Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2024 rebal event.</li>
<li>We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2024 rebal event.
We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.


[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US: China industry associations send warning over sourcing US chips (+/+/-/-/-/-)</li>
<li>ACMR US: Limited impact from the addition of its subsidiaries to entity-list (/)</li>
<li>ZTO US: Parcel volume delivery grew 32% yoy in the prior week (+)</li>
</ul>


981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US: China industry associations send warning over sourcing US chips (+/+/-/-/-/-)
ACMR US: Limited impact from the addition of its subsidiaries to entity-list (/)
ZTO US: Parcel volume delivery grew 32% yoy in the prior week (+)


[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Semiconductors are the unsung heroes of the modern world. These tiny chips power everything from smartphones and laptops to cars, data centers, and even advanced artificial intelligence systems.</li>
<li>While the US has historically led in semiconductor innovation, China is rapidly trying to catch up. This competition has led to global push for self-sufficiency in semiconductor production.</li>
<li>Countries worldwide are investing heavily in semiconductor production to reduce their dependence on foreign suppliers and gain a strategic advantage.</li>
</ul>


Semiconductors are the unsung heroes of the modern world. These tiny chips power everything from smartphones and laptops to cars, data centers, and even advanced artificial intelligence systems.
While the US has historically led in semiconductor innovation, China is rapidly trying to catch up. This competition has led to global push for self-sufficiency in semiconductor production.
Countries worldwide are investing heavily in semiconductor production to reduce their dependence on foreign suppliers and gain a strategic advantage.


Thematic Report: The Semiconductor Race~ A Battle for Technological Supremacy

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>Chinese Foundries (HuaHong, SMIC) have outgrown ex-China (GlobalFoundries, UMC, Vanguard) very significantly. Reacting to US sanctions, Chinese Chip Designers have shifted to domestic Foundries. China / ex-China supply-chains have decoupled.</li>
<li>End-Demand diverged up to 2Q24. Chinese Foundries were mentioning end-demand recovering, customers restocking, tight capacity. Ex-China Foundries mentioning the opposite: weak end-demand, customers destocking, low utilization. </li>
<li>Change of direction in 3Q24. Chinese Foundries become cautious, we see an obvious inventory problem on overblown end-demand growth expectations. Ex-China end-demand is stabilizing, destocking coming to an end.</li>
</ul>


Chinese Foundries (HuaHong, SMIC) have outgrown ex-China (GlobalFoundries, UMC, Vanguard) very significantly. Reacting to US sanctions, Chinese Chip Designers have shifted to domestic Foundries. China / ex-China supply-chains have decoupled.
End-Demand diverged up to 2Q24. Chinese Foundries were mentioning end-demand recovering, customers restocking, tight capacity. Ex-China Foundries mentioning the opposite: weak end-demand, customers destocking, low utilization. 
Change of direction in 3Q24. Chinese Foundries become cautious, we see an obvious inventory problem on overblown end-demand growth expectations. Ex-China end-demand is stabilizing, destocking coming to an end.


Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions.</li><li>Revenue stood at $4.2 billion, reflecting a 9% sequential rise but an 8% decline year-over-year.</li><li>This revenue performance was underpinned by the company's significant presence in Analog revenue, which experienced a decline of 4% year-over-year, while Embedded Processing saw a more pronounced decrement of 27%.</li></ul>

Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions.Revenue stood at $4.2 billion, reflecting a 9% sequential rise but an 8% decline year-over-year.This revenue performance was underpinned by the company's significant presence in Analog revenue, which experienced a decline of 4% year-over-year, while Embedded Processing saw a more pronounced decrement of 27%.

Texas Instruments Incorporated: Will The Industrial and Automotive Market Recovery Save The Day? - Major Drivers

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Blue Lotus Research Institute

Thematic Report: The Semiconductor Race~ A Battle for Technological Supremacy

Semiconductors are crucial for modern technology, with global competition driving countries to invest in self-sufficiency for strategic advantage.

Nimish Maheshwari

Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...

Nicolas Baratte

Texas Instruments Incorporated: Will The Industrial and Automotive Market Recovery Save The Day? - Major Drivers

Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions. Revenue stood at...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

[Blue Lotus Daily]:981 HK/1347 HK/NXPI US/TXN US/ADI US/ON US/ACMR US/ZTO US/1810 HK/AAPL US

​China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Blue Lotus Research Institute

Thematic Report: The Semiconductor Race~ A Battle for Technological Supremacy

​Semiconductors are crucial for modern technology, with global competition driving countries to invest in self-sufficiency for strategic advantage.

Nimish Maheshwari

Foundries. China (Hua Hong, SMIC) Has Outperformed but on Poor Margins & Inventory Risk.

​Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...

Nicolas Baratte

Texas Instruments Incorporated: Will The Industrial and Automotive Market Recovery Save The Day? - Major Drivers

Texas Instruments reported its third quarter 2024 results, evidencing a mixed financial landscape amid varying market conditions. Revenue stood at...

Baptista Research

China industry associations warn about sourcing US chips, limited impact on ACMR from entity-list, ZTO sees 32% yoy growth in parcel delivery volume.

Semiconductors are crucial for modern technology, with global competition driving countries to invest in self-sufficiency for strategic advantage.

Chinese foundries have overgrown ex-China counterparts, but now face inventory issues. Ex-China foundries are stabilizing, destocking coming to an...