bullish
Torex Semiconductor (6616 Jp) - 1Q Follow-Up
SUMMARY
- While TOREX Group 1Q FY25/3 consolidated net sales decreased -2.4% YoY, they increased sequentially QoQ +0.9% (see graph on P3), in part boosted by the weak yen, but also reflecting the beginning of a pick-up in China in applications such as general consumer electronics, suggesting the adjustment of distribution inventories has largely run its course.
- For reference, revenue of the Analog segment of Texas Instruments (US) for the Apr-Jun 2Q of FY24/12 declined -10.7% YoY, but increased sequentially QoQ +3.2%.
- According to the transcript of TI’s conference call, on a QoQ sequential basis, industrial was down low single digits and automotive was down mid single digits, while personal electronics grew mid teens with broad-based growth, and communication equipment was up mid-single digits.
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