$iShares Semiconductor ETF(SOXX)$SOXX declined more than 3% over past 5 days (especially last night) due to renewed fears of inflation and the impending downcycle of semiconductors. Yesterday Germany reported its PPI hit 37%, while UK reported CPI of 10.1% for July! This caused a new panic in the market last night as EU and UK are deemed as “behind the curve” and will most likely raised interest rate in the coming months. As usual, semiconductors are the “cyclical” sectors and not spared in the sell-down.Various semicon giants have signalled during earnings call that end-customers are adjusting down their inventory and this will last for 2-4 quarters. It used to be just smartphone and consumer electronics OEM, but recently there are news that even

$Taiwan Semiconductor Manufacturing(TSM)$  TSMC will be reporting result on 13 Oct. Given that TSMC has already released its revenue performance for Jul to Sep, its 3Q financial performance should be within its previous guidance and well above market analysts' consensus. FX will be a strong tailwind for TSMC since it collect revenue in USD but report in NTD. However, market is always forward-looking and price company valuation using 6-12months outlook. Already, we are hearing TSMC N7 N6 fab utilisation rate falling off and most likely drop to 70% by 2Q23, and Apple and Nvidia refusing to accept price hike for advance chip despite increasedcost of production. TSMC will most likely be conservative in

$ASCENDAS REAL ESTATE INV TRUST(A17U.SI)$A very stable REIT in my portfolio, focusing on developed countries market. AREIT has given me good dividends and decent capital gain. Based on recent result, it has double digit rental reversion and new projects such as the Grab HQ and Ubix AEI will start contributing to the bottom line.I foresee more volatility ahead in the next 6-7 weeks leading up to Fed's interest rate hike, will consider accumulating if the share price tank below 2.8 again. 

$AEM HOLDINGS LTD(AWX.SI)$reported a fantastic 1H22 result, highest record first half revenue and PBT in its history!Revenue increased 181% you to 40.5mil, while EPS jumped to 26.78 cents, growing by 152%. This is a major earnings surprise because the 1H22 revenue already exceeded 68% of the upper range of AEM FY22 revenue guidance in 1Q.AEM achieved a lot of milestone this quarter, including 2 customer win and new acquisition in Nestek Korea. AEM revised its full year revenue guidance higher as well.Personally, I was very surprised as Intel, major customer of AEM, reported a lousy set of results with multiple delays in its sapphire rapid server CPU. System level testing is increasingly required for high end chips and the larger t

$CAPITALAND INTEGRATED COMM TR.(CPAMF)$The sale of Mercatus’ S$4.1bn retail portfolio has created a buzz in the market.The portfolio comprises of 4 suburban malls, where at least 3 out of the 4 assets are dominant malls in their respective suburban vicinity and located at big residential catchment areas and strategically located near key transport nodes. CICT is probably the strongest contender among the local contenders for the portfolio, including Link REIT and FCT given its larger size and links to Temasek (same parent as Mercatus/NTUC). From CapitaLand and CICT’s perspective, they cannot afford to lose these prized assets to their competitors, especially after FCT bought over PGIM’s retail portfolio which already weaken CapitaLand’s dominance

$SINGAPORE POST LIMITED(S08.SI)$Following the operation warning announcement on 15 Jul 2022, Singpost released its 1Q22 Business Update this morning on 19 Aug 2022. There was some buzz from a local news that a social media influencer sold his HDB and invested S$300,000 into Sinkpost, so I was hoping to see what have I missed in next result. But alas, the result was worse than my expectation.Revenue increased by 24.7% due to the acquisition of FMH, but Opex increase almost 40%! As such, Operating Profit declined by 46.7%. Post and Parcel business recorded operating losses as revenues declined and operating costs increased. Earlier, Singpost also warned that a major eCommerce customer has insourced part of its own logistics, resulting in lower vol

$CapLand China T(AU8U.SI)$China retail market has seen a huge decline, and CLCT is not spared. The hope that China’s Covid zero policy will ease after Shanghai’s lockdown did not happen, and now Chengdu is going into another lockdown. CLCT has a shopping mall, CapitaMall Xinnan, in Chengdu and it’s expected to be badly hit with occupancy already dropping from 96.7% in Jun 2021 to 89.7% in Jun 2022 before the lockdown. Lockdown aside, with a weakening GDP growth, offline retail spending in China will definitely slow down and the retail malls in CLCT portfolio will definitely get hit. While I agree some form of pent-up demand will be there after the Covid lockdown, but I foresee many small retailers will not be able to survive until then and clos

$Grab Holdings(GRAB)$Bearish CNA just reported Grab is not doing major layoff. Compared to $Sea Ltd(SE)$who is determined to be self-sufficient within 12-18 months and have embarked onmassive layoff and restructuring and cost control, you can see that Grab is less resolved and probably not urgent (at least in its attitude) to slow down the cash burn. Bearish on Grab. With limited net cash, it will exhaust its funding soon. Be careful

$SUNNY OPTICAL(02382)$Sunny Optical 1H22 result was released on 15 August 2022 and following the Company’s profit warning announcement that the net profit will drop 45-50% yoy. The 1H22 result was at the lower end of its profit warning: Net Profit -50% yoy to RMB1.4bil, due to weaker revenue (-14% yoy) and decline in Operating Profit margin due to dis-economics of scales. Revenue and Gross Profit from smartphone-related products are badly affected due to weak demand of smartphone market and downgrading specification of smartphone camera. However, vehicle lens set did better as revenue related to the optical parts of LiDAR and head-up display increased significantly as the projects have been commenced mass production.I expect Sunny Optical’s hands

Some news reported Sunny Optical is said to supply the 7P lens for the rear wide-angle camera of all iPhone 14 series models, and it is expected that 50% to 60% of the Pro series and 55% to 65% of the base model will be equipped with the company’s lenses. The rest of the 7P lens for the rear wide-angle camera will be supplied by Genius and Largan Precision in roughly equal proportions. Furthermore, Sunny Optical may also become the primarily supplier of Lidar lens for iPhone 15 in 2023, replacing Genius as the main supplierIf true, this will likely mark a major breakthrough for Sunny Optical's Apple business.The original author of this analysis is Kuo Ming Zhi. Ming Zhi is well-regarded as “The Most Accurate Apple Analyst in the World” and “The Analyst Who Reveals all of Apple's Secrets.”