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)

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

Semiconductors Continue Surprise Strength

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

June Semiconductor Revenues Reach New Record

Equity Bottom-Up

If you look at Western Digital's NAND flash margins in comparison with those of Kioxia it becomes difficult to rationalize the recent rumor that WDC will acquire Toshiba.  This Insight hypothesizes that the rumor was created in an effort to sway another negotiation.

If you look at Western Digital's NAND flash margins in comparison with those of Kioxia it becomes difficult to rationalize the recent rumor that WDC will acquire Toshiba.  This Insight hypothesizes that the rumor was created in an effort to sway another negotiation.

Why a WDC Kioxia Acquisition Seems Unlikely

Kioxia posted solid revenue growth in its most recent quarter, and the market timing is good for an IPO.  All that is left is for the company to take advantage of this situation, but they haven't yet disclosed their intents.

Kioxia posted solid revenue growth in its most recent quarter, and the market timing is good for an IPO.  All that is left is for the company to take advantage of this situation, but they haven't yet disclosed their intents.

Kioxia Solid in Latest Quarter - Time for an IPO?

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.

Event-Driven

The <a href="https://www.wsj.com/articles/western-digital-in-advanced-talks-to-merge-with-kioxia-in-20-billion-plus-deal-11629914820?mod=hp_lead_pos3" target="_blank" rel="noopener">WSJ reported</a> that Kioxia and Western Digital had been continuing their previously rumoured talks and that discussions appear to be heating up. Details included a potential mid-September timeline, $20bn valuation and the deal being for shares rather than cash which would make sense given WDC’s market cap and leverage.

The WSJ reported that Kioxia and Western Digital had been continuing their previously rumoured talks and that discussions appear to be heating up. Details included a potential mid-September timeline, $20bn valuation and the deal being for shares rather than cash which would make sense given WDC’s market cap and leverage.

Toshiba – Possibility of a Kioxia-Western Digital Deal

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings markets its products worldwide.

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Kioxia Holdings (6600 JP)

Semiconductors Continue Surprise Strength

Semiconductor revenues in July were 29% higher than the prior year and the market set a new record. Will this continue? Yes, for a while, but...

Jim Handy

June Semiconductor Revenues Reach New Record

Semiconductor revenues are breaking historic records. Can this trend continue? Trend analysis indicates that it should end. We will be watching...

Jim Handy

Why a WDC Kioxia Acquisition Seems Unlikely

Recent rumors of a WDC/Kioxia acquisition don't make sense when considering WDC's profit margins. Is something else at play?

Jim Handy

Kioxia Solid in Latest Quarter - Time for an IPO?

Kioxia is poised to post historically high revenues in the fourth quarter. Does this imply that the long-awaited IPO is imminent?

Jim Handy

Toshiba – Possibility of a Kioxia-Western Digital Deal

As Kioxia nears either an IPO or a merger with WDC we believe there is moderate short-term upside for Toshiba though an all share deal by WDC could...

Mio Kato

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