Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">Tokyo Electron (8035 JP)</a> is a global manufacturer of semiconductor production equipment (SPE).</li>
<li>In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.</li>
<li>Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.</li>
</ul>



Tokyo Electron (8035 JP) is a global manufacturer of semiconductor production equipment (SPE).
In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.
Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. </li>
<li>The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. </li>
<li>A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. </li>
</ul>



JSR Corp (4185 JP) has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. 
The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. 
A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. 


JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Q124 revenues of $6.71 billion, at the high end of the guided range and essentially flat sequentially both QoQ and YoY</li>
<li>Q224 revenue $6.5 billion at the midpoint, a modest downward movement of 3% QoQ and in line with what we saw from peers KLAC and LRCX</li>
<li>Still a great company with excellent growth prospects, just not in 2024</li>
</ul>


Q124 revenues of $6.71 billion, at the high end of the guided range and essentially flat sequentially both QoQ and YoY
Q224 revenue $6.5 billion at the midpoint, a modest downward movement of 3% QoQ and in line with what we saw from peers KLAC and LRCX
Still a great company with excellent growth prospects, just not in 2024


AMAT. Post Earnings Surge For No Good Reason

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>In the recent earnings, Lam Research Corporation demonstrated strong performance in the December quarter of 2023.</li><li>Financial highlights include higher revenues, gross margin, operating margin, and EPS above guided ranges.</li><li>Although overall wafer fabrication equipment (WFE) spending declined, the company almost doubled its EPS compared to the cycle trough in 2019.</li></ul>

In the recent earnings, Lam Research Corporation demonstrated strong performance in the December quarter of 2023.Financial highlights include higher revenues, gross margin, operating margin, and EPS above guided ranges.Although overall wafer fabrication equipment (WFE) spending declined, the company almost doubled its EPS compared to the cycle trough in 2019.

Lam Research Corporation: Navigating Industry Inflections With Superior Tools & Customer-Centric Solutions! - Major Drivers

<ul>
<li>The Research Foundation of the State University of New York (SUNY RF) has filed a patent infringement lawsuit against <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> and its subsidiary, Inpria.</li>
<li>SUNY RF claims the “<em>planned tender offer will irreparably harm SUNY RF absent preliminary relief</em>” and filed a motion for a preliminary injunction to stop JSR licensing patents to JIC.</li>
<li>JSR has yet to file a response, making it hard to judge the lawsuit’s merits. The best case is the PI is not granted, delaying the tender by a month.  </li>
</ul>


The Research Foundation of the State University of New York (SUNY RF) has filed a patent infringement lawsuit against JSR Corp (4185 JP) and its subsidiary, Inpria.
SUNY RF claims the “planned tender offer will irreparably harm SUNY RF absent preliminary relief” and filed a motion for a preliminary injunction to stop JSR licensing patents to JIC.
JSR has yet to file a response, making it hard to judge the lawsuit’s merits. The best case is the PI is not granted, delaying the tender by a month.  


JSR Corporation (4185 JP): An Unwelcome US Lawsuit as Tender Start Looms

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Tokyo Electron (8035): Q3 FY03/24 Update

Tokyo Electron is a global manufacturer of semiconductor production equipment, with strong financial performance in FY03/23 and revised earnings...

Shared Research

JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

JSR has filed a solid response to SUNY RF’s lawsuit. Crucially, the response implies that JIC is comfortable taking on litigation risk. Separately,...

Arun George

AMAT. Post Earnings Surge For No Good Reason

Q124 revenues of $6.71 billion, flat both QoQ and YoY. Q224 revenue $6.5 billion, in line with peers. No full year 2024 guidance. WFE has more...

William Keating

Lam Research Corporation: Navigating Industry Inflections With Superior Tools & Customer-Centric Solutions! - Major Drivers

In the recent earnings, Lam Research Corporation demonstrated strong performance in the December quarter of 2023. Financial highlights include...

Baptista Research

JSR Corporation (4185 JP): An Unwelcome US Lawsuit as Tender Start Looms

SUNY RF filed a patent lawsuit against JSR and a motion to prevent licensing patents to JIC. Court proceedings over the coming weeks will clarify...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tokyo Electron (8035): Q3 FY03/24 Update

​Tokyo Electron is a global manufacturer of semiconductor production equipment, with strong financial performance in FY03/23 and revised earnings...

Shared Research

JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

JSR has filed a solid response to SUNY RF’s lawsuit. Crucially, the response implies that JIC is comfortable taking on litigation risk. Separately,...

Arun George

AMAT. Post Earnings Surge For No Good Reason

Q124 revenues of $6.71 billion, flat both QoQ and YoY. Q224 revenue $6.5 billion, in line with peers. No full year 2024 guidance. WFE has more...

William Keating

Lam Research Corporation: Navigating Industry Inflections With Superior Tools & Customer-Centric Solutions! - Major Drivers

In the recent earnings, Lam Research Corporation demonstrated strong performance in the December quarter of 2023. Financial highlights include...

Baptista Research

JSR Corporation (4185 JP): An Unwelcome US Lawsuit as Tender Start Looms

SUNY RF filed a patent lawsuit against JSR and a motion to prevent licensing patents to JIC. Court proceedings over the coming weeks will clarify...

Arun George

Tokyo Electron is a global manufacturer of semiconductor production equipment, with strong financial performance in FY03/23 and revised earnings...