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>The semiconductor market is now 45% above its normal revenue trend.</li>
<li>This situation is driven mostly by today's COVID-related demand changes.</li>
<li>Eventually the market will return to its normal growth, with revenues dropping by over 30%.</li>
</ul>


The semiconductor market is now 45% above its normal revenue trend.
This situation is driven mostly by today's COVID-related demand changes.
Eventually the market will return to its normal growth, with revenues dropping by over 30%.


Semiconductor Revenues Remain Well Above Trend

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


Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>We estimate Phison could reach NT$14.1bn sales and GM 25% outlook in 1Q22.</li>
<li>For 2022, it stars with a good beginning for 5~10% NAND price lifted, and Phison’s insistence on NAND Flash controller technology and allied with AMD.</li>
<li>Phison would maintain its solid dividend policy and it’s 80% in the past. It was ~NT$63 EPS in 2021. </li>
</ul>


We estimate Phison could reach NT$14.1bn sales and GM 25% outlook in 1Q22.
For 2022, it stars with a good beginning for 5~10% NAND price lifted, and Phison’s insistence on NAND Flash controller technology and allied with AMD.
Phison would maintain its solid dividend policy and it’s 80% in the past. It was ~NT$63 EPS in 2021. 


Phison (8299.TT): Insistence in NAND Flash Technology

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

<ul>
<li>In their Q4 earnings calls DRAM makers posted a 6% Q/Q decline, but 47% annual growth</li>
<li>Their outlook is generally positive, with solid market drivers for the year</li>
<li>SK hynix was able to take some market share from Samsung and Micron</li>
</ul>


In their Q4 earnings calls DRAM makers posted a 6% Q/Q decline, but 47% annual growth
Their outlook is generally positive, with solid market drivers for the year
SK hynix was able to take some market share from Samsung and Micron


DRAM Market Poised for Steady Growth in 2022

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)

Semiconductor Revenues Remain Well Above Trend

Semiconductors are 45% above their long-term revenue trend. This is poised to continue for the near term, but a big change will occur further out.

Jim Handy

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

Phison (8299.TT): Insistence in NAND Flash Technology

We estimate Phison will reach NT$14.1bn sales and 25% GM outlook in 1Q22. For 2022, it stars with a good beginning for 5~10% NAND price lifted.

Patrick Liao

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

DRAM Market Poised for Steady Growth in 2022

DRAM makers posted a small 6% Q/Q revenue decline in Q4, but gave an outlook for solid 2022 growth after growing 41% in 2021. This seems to be a...

Jim Handy

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