronics

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 6.6bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

Why HBM is the Hottest Thing in Memory

Micron's earnings is just a rehash of what I already talked about. Memory pricing increase is driven by HBM shifting the mix of investment there,...

Fabricated Knowledge

SK Hynix & The Dawn Of Custom Memory Solutions

SK Hynix reported Q423 revenues of 11.31 trillion won, +25% QoQ, +47% YoY. Op profit 346 billion won, first in five quarters. A pivot to custom...

William Keating

Morning Views Asia: Lippo Malls Indonesia Retail Trust, SK Hynix

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

​SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

KRX Short Interest Weekly (Apr 19th): Samsung Electronics

We analyzed KRX short interest report for the past week. We estimate the short interests to be USD 6.6bn and highlighted short interest changes in...

Ke Yan, CFA, FRM

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...