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>Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM</li>
<li>TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.</li>
<li>2025 Semi forecast? Think 2024 without the memory boom and way more volatility</li>
</ul>


Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM
TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.
2025 Semi forecast? Think 2024 without the memory boom and way more volatility


Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.</li>
<li>The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.</li>
<li>The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.</li>
</ul>


JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.
The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.
The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.


<ul>
<li>The pace of recovery in 200 millimeters appears to have been very weak. Customers continue to respect LTA prices but we have to push out delivery timing which impacts volumes.</li>
<li>China appears to have developed their own capability to fabricate wafers. Quality does not necessarily appear to be very good but there is strong pressure to comply with “Buy China” </li>
<li>The recovery in legacy applications has been surprisingly slow. At this stage we don't know whether it is a slow recovery or in fact that there won't be a recovery.</li>
</ul>


The pace of recovery in 200 millimeters appears to have been very weak. Customers continue to respect LTA prices but we have to push out delivery timing which impacts volumes.
China appears to have developed their own capability to fabricate wafers. Quality does not necessarily appear to be very good but there is strong pressure to comply with “Buy China” 
The recovery in legacy applications has been surprisingly slow. At this stage we don't know whether it is a slow recovery or in fact that there won't be a recovery.


SUMCO Despairs On Legacy Rebound, EVs, China, Visibility Etc...

<ul>
<li>Silicon wafer area shipments in Q324 amounted to 3,214 million square inches (MSI), up 5.9% QoQ and up 6.8% YoY,</li>
<li>Q324 saw the combined revenues from the top four players in the segment reaching $2.5 billion, up 0.5% QoQ and up 6.5% YoY</li>
<li>Top 4 EBIT amounted to just $337 million, up 1.5% QoQ but down 38.9% YoY.</li>
</ul>


Silicon wafer area shipments in Q324 amounted to 3,214 million square inches (MSI), up 5.9% QoQ and up 6.8% YoY,
Q324 saw the combined revenues from the top four players in the segment reaching $2.5 billion, up 0.5% QoQ and up 6.5% YoY
Top 4 EBIT amounted to just $337 million, up 1.5% QoQ but down 38.9% YoY.


Silicon Wafers Q324 Area Shipments, Revenue, EBIT, Outlook & More

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Big Tesla move up may help sentiment for Panasonic, although gains are largely Trump related.</li>
<li>Lumentum strong numbers and big move up will continue to help sentiment for optical related plays in Japan.</li>
<li>Good numbers from Sony with solid performance from its mainstay games and imaging segments.</li>
</ul>


Big Tesla move up may help sentiment for Panasonic, although gains are largely Trump related.
Lumentum strong numbers and big move up will continue to help sentiment for optical related plays in Japan.
Good numbers from Sony with solid performance from its mainstay games and imaging segments.


Japan Morning Connection: Strong Earnings from Sony's Games and Sensors

Japan

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

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SUMCO Corp (3436 JP)

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

JX Advanced Metals IPO Preview

JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is...

Douglas Kim

SUMCO Despairs On Legacy Rebound, EVs, China, Visibility Etc...

There isn't much point in speculating about things we don't understand. We don't know whether it is a slow recovery or if there won't be a...

William Keating

Silicon Wafers Q324 Area Shipments, Revenue, EBIT, Outlook & More

Q324 silicon wafer area shipments in 3,214 MSI , +5.9% QoQ & +6.8% YoY. Top 4 revenues $2.5 billion, +0.5% QoQ & + 6.5% YoY. Top 4 EBIT $337...

William Keating

Japan Morning Connection: Strong Earnings from Sony's Games and Sensors

Tesla's move may boost Panasonic sentiment, Lumentum's strong numbers will benefit optical plays, Sony reports good numbers driven by games and...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

JX Advanced Metals IPO Preview

JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is...

Douglas Kim

SUMCO Despairs On Legacy Rebound, EVs, China, Visibility Etc...

There isn't much point in speculating about things we don't understand. We don't know whether it is a slow recovery or if there won't be a...

William Keating

Silicon Wafers Q324 Area Shipments, Revenue, EBIT, Outlook & More

Q324 silicon wafer area shipments in 3,214 MSI , +5.9% QoQ & +6.8% YoY. Top 4 revenues $2.5 billion, +0.5% QoQ & + 6.5% YoY. Top 4 EBIT $337...

William Keating

Japan Morning Connection: Strong Earnings from Sony's Games and Sensors

​Tesla's move may boost Panasonic sentiment, Lumentum's strong numbers will benefit optical plays, Sony reports good numbers driven by games and...

Andrew Jackson

Tesla's move may boost Panasonic sentiment, Lumentum's strong numbers will benefit optical plays, Sony reports good numbers driven by games and...