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

Thematic (Sector/Industry)

<ul>
<li>Semiconductor revenues remain in a decline, although that decline has slowed.</li>
<li>Prices appear to have reached cost.  They should follow cost declines until a shortage returns.</li>
<li>The timing of the next shortage is still in question.</li>
</ul>


Semiconductor revenues remain in a decline, although that decline has slowed.
Prices appear to have reached cost.  They should follow cost declines until a shortage returns.
The timing of the next shortage is still in question.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Samsung's Q1 2023 operating profit has collapsed to 0.6 trillion Korean won (TKW), down from 4.31 TKW in Q2 2022 and 14.12 TWK in Q1 2022</li>
<li>A promise to "meaningfully lower" memory production sent competitor shares soaring, presumably in anticipation of a faster end to the current memory downturn.</li>
<li>The memory production cut report is elusive and vaguely attributed. We don't anticipate a return to meaningful profitability in the memory segment until Q1 2024. </li>
</ul>


Samsung's Q1 2023 operating profit has collapsed to 0.6 trillion Korean won (TKW), down from 4.31 TKW in Q2 2022 and 14.12 TWK in Q1 2022
A promise to "meaningfully lower" memory production sent competitor shares soaring, presumably in anticipation of a faster end to the current memory downturn.
The memory production cut report is elusive and vaguely attributed. We don't anticipate a return to meaningful profitability in the memory segment until Q1 2024. 


Samsung Q1 2023 Profit Collapse Triggers Memory Production Cut Promise In Regulatory Filing

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.</li>
<li>Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.</li>
<li>Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.</li>
</ul>


Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.
Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.
Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.


Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

<ul>
<li>Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to run for Taiwan president.</li>
<li>The extreme Delta Thailand vs. Delta Taiwan valuation disconnect has finally reverted hard; Delta Thailand shares have crashed recently relative to Delta Taiwan not trading.</li>
<li>The long holiday has opened up some rare ADR discounts for Taiwan dual-listed names.</li>
</ul>


Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to run for Taiwan president.
The extreme Delta Thailand vs. Delta Taiwan valuation disconnect has finally reverted hard; Delta Thailand shares have crashed recently relative to Delta Taiwan not trading.
The long holiday has opened up some rare ADR discounts for Taiwan dual-listed names.


Taiwan Tech Weekly: Market Re-Opens After Long Holiday; U.S.-China Chip War Heats Up Further

<ul>
<li>ADR premiums for dual-listed Taiwan shares have overall been on the uptrend this week, as semiconductor industy optimism in the U.S. as increased.</li>
<li>TSMC's ADR premium appears to be trading at a new higher range in the last few months.</li>
<li>Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.</li>
</ul>


ADR premiums for dual-listed Taiwan shares have overall been on the uptrend this week, as semiconductor industy optimism in the U.S. as increased.
TSMC's ADR premium appears to be trading at a new higher range in the last few months.
Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.


Taiwan Dual-Listings: ADR Premiums on the Rise; TSMC Premium Persistently Higher Lately

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

No Signs of a Chip Recovery

Has the chip downturn ended? No. Is there any sign that it's going to end soon? Again, no. This Insight provides concrete data points to...

Jim Handy

Samsung Q1 2023 Profit Collapse Triggers Memory Production Cut Promise In Regulatory Filing

Samsung's Q1 2023 operating profit collapsed to 0.6 TKW, down from 4.31 TKW in Q2 22 and 14.12 TWK in Q1 22. Don't anticipate a return to...

William Keating

Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

Samsung reversed its production capacity strategy after suffering losses. Also, Japan's semiconductor manufacturing equipment export restrictions...

Vincent Fernando, CFA

Taiwan Tech Weekly: Market Re-Opens After Long Holiday; U.S.-China Chip War Heats Up Further

Hon Hai reports start of production for electric tractors in the U.S., and separately its founder is seeking the support of Taiwan's KMT party to...

Vincent Fernando, CFA

Taiwan Dual-Listings: ADR Premiums on the Rise; TSMC Premium Persistently Higher Lately

Other spreads have risen as well lately; it's probably best to wait for significant reversals, which usually happen within two weeks at most.

Vincent Fernando, CFA

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