Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Equity Bottom-Up

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd-cec874fc-ef78-403b-8658-7a7298f0a28d" target="_blank" data-smartkarma-citation="entities:25241:1" rel="noopener">Samsung Electronics (SMSN LI)</a> Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.</li>
<li>A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US).</a>
</li>
</ul>



Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.

SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).



SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Event-Driven

ASM Pacific Technology Limited manufactures semiconductor back end equipment. The Company produces assembly equipment, packaging equipment, surface mount technology equipment, and other equipment. ASM Pacific Technology supplies its products in microelectronics, semiconductor, optoelectronics, and other fields.

<ul>
<li>The second PE rumoured interest in ASMPT in 18 months, with KKR circling.</li>
<li>Semiconductor M&amp;A has surged in 2024 YTD with a 33% increase in deal activity compared to 2023.</li>
<li>ASM's leadership in TCB, potential growth within HBM, expansion at TSM and enabling the Nvidia Blackwell platform are all reasons for M&amp;A interest.</li>
</ul>


The second PE rumoured interest in ASMPT in 18 months, with KKR circling.
Semiconductor M&amp;A has surged in 2024 YTD with a 33% increase in deal activity compared to 2023.
ASM's leadership in TCB, potential growth within HBM, expansion at TSM and enabling the Nvidia Blackwell platform are all reasons for M&amp;A interest.


ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings markets its products worldwide.

<ul>
<li>Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium</li>
<li>Investor interest in memory semiconductors, AI derivative stocks has cooled</li>
<li>Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector</li>
</ul>


Significant peer price performance declines leaves IPO valuation stretched, the desired discount multiple to attract interest has suddenly become a premium
Investor interest in memory semiconductors, AI derivative stocks has cooled
Peer price sell-offs are extreme but could quickly change, reflecting the highly cyclical nature of the sector


Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

<ul>
<li>SAMR would draw out review process for too long for a deal to be approved</li>
<li>Intel faces an existential crisis and even the new Foundry division has issues</li>
<li>A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins</li>
</ul>


SAMR would draw out review process for too long for a deal to be approved
Intel faces an existential crisis and even the new Foundry division has issues
A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins


Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

Thematic (Sector/Industry)

<ul>
<li>Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain</li>
<li>Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?</li>
<li>Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance </li>
</ul>


Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain
Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?
Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance 


TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

30 years Global Equity experience with focus on Global TMT, Consumer and Health Care. Experience across Buy Side (Long only and Hedge Fund), Sell Side (Head of Research), and Industry (IT Services). Equities focused, thematic research, Fundamental bottom up. Special interest in growth, high cash generation. And Forensic accounting and spotting frauds: https://www.fnlondon.com/articles/meet-the-analyst-who-called-wirecard-a-zero-amid-a-sea-of-buy-ratings-20200701

Neil Campling
Global TMT Analyst, Ex-PM, 30 years experience

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...

Neil Campling

Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

Neil Campling

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

Samsung issues rare apology for Q3 profit miss. Admits to being behind in leading technologies. SK Hynix is ahead in HBM memory and set to win....

Neil Campling

ASMPT (ASM Pacific). 522 HK. M&A. Takeover Target Talk. Déjà Vu ?

​Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...

Neil Campling

Tech: Japan's Biggest IPO in 6 Years, Kioxia, Is Off. Here Is the Likely Reason

​IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

Neil Campling

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

​China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

​Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

Private equity interest in ASMPT has surged due to its leadership in TCB, potential growth in HBM, expansion at TSM, and enabling the Nvidia...

IPO valuation stretched as peer price declines leave desired discount turning into a premium. investor interest in memory semiconductors and AI...

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...