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IR & Research Intelligence

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Equity Bottom-Up

<div><div><div><div><ul><li>TOREX Semiconductor announced 1Q FY24/3 consolidated financial results at 15:30 on 8/10.</li><li>Headline numbers were net sales -25.5% YoY, operating profit -87.2% YoY, and profit attributable to owners of parent -94.3% YoY.</li><li>Ordinary profit posted a slight loss due to recording a loss on foreign exchange. </li></ul></div></div></div></div>

TOREX Semiconductor announced 1Q FY24/3 consolidated financial results at 15:30 on 8/10.Headline numbers were net sales -25.5% YoY, operating profit -87.2% YoY, and profit attributable to owners of parent -94.3% YoY.Ordinary profit posted a slight loss due to recording a loss on foreign exchange. 

1Q Follow-Up - Torex Semiconductor (6616 JP)

<ul><li>Since 1H FY24/3 corresponds with the bottom of the current reset cycle, initial guidance for net sales is -9.3% YoY.</li><li>In addition to ongoing high electricity rates, depreciation expense is set to increase +51.1% YoY, and initial guidance for OP is -62.3% YoY.</li><li>On a cash flow basis, implied EBITDA is forecast to decline -29.1% YoY.</li></ul>

Since 1H FY24/3 corresponds with the bottom of the current reset cycle, initial guidance for net sales is -9.3% YoY.In addition to ongoing high electricity rates, depreciation expense is set to increase +51.1% YoY, and initial guidance for OP is -62.3% YoY.On a cash flow basis, implied EBITDA is forecast to decline -29.1% YoY.

Full Report - Torex Semiconductor (6616 JP)

Japan

NPC Incorporated mainly develops, manufactures, and sells solar cell manufacturing equipment and vacuum packaging machines.  The Company also provides maintenance and installation services.

Y.A.C. Holdings Co. Ltd. manufactures and distributes machinery products. The Company produces semiconductor manufacturing machines, folding machines, and other equipment. Y.A.C. Holdings also produces dry cleaners, memory disk, photov olatics, plasma systems, and  other products.

Techno Quartz Inc. is a Yamagata-based manufacturer of quartz glass products. The Company's products are used in the chip manufacturing and semiconductor processing equipment market.

THine Electronics, Inc. is a chip-development company specializing in large system integration, used mainly for liquid crystal displays (LCD).  The Company also licenses its design to semiconductor companies and LCD suppliers.

AVAL DATA CORPORATION develops and manufactures computer support equipment, microprocessor applied systems, and logic products.  The Company manufactures semiconductor processing equipment, image processing modules, and automatic control devices.

AXELL CORPORATION designs, manufactures, and sells semiconductor integrated circuits for graphics and sound.

INTER ACTION Corporation develops and produces illuminators and optical devices which are used as testing devices for semiconductor manufacturing.  The Company markets its products mainly in Asia and North America.

KURAMOTO CO., LTD. grinds and purifies glass substrates for use in Liquid Crystal Display (LCD) equipment.  The Company also manufactures glass for use in computer hard drives and temperature sensors for electronic devices.

Miraial Co., Ltd. designs and manufactures silicon wafer shipping boxes for semiconductors.  The Company also manufactures filters, couplings, and bulbs for fluid systems.  Miraial produces plastic electronic parts as well.

TESEC Corporation develops, manufactures, and sells handlers and testers used for semiconductor test equipment.  The Company also provides technical and after-sales services.

Macroblock Inc's is a mixed-signal design company with special focus on the power management and opto-electronic applications.

Advanced Optoelectronic Technology Inc. develops, tests, manufactures and sells light emitting diodes and laser diodes. The Company's products include ultraviolet epitaxial chips, camera flashes, LCD backlight modules, and high density LED board modules. Advanced Optoelectronic exports its products to Korea, China, and Hong Kong and is based in Taiwan.

Advanced Optoelectronic Technology (3437 TT)

Champion Microelectronic Corporation manufactures semiconductor devices for applications accross a broad spectrum of Information Technology and industrial platforms.  The Company's products provide solutions for power analog applications.

Laster Tech Corporation Ltd. manufactures and markets LEDs (light emitting diodes).

Signality System Engineering Co., Ltd. manufactures integrated circuit (IC) testing equipment and provides IC testing services.

Kopin Corporation develops and manufactures semiconductor materials and small form factor displays.  The Company uses its proprietary technology to design, manufacture, and market products used in commercial wireless communications and high resolution portable applications.  Kopin's principal semiconductor wafer product is a heterojunction bipolar transistor device wafer.

Hisem Co., Ltd. provides assembling and testing services in semiconductor industry.

Hansol Technics Co., Ltd. manufactures and markets computer monitors, such as liquid crystal display (LCD), and thin film transistor (TFT) monitors. The Company also produces back light unit, a component in TFT-LCD.

Chen Full International Co., Ltd. designs, installs, and integrates the piping systems for water, gases, and chemicals supply, as well as industrial waste water treatment and air purification. The Company's clients are mainly semiconductor and optoelectronics manufacturers.

SunPower Corporation is an integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies.

Torex Semiconductor Ltd. designs and develops analog power management ICs. The Company offers products including voltage detectors, regulators, and DC/DC converters used in small electronic devices.

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Torex Semiconductor (6616 JP)

1Q Follow-Up - Torex Semiconductor (6616 JP)

Phenitec 1Q OP returned to profit after 4Q loss 1Q consol. results largely in line → guidance unchanged. TOREX Semiconductor announced 1Q FY24/3...

Sessa Investment Research

Full Report - Torex Semiconductor (6616 JP)

Fabless TOREX will invest ¥1.8bn in an overseas foundry’s fab to secure dedicated 8-inch capacity necessary for the development of new high...

Sessa Investment Research

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