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>Both DRAM and NAND flash have trended down in 4Q21 and 1Q22, but both markets are still more than 20% higher than last year</li>
<li>Samsung and Micron both made modest Q/Q share gains in both DRAM and NAND flash while all others experienced modest market share losses</li>
<li>Micron's new focus on profit share is paying off, providing the company a better payback than its competition.</li>
</ul>


Both DRAM and NAND flash have trended down in 4Q21 and 1Q22, but both markets are still more than 20% higher than last year
Samsung and Micron both made modest Q/Q share gains in both DRAM and NAND flash while all others experienced modest market share losses
Micron's new focus on profit share is paying off, providing the company a better payback than its competition.


Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Phison reached to NT$17.1bn, 32%, 14% and NT$10.49 for revenue, GM, NM and the Diluted EPS in 1Q22.</li>
<li>We estimate it could be a slight positive growth in 2022, which could reach NT$18.1bn/32.5% for revenue/GM respectively.</li>
<li>Phison and its competitors shall continuously strive in Flash card and the related business.</li>
</ul>


Phison reached to NT$17.1bn, 32%, 14% and NT$10.49 for revenue, GM, NM and the Diluted EPS in 1Q22.
We estimate it could be a slight positive growth in 2022, which could reach NT$18.1bn/32.5% for revenue/GM respectively.
Phison and its competitors shall continuously strive in Flash card and the related business.


Phison (8299.TT): 2Q22 Could Expect a Slightly Growth QoQ

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)'s</a> underperformance to <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> just part of the cycle or company specific?</li>
<li>Does the supply constraint issue help or hurt Samsung?  Who is better off? </li>
<li>Key points to focus on to see where Samsung is vs. their blueprint of technology roadmap</li>
</ul>



Samsung Electronics (005930 KS)'s underperformance to SK Hynix (000660 KS) just part of the cycle or company specific?
Does the supply constraint issue help or hurt Samsung?  Who is better off? 
Key points to focus on to see where Samsung is vs. their blueprint of technology roadmap


Is Samsung in Trouble or Just in Another Downcycle?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Micron Technology / Equity Capital Markets

<ul><li>Micron Technology successfully delivered a strong financial performance for the fiscal year in terms of both, profitability and revenue.</li><li>In the case of DRAM, Micron has announced the foremost 1z nanometer mode in the business.</li><li>Micron is also driving cost reduction and product innovation via an increased mixture of QLC NAND.</li></ul>

Micron Technology successfully delivered a strong financial performance for the fiscal year in terms of both, profitability and revenue.In the case of DRAM, Micron has announced the foremost 1z nanometer mode in the business.Micron is also driving cost reduction and product innovation via an increased mixture of QLC NAND.

Micron Technology: Financial & Price Forecasts

<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

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)

Q1 Memory Results Down, But Encouraging

The semiconductor memory business - DRAM and NAND flash - is doing very well, with revenues over 20% above the year-ago quarter, and good...

Jim Handy

Phison (8299.TT): 2Q22 Could Expect a Slightly Growth QoQ

Phison reached to NT$17.1bn, 32%, 14% and NT$10.49 for revenue, GM, NM and the Diluted EPS in 1Q22. We estimate it could reach NT$18.1bn and 32.5%...

Patrick Liao

Is Samsung in Trouble or Just in Another Downcycle?

Samsung will need to really show that they are not falling behind in terms of technology leadership seems to be the focal point of the remainder of...

Ken S. Kim

Micron Technology: Financial & Price Forecasts

Micron Technology successfully delivered a strong financial performance for the fiscal year in terms of both, profitability and revenue. In the...

Baptista Research

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

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