bearish

Shin-Etsu (4063) - Too High, Too Fast

294 Views30 Apr 2024 18:24
SUMMARY
  • On April 24, Shin-Etsu (4063) posted its fifth consecutive OP decline and guided for a sixth, but the stock has outperformed Topix by 22% in the past 12 months.
  • OP for the year ended March 2024 was JPY141.5bn, vs. consensus estimates of JPY168.9bn. This was the fifth consecutive miss, and the fourth of more than 10%.
  • The Chinese economy is killing the company's core core Polyvinyl Chloride Resins business and seemingly interminable inventory issues are holding back a recovery in the semiconductor materials business.
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