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

Thematic (Sector/Industry)

<ul>
<li>WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales</li>
<li>Recent chip company earnings calls largely project a down market in the current quarter</li>
<li>This is most likely the beginning of a 1½ -year downturn in semiconductors</li>
</ul>


WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales
Recent chip company earnings calls largely project a down market in the current quarter
This is most likely the beginning of a 1½ -year downturn in semiconductors


Semiconductors Have Reached Turning Point

<ul>
<li>Micron recently announced a record-breaking quarter but guided lower for the current quarter</li>
<li>Consumer demand is slackening although other sectors remain strong for now</li>
<li>Macronix provides a little more insight, as the company reports monthly revenues</li>
</ul>


Micron recently announced a record-breaking quarter but guided lower for the current quarter
Consumer demand is slackening although other sectors remain strong for now
Macronix provides a little more insight, as the company reports monthly revenues


Does Micron's Lower Guidance Mean Doom for Tech?

<ul>
<li>Both DRAM and NAND flash have trended down in 4Q21 and 1Q22, but both markets are still more than 20% higher than last year</li>
<li>Samsung and Micron both made modest Q/Q share gains in both DRAM and NAND flash while all others experienced modest market share losses</li>
<li>Micron's new focus on profit share is paying off, providing the company a better payback than its competition.</li>
</ul>


Both DRAM and NAND flash have trended down in 4Q21 and 1Q22, but both markets are still more than 20% higher than last year
Samsung and Micron both made modest Q/Q share gains in both DRAM and NAND flash while all others experienced modest market share losses
Micron's new focus on profit share is paying off, providing the company a better payback than its competition.


Equity Bottom-Up

<ul>
<li>Micron's 2QF22 results were above the high end of guidance</li>
<li>The company's outlook for the current quarter is very strong</li>
<li>Market data supports the company's bullish outlook, and Micron's performance speaks for itself</li>
</ul>


Micron's 2QF22 results were above the high end of guidance
The company's outlook for the current quarter is very strong
Market data supports the company's bullish outlook, and Micron's performance speaks for itself


Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender</li>
<li>Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment</li>
<li>The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity</li>
</ul>


SK Hynix has lost slight market share in DRAM, but gained significantly in NAND to become a strong #2 contender
Revenue growth expectations seem conservative given Intel consolidation, market growth expectations, and the current pricing environment
The company is still trading at discount valuation multiples despite improved market positioning and medium-term dividend clarity


SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Semiconductors Have Reached Turning Point

The semiconductor market is starting to change from unusual growth and record revenues to a downturn that will return it to its long-term trend. ...

Jim Handy

Does Micron's Lower Guidance Mean Doom for Tech?

Does Micron's reduced guidance imply that the semiconductor market is about to fall? Not quite, as today's weakness is limited to the consumer...

Jim Handy

Q1 Memory Results Down, But Encouraging

The semiconductor memory business - DRAM and NAND flash - is doing very well, with revenues over 20% above the year-ago quarter, and good...

Jim Handy

Micron Posts Another Excellent Quarter

Micron Technology posted solid results for its 2QF22 with a very positive outlook. The company has been performing superbly, and should do very...

Jim Handy

SK Hynix: Improving Global Market Positioning Whilst Still Trading at Discount Valuation Multiples

In this insight, we analyse SK Hynix’s relative market share changes, market pricing dynamics, and revenue growth outlook, as well as an updated...

Wium Malan, CFA

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