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>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>October semiconductor revenues have been released setting a new record</li>
<li>The semiconductor market, whose revenues have been following a trend since 1996, are currently well above that trend</li>
<li>The ingredients for a collapse are not developing.  The current trend seems destined to continue for at least another couple of quarters, but probably longer.</li>
</ul>


October semiconductor revenues have been released setting a new record
The semiconductor market, whose revenues have been following a trend since 1996, are currently well above that trend
The ingredients for a collapse are not developing.  The current trend seems destined to continue for at least another couple of quarters, but probably longer.


October Semi Revenues Released: Even Farther Above Trend

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>Fujitsu General’s 2Q results were weak as the company fell into the red at the OP level, however, aside from some unrecoverable weakness in Japan a lot of the impact seems to be pushed out sales which should be recovered in 2H. The name remains cheap for its underappreciated growth potential in the Middle East and India.</p>

Fujitsu General’s 2Q results were weak as the company fell into the red at the OP level, however, aside from some unrecoverable weakness in Japan a lot of the impact seems to be pushed out sales which should be recovered in 2H. The name remains cheap for its underappreciated growth potential in the Middle East and India.

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<div><p>JPX-Nikkei 400 is composed of common stocks whose main market is the TSE1, TSE2, JASDAQ, and Mothers sections (which will become the Prime Market, Standard Market, or Growth Market next April) of the Tokyo Stock Exchange. This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents selected based on several factors including market capitalization, trading value, operating profits, and ROE.</p></div><p>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review is conducted using the final business day of June as the base date. </p><div><p>Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event and others. Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022. </p></div>

JPX-Nikkei 400 is composed of common stocks whose main market is the TSE1, TSE2, JASDAQ, and Mothers sections (which will become the Prime Market, Standard Market, or Growth Market next April) of the Tokyo Stock Exchange. This is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents selected based on several factors including market capitalization, trading value, operating profits, and ROE.A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. This review is conducted using the final business day of June as the base date. Quiddity provides quantitative research on pre-event basket strategies surrounding this Index Rebalance event and others. Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022. 

JPX-Nikkei 400 Rebalance 2022: Leader Board End-Sep 2021

<p>Toshiba and Fujitsu have lagged Hitachi in addressing their listed subsidiaries and have followed weaker processes in their resolution in our view. As the two conglomerates move forward we wonder whether it might make sense for Toshiba to acquire Fujitsu General and for Fujitsu to acquire Toshiba Tec.</p>

Toshiba and Fujitsu have lagged Hitachi in addressing their listed subsidiaries and have followed weaker processes in their resolution in our view. As the two conglomerates move forward we wonder whether it might make sense for Toshiba to acquire Fujitsu General and for Fujitsu to acquire Toshiba Tec.

Toshiba Tec – Thinking About a Toshiba Tec for Fujitsu General Swap

Japan

Fujitsu General Ltd. manufactures air-conditioning units, refrigerators, and information-communication equipment. The products include air conditioners, and purifiers. The Company also manufactures computer software and electronic devices.

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Fujitsu General (6755 JP)

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

October Semi Revenues Released: Even Farther Above Trend

October semiconductor revenues set a record once again, making the 2021 semiconductor market one to remember. A collapse appears unlikely in the...

Jim Handy

Fujitsu General – Just a Little Hiccup

Fujitsu General’s 2Q results were weak as the company fell into the red at the OP level, however, the name remains cheap for its underappreciated...

Mio Kato

JPX-Nikkei 400 Rebalance 2022: Leader Board End-Sep 2021

A look at the evolution potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on end-September 2021 data.

Janaghan Jeyakumar, CFA

Toshiba Tec – Thinking About a Toshiba Tec for Fujitsu General Swap

With Fujitsu and Toshiba still having to address their listed subsidiaries we wonder whether it might make sense for Toshiba to acquire Fujitsu...

Mio Kato

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