In today’s briefing:
- Celltrion Inc: Acquitted of Intentional Accounting Fraud by the Korean Financial Authorities
- Hamamatsu Photonics (6965 JP): Choose an Entry Point Carefully
- Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.
Celltrion Inc: Acquitted of Intentional Accounting Fraud by the Korean Financial Authorities
- On 11 March 2022, the Celltrion Group was acquitted of intentional accounting fraud by the Korean financial authorities after more than four years of investigation.
- This is likely to result in a major positive boost on the shares of Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm in the next several weeks.
- We note that the decision about the Celltrion Group was announced on 11 March, one day after Yoon Suk-Yeol was declared to become the next President of South Korea.
Hamamatsu Photonics (6965 JP): Choose an Entry Point Carefully
- Every so often, sudden shocks reduce Hamamatsu Photonics’ usually high valuations. This is one of those times.
- Valuations are starting to look attractive compared with their 5-year ranges. But not compared with their 10-year ranges.
- Strong 1Q results support FY Sep-22 guidance. Management’s 3-year sales and profit forecast would be reasonable in a normal operating environment. But the environment is not normal.
Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.
- Silergy foresees the demand will be larger than capacity in 2022. Silergy expects Auto, Sever Mother-board, SSD and others should be showing a strong demand in 2022.
- The shipment lead-time is controlled around 5~6 months, which indicated that the demand is strong for 2022~23.
- The generation 3rd will be optimized until 2026. Silergy will need some new suppliers for generation 4th in 2023. In 2026, generation 3rd & 4th will dominate Silergy’s revenue.
Related tickers: Celltrion Inc (068270.KQ), Hamamatsu Photonics Kk (6965.T), Silergy Corp (6415.TW)
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