Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

Toshiba was up 4.1% today as it was announced that SK Hynix would be purchasing Intel’s NAND flash and SSD businesses (but not its 3D XPoint business) for $9bn. Ostensibly the market is assuming that consolidation within the industry will raise margins and reduce volatility but this point is debatable in commodity markets as Jim Handy has repeatedly explained. On the other hand, there are negatives for Toshiba with this deal and we delve into these below.

Toshiba was up 4.1% today as it was announced that SK Hynix would be purchasing Intel’s NAND flash and SSD businesses (but not its 3D XPoint business) for $9bn. Ostensibly the market is assuming that consolidation within the industry will raise margins and reduce volatility but this point is debatable in commodity markets as Jim Handy has repeatedly explained. On the other hand, there are negatives for Toshiba with this deal and we delve into these below.

Toshiba – SK Hynix’s Acquisition of Intel’s NAND Operations Hurts Kioxia’s Value

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

Equity Bottom-Up

The Wall Street Journal today published a leak that Intel and SK hynix are in negotiations for SK hynix to acquire Intel's memory business.  This Smartkarma Insight analyzes such a sale to determine its feasibility.

The Wall Street Journal today published a leak that Intel and SK hynix are in negotiations for SK hynix to acquire Intel's memory business.  This Smartkarma Insight analyzes such a sale to determine its feasibility.

Intel's Memory Business Sale.  Does It Make Sense?

Thematic (Sector/Industry)

The World Semiconductor Trade Statistics for August have just been released, and revenues increased for the second sequential month, a positive sign in a puzzling year.  All in all, it appears that the semiconductor sector is faring well despite the pandemic.  It's far too soon to call this growth a trend, though, but it currently appears that the industry is poised to grow at its historical 3.9% annual average rate.

The World Semiconductor Trade Statistics for August have just been released, and revenues increased for the second sequential month, a positive sign in a puzzling year.  All in all, it appears that the semiconductor sector is faring well despite the pandemic.  It's far too soon to call this growth a trend, though, but it currently appears that the industry is poised to grow at its historical 3.9% annual average rate.

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Update of <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a> earnings,  making sense of the different inventory situation between the investment outlook and strategy as we head into 4Q20 and into 2021.   While the expected recovery was pushed back to 2H21 from <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a> hurt sentiment, we still believe it is an excellent chance to BUY and here's why.

Update of Micron Technology (MU US) earnings,  making sense of the different inventory situation between the investment outlook and strategy as we head into 4Q20 and into 2021.   While the expected recovery was pushed back to 2H21 from Micron Technology (MU US) hurt sentiment, we still believe it is an excellent chance to BUY and here's why.

Semi Memory Investing - Don't Be a Smart Aleck

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

While Kioxia’s value lies in its through-cycle earnings generation, disclosed financials have a limited history. As such, we have combined Kioxia’s financials with those of Toshiba’s Electronic Devices and Storage Solutions segment to get a longer-term perspective on likely forward profitability and how the company has done compared to peers.

While Kioxia’s value lies in its through-cycle earnings generation, disclosed financials have a limited history. As such, we have combined Kioxia’s financials with those of Toshiba’s Electronic Devices and Storage Solutions segment to get a longer-term perspective on likely forward profitability and how the company has done compared to peers.

Kioxia – Examining the Long-Term Margin Trends and Where Fair Value May Lie

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.

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SK Hynix (000660 KS)

Toshiba – SK Hynix’s Acquisition of Intel’s NAND Operations Hurts Kioxia’s Value

We believe the market's positive interpretation of the impact on Toshiba of the SK Hynix purchase of Intel's NAND assets is incorrect and that the...

Mio Kato

Intel's Memory Business Sale. Does It Make Sense?

The Wall Street journal today published a leak that Intel and SK hynix are in

Jim Handy

August Semiconductor Sales Increase

The World Semiconductor Trade Statistics for August have just been released, and revenue

Jim Handy

Semi Memory Investing - Don't Be a Smart Aleck

Update of

Ken S. Kim

Kioxia – Examining the Long-Term Margin Trends and Where Fair Value May Lie

While Kioxia’s value lies in its through-cycle earnings generation, disclosed financials have a limited history. As such, we have combined Kioxia’s...

Mio Kato

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