Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">Tokyo Electron (8035 JP)</a> is a global manufacturer of semiconductor production equipment (SPE).</li>
<li>In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.</li>
<li>Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.</li>
</ul>



Tokyo Electron (8035 JP) is a global manufacturer of semiconductor production equipment (SPE).
In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.
Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. </li>
<li>The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. </li>
<li>A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. </li>
</ul>



JSR Corp (4185 JP) has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. 
The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. 
A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. 


JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan &amp; ~2x Korea</li>
</ul>


2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year
We forecast 2024 WFE revenues to grow modestly by around 5% YoY
China's WFE spend in 2023 was ~1.5x Taiwan &amp; ~2x Korea


Semiconductor WFE 2023 In Review, 2024 Outlook

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.</li><li><p>Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.</p></li><li><p>Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.</p></li></ul>

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

<ul>
<li>Q124 revenues of $6.71 billion, at the high end of the guided range and essentially flat sequentially both QoQ and YoY</li>
<li>Q224 revenue $6.5 billion at the midpoint, a modest downward movement of 3% QoQ and in line with what we saw from peers KLAC and LRCX</li>
<li>Still a great company with excellent growth prospects, just not in 2024</li>
</ul>


Q124 revenues of $6.71 billion, at the high end of the guided range and essentially flat sequentially both QoQ and YoY
Q224 revenue $6.5 billion at the midpoint, a modest downward movement of 3% QoQ and in line with what we saw from peers KLAC and LRCX
Still a great company with excellent growth prospects, just not in 2024


AMAT. Post Earnings Surge For No Good Reason

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Entegris Inc. provides materials management products and services to the microelectronics industry on a worldwide basis.  The Company provides products such as wafer shippers, wafer transport and process carriers, pods, and work-in-process boxes.  Entegris also provides chemical delivery products such as valves, fittings, tubing, pipe, and containers.

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

Teradyne, Inc. designs, manufactures, sells, and supports semiconductor test products and services on a world wide basis. The Company's test equipment products and services include: semiconductor test systems, military/aerospace test instrumentation and systems, circuit-board test and inspection systems and automotive diagnostic and test systems.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

LONGi Green Energy Technology Co., Ltd. develops, manufactures and sells silicon rods and silicon wafers. The Company's main products include 6 inch, 6.5 inch and 8 inch monocrystalline silicon rods and wafers.

LONGi Green Energy Technology (601012 CH)

Semiconductor Manufacturing International Corporation operates a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Tokyo Electron (8035): Q3 FY03/24 Update

Tokyo Electron is a global manufacturer of semiconductor production equipment, with strong financial performance in FY03/23 and revised earnings...

Shared Research

JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

JSR has filed a solid response to SUNY RF’s lawsuit. Crucially, the response implies that JIC is comfortable taking on litigation risk. Separately,...

Arun George

Semiconductor WFE 2023 In Review, 2024 Outlook

2023 WFE revenues $93 billion, -1%YoY. Most had expected a 20% YoY decline. We expect 2024 WFE revenues to grow by ~5% YoY. China's WFE spend in...

William Keating

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than...

Fabricated Knowledge

AMAT. Post Earnings Surge For No Good Reason

Q124 revenues of $6.71 billion, flat both QoQ and YoY. Q224 revenue $6.5 billion, in line with peers. No full year 2024 guidance. WFE has more...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Electron (8035): Q3 FY03/24 Update

​Tokyo Electron is a global manufacturer of semiconductor production equipment, with strong financial performance in FY03/23 and revised earnings...

Shared Research

JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

JSR has filed a solid response to SUNY RF’s lawsuit. Crucially, the response implies that JIC is comfortable taking on litigation risk. Separately,...

Arun George

Semiconductor WFE 2023 In Review, 2024 Outlook

2023 WFE revenues $93 billion, -1%YoY. Most had expected a 20% YoY decline. We expect 2024 WFE revenues to grow by ~5% YoY. China's WFE spend in...

William Keating

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than...

Fabricated Knowledge

AMAT. Post Earnings Surge For No Good Reason

Q124 revenues of $6.71 billion, flat both QoQ and YoY. Q224 revenue $6.5 billion, in line with peers. No full year 2024 guidance. WFE has more...

William Keating

Tokyo Electron is a global manufacturer of semiconductor production equipment, with strong financial performance in FY03/23 and revised earnings...