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

The Asia Trade Book for November 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.

  The Asia Trade Book for November 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits.   Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage. 

Asia Trade Book - November 2023 - Lucror Analytics

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>HBM DRAM, used for GPUs in AI, has enjoyed stable pricing while other DRAM prices have collapsed</li>
<li>This has attracted the attention of all DRAM makers, but SK hynix has a first-mover advantage</li>
<li>Although increased competition will reduce HBM prices, it will have little impact on GPU maker margins</li>
</ul>


HBM DRAM, used for GPUs in AI, has enjoyed stable pricing while other DRAM prices have collapsed
This has attracted the attention of all DRAM makers, but SK hynix has a first-mover advantage
Although increased competition will reduce HBM prices, it will have little impact on GPU maker margins


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 Nov 17th which has an aggregated short interest worth USD11.9bn.</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 highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 17th which has an aggregated short interest worth USD11.9bn.
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 highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.


KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

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>Q323 DRAM revenues amounted to $13.210 billion, up a robust 19.25% QoQ, but still down 27% from the year-ago period.</li>
<li>In the case of NAND, Q323 revenues amounted to $9.3 billion, up 4% QoQ but down 31.7% YoY.</li>
<li>All memory players remain loss making. We don't anticipate a return to black until Q224.</li>
</ul>


Q323 DRAM revenues amounted to $13.210 billion, up a robust 19.25% QoQ, but still down 27% from the year-ago period.
In the case of NAND, Q323 revenues amounted to $9.3 billion, up 4% QoQ but down 31.7% YoY.
All memory players remain loss making. We don't anticipate a return to black until Q224.


Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Takeaways: 1. Semi equipment vendors beat 4Q23E; 2. China and DRAM customers stronger ; 3. Margin stable due to lack of depreciation; 4. Top four controls over 90% of shares;</li>
<li>More takeaways: 5. Semi equipment companies' share price performance should lag behind foundries, foundries should lag behind fabless customers; 6. China semi equipment vendors outperforming global peers on local replacement;</li>
<li>Estimating a flattish global semiconductor equipment sales growth for 2023 and 2024 but expecting a double digit y/y sales growth of 17% for 2025 and 10% for 2026. </li>
</ul>


Takeaways: 1. Semi equipment vendors beat 4Q23E; 2. China and DRAM customers stronger ; 3. Margin stable due to lack of depreciation; 4. Top four controls over 90% of shares;
More takeaways: 5. Semi equipment companies' share price performance should lag behind foundries, foundries should lag behind fabless customers; 6. China semi equipment vendors outperforming global peers on local replacement;
Estimating a flattish global semiconductor equipment sales growth for 2023 and 2024 but expecting a double digit y/y sales growth of 17% for 2025 and 10% for 2026. 


Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025

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.

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

SK Hynix (000660 KS)

Asia Trade Book - November 2023 - Lucror Analytics

The Asia Trade Book for November 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

HBM's Impact on DRAM Revenues

HBM DRAM prices remained stable while mainstream DRAM prices collapsed, attracting attention from all DRAM makers. SK hynix holds a first-mover...

Jim Handy

KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.

Ke Yan, CFA, FRM

Q323 Memory Segment Review, Outlook

Q323 DRAM revenue $13.2 billion, +19.25% QoQ, but -27% YoY. Q323 NAND revenues $9.3 billion, +4% QoQ but -31.7% YoY. All memory players remain loss...

William Keating

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025; We are providing six takeaways and sales growth estimates for 2024-2026

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Trade Book - November 2023 - Lucror Analytics

The Asia Trade Book for November 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features...

Lucror Analytics

HBM's Impact on DRAM Revenues

​HBM DRAM prices remained stable while mainstream DRAM prices collapsed, attracting attention from all DRAM makers. SK hynix holds a first-mover...

Jim Handy

KRX Short Interest Weekly (Nov 17th): Short Covers for Celltrion, Celltrion Health, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Celltrion, Celltrion Health, Amorepacific.

Ke Yan, CFA, FRM

Q323 Memory Segment Review, Outlook

Q323 DRAM revenue $13.2 billion, +19.25% QoQ, but -27% YoY. Q323 NAND revenues $9.3 billion, +4% QoQ but -31.7% YoY. All memory players remain loss...

William Keating

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025; We are providing six takeaways and sales growth estimates for 2024-2026

Andrew Lu

HBM DRAM prices remained stable while mainstream DRAM prices collapsed, attracting attention from all DRAM makers. SK hynix holds a first-mover...