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

<ul>
<li>Micron's 2QF22 results were above the high end of guidance</li>
<li>The company's outlook for the current quarter is very strong</li>
<li>Market data supports the company's bullish outlook, and Micron's performance speaks for itself</li>
</ul>


Micron's 2QF22 results were above the high end of guidance
The company's outlook for the current quarter is very strong
Market data supports the company's bullish outlook, and Micron's performance speaks for itself


Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender</li>
<li>Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment</li>
<li>The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity</li>
</ul>


SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender
Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment
The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity


SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

Thematic (Sector/Industry)

<ul>
<li>November semiconductor revenues set a record for the highest shipment month in the history of the industry</li>
<li>Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history</li>
<li>There is plenty of room for this to continue, barring a global economic meltdown</li>
</ul>


November semiconductor revenues set a record for the highest shipment month in the history of the industry
Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history
There is plenty of room for this to continue, barring a global economic meltdown


November Semiconductors Once Again Set Records

<ul>
<li>2022 is likely to be a very good year for semiconductors, with 6% revenue growth following outstanding 2021 growth of ~22%.</li>
<li>Demand is solid, and shortages are driving prices higher.  Since revenues are demand times price, all signs are positive.</li>
<li>The factors that caused the last collapse, in 2019, are not in place this time, indicating that a downturn is very unlikely.</li>
</ul>


2022 is likely to be a very good year for semiconductors, with 6% revenue growth following outstanding 2021 growth of ~22%.
Demand is solid, and shortages are driving prices higher.  Since revenues are demand times price, all signs are positive.
The factors that caused the last collapse, in 2019, are not in place this time, indicating that a downturn is very unlikely.


2022 High Conviction - Modest Semiconductor Growth

<ul>
<li>Micron Technology posted revenues of 7.7 billion for its most recent quarter, down 7% Q/Q but up 33% Y/Y with a 47% gross margin</li>
<li>The company provided a positive outlook for the upcoming quarter and for its future in general</li>
<li>This is in stark contrast with recent forecasts based on a big decline in spot market DRAM and NAND flash prices.  We show spot prices to be unreliable predictors.</li>
</ul>


Micron Technology posted revenues of 7.7 billion for its most recent quarter, down 7% Q/Q but up 33% Y/Y with a 47% gross margin
The company provided a positive outlook for the upcoming quarter and for its future in general
This is in stark contrast with recent forecasts based on a big decline in spot market DRAM and NAND flash prices.  We show spot prices to be unreliable predictors.


Micron Bullish After Strong Showing, Counter to Certain Forecasts

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Western Digital (WDC US)

Micron Posts Another Excellent Quarter

Micron Technology posted solid results for its 2QF22 with a very positive outlook. The company has been performing superbly, and should do very...

Jim Handy

SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

In this insight, we analyse SK Hynix’s relative market share changes, market pricing dynamics, and revenue growth outlook, as well as an updated...

Wium Malan, CFA

November Semiconductors Once Again Set Records

The semiconductor market once again set records in November, with 2021 revenues and unit shipments out-stripping all prior record years in its...

Jim Handy

2022 High Conviction - Modest Semiconductor Growth

Can today's semiconductor revenue growth continue, or will the market undergo another collapse? Objective Analysis calls for 6% growth, and shows...

Jim Handy

Micron Bullish After Strong Showing, Counter to Certain Forecasts

Micron announced its earnings December 21. After a strong quarter the company has an outlook for continuing strength. Why is this when certain...

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)