Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Q1’23 operating profits of 0.64 trillion won, the lowest since Q1'09</li>
<li>Strong sales of flagship S23 smartphones helped avert an otherwise inevitable overall group operating loss.  </li>
<li>Outlook for the current quarter is for more of the same, albeit the bottom line will depend on the extent (if any) of memory inventory write-downs. </li>
</ul>


Q1’23 operating profits of 0.64 trillion won, the lowest since Q1'09
Strong sales of flagship S23 smartphones helped avert an otherwise inevitable overall group operating loss.  
Outlook for the current quarter is for more of the same, albeit the bottom line will depend on the extent (if any) of memory inventory write-downs. 


Samsung. When Your Cash Cow Turns Into Your Achilles Heel.

<ul>
<li>Taiwan’s UMC, the world’s third largest foundry, reported Q1’23 revenues of NT$54.2 billion, a decrease of 20.1% QoQ and a 14.5% YoY, in line with expectations</li>
<li>Q2'23 forecasted flat sequentially, outperforming TSMC's outlook for a 6.5% QoQ decline</li>
<li>Management foresees recovery being slower than previously anticipated and to admits to having very limited visibility into H2'23</li>
</ul>


Taiwan’s UMC, the world’s third largest foundry, reported Q1’23 revenues of NT$54.2 billion, a decrease of 20.1% QoQ and a 14.5% YoY, in line with expectations
Q2'23 forecasted flat sequentially, outperforming TSMC's outlook for a 6.5% QoQ decline
Management foresees recovery being slower than previously anticipated and to admits to having very limited visibility into H2'23


UMC. Calling Q1'23 The Trough Despite Limited Forward Visibility

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

<ul>
<li>The past three quarters have seen memory revenues collapse by 60%</li>
<li>DRAM and NAND prices have reach cost, and the business should remain profitless for an indefinite time</li>
<li>Management appears to have no idea when this situation will end</li>
</ul>


The past three quarters have seen memory revenues collapse by 60%
DRAM and NAND prices have reach cost, and the business should remain profitless for an indefinite time
Management appears to have no idea when this situation will end


<ul>
<li>SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion</li>
<li>As was the case with Micron, the company pegged Q1'23 as the trough for the current downturn and now expect quarterly revenues to grow sequentially</li>
<li>Recovery may be nigh, but the macro outlook has actually worsened. The road to recovery will be a long and winding one. </li>
</ul>


SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion
As was the case with Micron, the company pegged Q1'23 as the trough for the current downturn and now expect quarterly revenues to grow sequentially
Recovery may be nigh, but the macro outlook has actually worsened. The road to recovery will be a long and winding one. 


SK Hynix Calls Time On The Memory Downturn

<ul>
<li>With ~2x exposure to memory compared to its peers, LRCX is feeling the pain</li>
<li>Q1 revenues of  $3.87 billion were marginally higher than the forecasted midpoint, down 26.7% sequentially and down 4.4% YoY.</li>
<li>For the current quarter, LRCX expects revenues to decline a further ~ 20% to $3.1 billion at the midpoint.</li>
</ul>


With ~2x exposure to memory compared to its peers, LRCX is feeling the pain
Q1 revenues of  $3.87 billion were marginally higher than the forecasted midpoint, down 26.7% sequentially and down 4.4% YoY.
For the current quarter, LRCX expects revenues to decline a further ~ 20% to $3.1 billion at the midpoint.


South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Samsung. When Your Cash Cow Turns Into Your Achilles Heel.

Q1’23 operating profits of 0.64 trillion won, the lowest since Q1'09. Strong S23 sales saved the day. Outlook is for more of the same, albeit the...

William Keating

UMC. Calling Q1'23 The Trough Despite Limited Forward Visibility

Q1’23 revenues of NT$54.2 billion, a decrease of 20.1% QoQ and a 14.5% YoY, in line with expectations. Recovery slower than previously anticipated,...

William Keating

Memory Downturn: No End in Sight

Semiconductor memories have collapsed - when will they turn around? After a revenue drop of 60%, memory maker management still have no concrete...

Jim Handy

SK Hynix Calls Time On The Memory Downturn

SK Hynix reported a Q1'23 net loss of ~ US$1.9 billion. Q1'23 pegged as the trough. Recovery may be nigh, but macro outlook has actually worsened....

William Keating

LRCX. Memory Bites. Hard

With ~2x exposure to memory compared to its peers, LRCX is feeling the pain.Q1 revenues of $3.87 billion were -26.7% sequentially and -4.4% YoY....

William Keating

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