Tokyo Electron (8035 JP): New Medium-Term Plan Vs. Reality
Management's new five-year plan assumes a favorable operating environment through FY Mar-27. That seems over-optimistic. In view of economic...
537 Views
TOPIX Rebalance: Flows at the Close
The second tranche of the FFW methodology change for the TOPIX Index will be implemented at the close of trading today. One way flow is ~JPY 745bn...
637 Views
TEL – Margin Disappointment
While TEL's momentum matched other WFE peers margins looked disappointing and we believe there is material downside to valuations as we approach...
293 Views
Tokyo Electron (8035) | Fundamentals Don’t Matter...for Now
Despite favorable industry conditions and strong outlook for wafer fab equipment, we think that the stock could continue to de-rate.
277 Views
Tokyo Electron (8035 JP): Delays and Uncertainty
Management sees 20% potential sales growth this year, but that looks over-optimistic. Demand shows signs of leveling off and margin expansion...
442 Views