Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

<ul>
<li>Q1’23 revenues of ¥109.9 billion, better than forecasted, down 6.4% QoQ but up 10% YoY.</li>
<li>Q2'23 forecasted flat sequentially, no full year 2023 forecast provided</li>
<li>There's a major headwind looming on the horizon for the broader silicon wafer segment...</li>
</ul>


Q1’23 revenues of ¥109.9 billion, better than forecasted, down 6.4% QoQ but up 10% YoY.
Q2'23 forecasted flat sequentially, no full year 2023 forecast provided
There's a major headwind looming on the horizon for the broader silicon wafer segment...


SUMCO Q1’23 Revenues of ¥109.9 Billion, -6.4% QoQ but up 10% YoY. Q2'23 Flat QoQ

<ul>
<li>Q1’23 revenues of €404.4 million, -14.3% QoQ and -3% YoY.</li>
<li>Q2'23 revenues forecasted flat sequentially with no prospect of a second half recovery.</li>
<li>Why no H2 recovery ? And why did GlobalWafers outperform Siltronic last quarter?</li>
</ul>


Q1’23 revenues of €404.4 million, -14.3% QoQ and -3% YoY.
Q2'23 revenues forecasted flat sequentially with no prospect of a second half recovery.
Why no H2 recovery ? And why did GlobalWafers outperform Siltronic last quarter?


Siltronic Q1'23 Revenue €404.4 Million, -14.3% QoQ And -3% YoY. Q2'23 Flat QoQ

<ul>
<li>Q1’23 revenues of NT$18.6 billion, up 14.2% YoY and up ~1% QoQ.</li>
<li>No specific Q2'23 forecast provided but we fully expect a sequential decline and the end of a 13 quarter growth streak </li>
<li>YTD silicon carbide revenues have already exceeded full year 2022 revenues, albeit coming from a low base.</li>
</ul>


Q1’23 revenues of NT$18.6 billion, up 14.2% YoY and up ~1% QoQ.
No specific Q2'23 forecast provided but we fully expect a sequential decline and the end of a 13 quarter growth streak 
YTD silicon carbide revenues have already exceeded full year 2022 revenues, albeit coming from a low base.


Globalwafers Q1'23 Revenues up 1% QoQ, 14.2% YoY

Thematic (Sector/Industry)

<ul>
<li>Worldwide silicon wafer shipments declined ~4% sequentially in Q4 2022. We anticipate a further 10% sequential decline in area shipments in Q1 2023</li>
<li>For 2023, we expect wafer shipments to decline by around 5% YoY with weakness in H1 offset by strength in demand in H2.</li>
<li>Despite the decline in area shipments, we expect the sector to remain strongly profitable, bolstered by the impact of Long Term Agreements and customer prepayments. </li>
</ul>


Worldwide silicon wafer shipments declined ~4% sequentially in Q4 2022. We anticipate a further 10% sequential decline in area shipments in Q1 2023
For 2023, we expect wafer shipments to decline by around 5% YoY with weakness in H1 offset by strength in demand in H2.
Despite the decline in area shipments, we expect the sector to remain strongly profitable, bolstered by the impact of Long Term Agreements and customer prepayments. 


Semiconductor Silicon Wafers Segment Q4 2022 Roundup & 2023 Outlook

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

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.</li>
<li>Based on current rankings, <a href="https://www.smartkarma.com/entities/commerzbank-ag" target="_blank" data-smartkarma-citation="entities:21596:1" rel="noopener">Commerzbank AG (CBK GR)</a> could move from MDAX to DAX and <a href="https://www.smartkarma.com/entities/puma-se" target="_blank" data-smartkarma-citation="entities:21697:1" rel="noopener">Puma SE (PUM GR)</a> could move from DAX to MDAX.</li>
<li>I also expect multiple changes for the MDAX and SDAX indices including the impact of the recently-listed <a href="https://www.smartkarma.com/entities/dr-ing-h-c-f-porsche-aktiengesellschaft" target="_blank" data-smartkarma-citation="entities:36343:1" rel="noopener">Porsche AG (P911 GR)</a>. </li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.
Based on current rankings, Commerzbank AG (CBK GR) could move from MDAX to DAX and Puma SE (PUM GR) could move from DAX to MDAX.
I also expect multiple changes for the MDAX and SDAX indices including the impact of the recently-listed Porsche AG (P911 GR). 


DAX/​​​​MDAX/​​​​SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!

Germany

Siltronic AG manufactures hyperpure silicon wafers. The Company offers products including non-polished and epitaxial coated wafers with different diameter sizes. Siltronic caters its products worldwide for use in computers, smartphones, flat-panel displays, navigation systems, automotive engine control systems, and many other applications.

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Siltronic AG (WAF GR)

SUMCO Q1’23 Revenues of ¥109.9 Billion, -6.4% QoQ but up 10% YoY. Q2'23 Flat QoQ

Q1’23 revenues of ¥109.9 billion, better than forecasted, down 6.4% QoQ but up 10% YoY.Q2'23 forecasted flat sequentially, no full year 2023...

William Keating

Siltronic Q1'23 Revenue €404.4 Million, -14.3% QoQ And -3% YoY. Q2'23 Flat QoQ

Q1’23 revenues of €404.4 million, -14.3% QoQ and -3% YoY. Q2'23 revenues to be flat sequentially. No second half recovery. Why? And why did...

William Keating

Globalwafers Q1'23 Revenues up 1% QoQ, 14.2% YoY

Q1’23 revenues of NT$18.6 billion, up 14.2% YoY and up ~1% QoQ. No specific Q2'23 forecast provided but we fully expect a sequential decline and...

William Keating

Semiconductor Silicon Wafers Segment Q4 2022 Roundup & 2023 Outlook

Despite the anticipated 5% YoY decline in wafer area shipments, we expect the sector to remain strongly profitable, bolstered by the impact of Long...

William Keating

DAX/MDAX/SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!

Recently listed Porsche AG could get added to the MDAX index or the DAX index in the December 2022 index review. The stock has gained some momentum...

Janaghan Jeyakumar, CFA

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SUMCO Q1’23 Revenues of ¥109.9 Billion, -6.4% QoQ but up 10% YoY. Q2'23 Flat QoQ

Q1’23 revenues of ¥109.9 billion, better than forecasted, down 6.4% QoQ but up 10% YoY.Q2'23 forecasted flat sequentially, no full year 2023...

William Keating

Siltronic Q1'23 Revenue €404.4 Million, -14.3% QoQ And -3% YoY. Q2'23 Flat QoQ

Q1’23 revenues of €404.4 million, -14.3% QoQ and -3% YoY. Q2'23 revenues to be flat sequentially. No second half recovery. Why? And why did...

William Keating

Globalwafers Q1'23 Revenues up 1% QoQ, 14.2% YoY

Q1’23 revenues of NT$18.6 billion, up 14.2% YoY and up ~1% QoQ. No specific Q2'23 forecast provided but we fully expect a sequential decline and...

William Keating

Semiconductor Silicon Wafers Segment Q4 2022 Roundup & 2023 Outlook

Despite the anticipated 5% YoY decline in wafer area shipments, we expect the sector to remain strongly profitable, bolstered by the impact of Long...

William Keating

DAX/​​​​MDAX/​​​​SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!

Recently listed Porsche AG could get added to the MDAX index or the DAX index in the December 2022 index review. The stock has gained some momentum...

Janaghan Jeyakumar, CFA

DAX/MDAX/SDAX Quiddity Leaderboard Dec 22: Porsche AG Gets a Headstart!