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Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>TSMC’s weak guidance last week and Q2 shipment downgrades for Apple reflect the ‘peak smartphone’ underweight stance on the Asian supply chain covered last September and since.</li>
<li>Smartphone sales have entered a structural slowdown – chip companies like MediaTek which have diversified revenue exposure into new end markets look more resilient.</li>
<li>The sell-off in semi equipment makers despite strong results reflects fears that the DRAM/NAND capex cycles are also topping out -  NAND prices fell up to 10%…</li>
</ul>


TSMC’s weak guidance last week and Q2 shipment downgrades for Apple reflect the ‘peak smartphone’ underweight stance on the Asian supply chain covered last September and since.
Smartphone sales have entered a structural slowdown – chip companies like MediaTek which have diversified revenue exposure into new end markets look more resilient.
The sell-off in semi equipment makers despite strong results reflects fears that the DRAM/NAND capex cycles are also topping out -  NAND prices fell up to 10%…


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

新興国市場が強気派の期待を裏切る中、「スマートフォンのピーク」説が主流に…