IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>Multiple signs are flashing that the reset phase of the silicon cycle is beginning to rebound.</li><li>On November 28, WSTS (World Semiconductor Trade Statistics) announced its Fall forecast for 2023 and 2024, marking the first upward revision in the current down cycle, revising up both 2023 to a single-digit decline, and revising up 2024 growth to +13.1%, due to better-than-expected demand in Apr-Jun and Jul-Sep.</li><li>Quarterly worldwide billings data shows the YoY percentage decline marked the bottom in Jan- Mar at -21.3% YoY, shrinking to only -4.5% in the Jul-Sep quarter. </li></ul>

Multiple signs are flashing that the reset phase of the silicon cycle is beginning to rebound.On November 28, WSTS (World Semiconductor Trade Statistics) announced its Fall forecast for 2023 and 2024, marking the first upward revision in the current down cycle, revising up both 2023 to a single-digit decline, and revising up 2024 growth to +13.1%, due to better-than-expected demand in Apr-Jun and Jul-Sep.Quarterly worldwide billings data shows the YoY percentage decline marked the bottom in Jan- Mar at -21.3% YoY, shrinking to only -4.5% in the Jul-Sep quarter. 

2Q Follow-Up - Torex Semiconductor (6616 JP)

<div><div><div><div><ul><li>TOREX Semiconductor announced 1Q FY24/3 consolidated financial results at 15:30 on 8/10.</li><li>Headline numbers were net sales -25.5% YoY, operating profit -87.2% YoY, and profit attributable to owners of parent -94.3% YoY.</li><li>Ordinary profit posted a slight loss due to recording a loss on foreign exchange. </li></ul></div></div></div></div>

TOREX Semiconductor announced 1Q FY24/3 consolidated financial results at 15:30 on 8/10.Headline numbers were net sales -25.5% YoY, operating profit -87.2% YoY, and profit attributable to owners of parent -94.3% YoY.Ordinary profit posted a slight loss due to recording a loss on foreign exchange. 

1Q Follow-Up - Torex Semiconductor (6616 JP)

<ul><li>Since 1H FY24/3 corresponds with the bottom of the current reset cycle, initial guidance for net sales is -9.3% YoY.</li><li>In addition to ongoing high electricity rates, depreciation expense is set to increase +51.1% YoY, and initial guidance for OP is -62.3% YoY.</li><li>On a cash flow basis, implied EBITDA is forecast to decline -29.1% YoY.</li></ul>

Since 1H FY24/3 corresponds with the bottom of the current reset cycle, initial guidance for net sales is -9.3% YoY.In addition to ongoing high electricity rates, depreciation expense is set to increase +51.1% YoY, and initial guidance for OP is -62.3% YoY.On a cash flow basis, implied EBITDA is forecast to decline -29.1% YoY.

Full Report - Torex Semiconductor (6616 JP)

Japan

Torex Semiconductor Ltd. designs and develops analog power management ICs. The Company offers products including voltage detectors, regulators, and DC/DC converters used in small electronic devices.

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Torex Semiconductor (6616 JP)

2Q Follow-Up - Torex Semiconductor (6616 JP)

Quarterly worldwide billings data shows the YoY percentage decline marked the bottom in Jan- Mar at -21.3% YoY, shrinking to only -4.5% in the Jul...

Sessa Investment Research

1Q Follow-Up - Torex Semiconductor (6616 JP)

Phenitec 1Q OP returned to profit after 4Q loss 1Q consol. results largely in line → guidance unchanged. TOREX Semiconductor announced 1Q FY24/3...

Sessa Investment Research

Full Report - Torex Semiconductor (6616 JP)

Fabless TOREX will invest ¥1.8bn in an overseas foundry’s fab to secure dedicated 8-inch capacity necessary for the development of new high...

Sessa Investment Research

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