Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>The rapid growth of remote work and home entertainment caused by COVID-19, 5G mobile telecom, the industrial internet of things and vehicle electrification have pushed the semiconductor industry close to full capacity.</p><ul>
<li>In recent weeks, Volkswagen, Bosch, Continental, Toyota, Nissan, Honda, Subaru, VW, Ford and Fiat Chrysler have announced production cuts or shipment delays due to a shortage of semiconductors. </li>
<li>In December, Nvidia and AMD reported shortages of GDDR6 memory.</li>
<li>Samsung may invest more than $30 billion in its semiconductor business this year. On January 9, Japan's Nikkei newspaper reported that <em>Chipmaking equipment manufacturers say the company has provided order plans for 2021 that point to a further 20% to 30% increase in spending.</em>
</li>
</ul><p>This should support semiconductor pricing, cash flow and capital spending, possibly lifting sales of semiconductor equipment above SEMI's 4.4% growth forecast for 2021. It should also make concerns over December quarter results less relevant as market attention shifts to the year ahead.</p><p>Investors in Tokyo Electron (TEL) and other makers of semiconductor production, assembly and test equipment should benefit, even if the shares appear to be overbought.</p><p>TEL's 1H results were well ahead of guidance and full-year FY Mar-21 guidance was raised. But the new guidance implies a weaker 2H. In our estimation, it too is likely to prove conservative. </p>

The rapid growth of remote work and home entertainment caused by COVID-19, 5G mobile telecom, the industrial internet of things and vehicle electrification have pushed the semiconductor industry close to full capacity.
In recent weeks, Volkswagen, Bosch, Continental, Toyota, Nissan, Honda, Subaru, VW, Ford and Fiat Chrysler have announced production cuts or shipment delays due to a shortage of semiconductors. 
In December, Nvidia and AMD reported shortages of GDDR6 memory.
Samsung may invest more than $30 billion in its semiconductor business this year. On January 9, Japan's Nikkei newspaper reported that Chipmaking equipment manufacturers say the company has provided order plans for 2021 that point to a further 20% to 30% increase in spending.

This should support semiconductor pricing, cash flow and capital spending, possibly lifting sales of semiconductor equipment above SEMI's 4.4% growth forecast for 2021. It should also make concerns over December quarter results less relevant as market attention shifts to the year ahead.Investors in Tokyo Electron (TEL) and other makers of semiconductor production, assembly and test equipment should benefit, even if the shares appear to be overbought.TEL's 1H results were well ahead of guidance and full-year FY Mar-21 guidance was raised. But the new guidance implies a weaker 2H. In our estimation, it too is likely to prove conservative. 

Tokyo Electron (8035 JP): Semiconductor Shortage Points to Stronger Year Ahead

<p>Advantest enters the new year with its share price back to its pre-Lehman Shock high, but lagging Tokyo Electron and other high-flying Japanese semiconductor production equipment (SPE) stocks.</p><p>But orders, sales and profits turned up in 2Q of FY Mar-21 and the medium-to-long-term outlook for both memory and system-on-chip (SoC) test requirements is favorable.</p><p>5G is likely to add about 10% to SoC test demand over the next 2-3 years. Smart-phone complexity, high-performance computing, data traffic, memory and storage requirements, and industrial applications are the underlying drivers of test system demand.</p><div><p>Sales should rise by about 25% and operating profit by nearly 40% in the two and a half years to Mar-23, in our estimation, with operating and net profits regaining and then exceeding the peaks recorded in FY Mar-19 despite substantial investments in new technology.</p></div><p>Valuations have risen, but not radically so, and Japan Analytics calculations indicate that the shares are nowhere near being oversold. SPE comparables suggest potential upside of 30% to ¥10,000-plus. </p><p>The primary threats to Advantest's prospects are macro-economic and political, in our opinion. Risk to the important China market should decline with the departure of Donald Trump. </p><div><div><div><div></div></div></div></div><div><div></div></div>

Advantest enters the new year with its share price back to its pre-Lehman Shock high, but lagging Tokyo Electron and other high-flying Japanese semiconductor production equipment (SPE) stocks.But orders, sales and profits turned up in 2Q of FY Mar-21 and the medium-to-long-term outlook for both memory and system-on-chip (SoC) test requirements is favorable.5G is likely to add about 10% to SoC test demand over the next 2-3 years. Smart-phone complexity, high-performance computing, data traffic, memory and storage requirements, and industrial applications are the underlying drivers of test system demand.Sales should rise by about 25% and operating profit by nearly 40% in the two and a half years to Mar-23, in our estimation, with operating and net profits regaining and then exceeding the peaks recorded in FY Mar-19 despite substantial investments in new technology.Valuations have risen, but not radically so, and Japan Analytics calculations indicate that the shares are nowhere near being oversold. SPE comparables suggest potential upside of 30% to ¥10,000-plus. The primary threats to Advantest's prospects are macro-economic and political, in our opinion. Risk to the important China market should decline with the departure of Donald Trump. 

Advantest (6857 JP): 5G Keeps the Ball Rolling

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/china-construction-bank-h" target="_blank" data-smartkarma-citation="entities:45:1" rel="noopener">China Construction Bank H (939 HK)</a>, <a href="https://www.smartkarma.com/entities/sunac-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:240:1" rel="noopener">Sunac China Holdings (1918 HK)</a> and <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>. Shorts decreased in most sectors led by Communication Services, Financials, Industrials, Real Estate, Energy and Utilities.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a>, <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>, <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, <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>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/tdk-corp" target="_blank" data-smartkarma-citation="entities:18847:1" rel="noopener">TDK Corp (6762 JP)</a>. Sectorally, shorts increased on Industrials, Health Care, Financials and Consumer Discretionary names.</p></div><div><p>In Korea, there was large short covering on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/compeq-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:9306:1" rel="noopener">Compeq Manufacturing (2313 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> and <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Ping An Insurance (H) (2318 HK), Meituan (3690 HK), Xiaomi Corp (1810 HK) and Anta Sports Products (2020 HK) while there was short covering on Tencent Holdings (700 HK), China Construction Bank H (939 HK), Sunac China Holdings (1918 HK) and HSBC Holdings (5 HK). Shorts decreased in most sectors led by Communication Services, Financials, Industrials, Real Estate, Energy and Utilities.In Japan, stocks that saw the most shorts were Ana Holdings (9202 JP), Suzuki Motor (7269 JP), Shionogi &amp; Co (4507 JP) and Mitsubishi UFJ Financial (MUFG) (8306 JP) while shorts decreased on Fast Retailing (9983 JP), Tokyo Electron (8035 JP), Canon Inc (7751 JP) and TDK Corp (6762 JP). Sectorally, shorts increased on Industrials, Health Care, Financials and Consumer Discretionary names.In Korea, there was large short covering on Celltrion Inc (068270 KS), Samsung Biologics Co., (207940 KS), Samsung Electronics (005930 KS) and SK Hynix (000660 KS). Stocks in Taiwan that saw the highest increase in shorts were Evergreen Marine Corp (2603 TT), Largan Precision (3008 TT), United Microelectronics Corp (2303 TT) and Compeq Manufacturing (2313 TT) while shorts were covered on TSMC (2330 TT), Winbond Electronics (2344 TT), Unimicron Technology (3037 TT) and Nanya Technology (2408 TT). 

Asia Short Interest: BIG Covering in HK & Korea

<p>Disco's share price has nearly doubled from its COVID low of last March and has risen by more than 40% since September, reaching a new all-time high of ¥33,700 on November 30. This reflects very strong results in the three months to September (2Q of FY Mar-21).</p><p>But as Campbell Gunn pointed out in <a href="https://www.smartkarma.com/insights/japan-results-revisions-10-22-chugai-disco-benefit-one-pasona-oisix" target="_blank" data-smartkarma-citation="insights:44452" rel="noopener">🇯🇵 JAPAN • Results &amp; Revisions 10/​​​​​​​​​​​​​​​22 </a> , the shares are now <em>Overbought and at a new post-listing Relative Price Score high</em> ... <em>the upside will be constrained as the market-implied growth rate of four times GDP is unrealistic</em>... <em>We expect the current cycle to peak ... and the shares to mean-revert out of Overbought territory.</em></p><p>New orders and the order backlog peaked in 4Q of FY Mar-20, shipments peaked in 1Q of this fiscal year, and sales and profits peaked in 2Q. Management is guiding for substantially lower sales and profits in 3Q. Operating and net profit were up nearly 40% year-on-year in 2Q; management is guiding for low single-digit growth in 3Q. </p><p>So far, there is no guidance for FY Mar-21 as a whole, but extrapolating from 3Q guidance and industry trends points to a 12% increase in net profit, which would put the shares on a P/E of 38.5. Japanese SPE industry leader Tokyo Electron, by comparison, is selling at 27.5x management's EPS guidance for FY Mar-21.</p>

Disco's share price has nearly doubled from its COVID low of last March and has risen by more than 40% since September, reaching a new all-time high of ¥33,700 on November 30. This reflects very strong results in the three months to September (2Q of FY Mar-21).But as Campbell Gunn pointed out in 🇯🇵 JAPAN • Results &amp; Revisions 10/​​​​​​​​​​​​​​​22  , the shares are now Overbought and at a new post-listing Relative Price Score high ... the upside will be constrained as the market-implied growth rate of four times GDP is unrealistic... We expect the current cycle to peak ... and the shares to mean-revert out of Overbought territory.New orders and the order backlog peaked in 4Q of FY Mar-20, shipments peaked in 1Q of this fiscal year, and sales and profits peaked in 2Q. Management is guiding for substantially lower sales and profits in 3Q. Operating and net profit were up nearly 40% year-on-year in 2Q; management is guiding for low single-digit growth in 3Q. So far, there is no guidance for FY Mar-21 as a whole, but extrapolating from 3Q guidance and industry trends points to a 12% increase in net profit, which would put the shares on a P/E of 38.5. Japanese SPE industry leader Tokyo Electron, by comparison, is selling at 27.5x management's EPS guidance for FY Mar-21.

Disco (6146 JP): 2Q Growth Unsustainable, Shares Overbought

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> and <a href="https://www.smartkarma.com/entities/china-petroleum-chemical-h" target="_blank" data-smartkarma-citation="entities:369:1" rel="noopener">China Petroleum &amp; Chemical (386 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/great-wall-motor-co-ltd-cb302af9-398c-4d2d-ba39-023e43287eef" target="_blank" data-smartkarma-citation="entities:128:1" rel="noopener">Great Wall Motor (2333 HK)</a>, <a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>. Shorts increased in Financials, Communication Services, Health Care and Energy, and decreased on Information Technology names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a>, <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>, <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a> and <a href="https://www.smartkarma.com/entities/capcom-co-ltd" target="_blank" data-smartkarma-citation="entities:1459:1" rel="noopener">Capcom Co Ltd (9697 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">Kawasaki Heavy Industries (7012 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>. Sectorally, shorts increased on Information Technology names and decreased in the Consumer Discretionary, Materials, Health Care and Financials sectors.</p></div><div><p>In Korea, there was large short covering on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-electro-mechanics-co" target="_blank" data-smartkarma-citation="entities:539:1" rel="noopener">Samsung Electro Mechanics Co, Ltd. (009150 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/delta-electronics-inc" target="_blank" data-smartkarma-citation="entities:12688:1" rel="noopener">Delta Electronics (2308 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> and <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/macronix-international" target="_blank" data-smartkarma-citation="entities:3247:1" rel="noopener">Macronix International (2337 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Ping An Insurance (H) (2318 HK), Alibaba Group (9988 HK), Tencent Holdings (700 HK) and China Petroleum &amp; Chemical (386 HK) while there was short covering on Meituan (3690 HK), Great Wall Motor (2333 HK), Kingdee International Software (268 HK) and Anta Sports Products (2020 HK). Shorts increased in Financials, Communication Services, Health Care and Energy, and decreased on Information Technology names.In Japan, stocks that saw the most shorts were Recruit Holdings (6098 JP), Tokyo Electron (8035 JP), Sharp Corp (6753 JP) and Capcom Co Ltd (9697 JP) while shorts decreased on Fast Retailing (9983 JP), Kawasaki Heavy Industries (7012 JP), Canon Inc (7751 JP) and CyberAgent Inc (4751 JP). Sectorally, shorts increased on Information Technology names and decreased in the Consumer Discretionary, Materials, Health Care and Financials sectors.In Korea, there was large short covering on Celltrion Inc (068270 KS), Samsung Electronics (005930 KS), Samsung SDI (006400 KS) and Samsung Electro Mechanics Co, Ltd. (009150 KS). Stocks in Taiwan that saw the highest increase in shorts were Au Optronics (2409 TT), Delta Electronics (2308 TT), Largan Precision (3008 TT) and Nanya Technology (2408 TT) while shorts were covered on TSMC (2330 TT), Taiwan Cement (1101 TT), Mediatek Inc (2454 TT) and Macronix International (2337 TT). 

Asia Short Interest: Sinopec, Kingdee, Anta, Recruit, Capcom, Sharp, Celltrion, Samsung, Delta, TSMC

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

Tokyo Electron (8035 JP): Semiconductor Shortage Points to Stronger Year Ahead

Semiconductor shortages in the auto and other industries, plus the likelihood of a substantial increase in investment by Samsung Electronics,...

Scott Foster

Advantest (6857 JP): 5G Keeps the Ball Rolling

Orders, sales and profits turned up in 2Q of FY Mar-21 and the outlook is positive as smartphone complexity, 5G and other factors drive IC test...

Scott Foster

Asia Short Interest: BIG Covering in HK & Korea

There was a big drop in short interest in Hong Kong and Korea while shorts rose in Japan mainly led by ANA on the back of the offering. Shorts in...

Brian Freitas

Disco (6146 JP): 2Q Growth Unsustainable, Shares Overbought

Disco's share price has appreciated by more than 40% since September despite declining orders and guidance for sharp declines in sales and profits...

Scott Foster

Asia Short Interest: Sinopec, Kingdee, Anta, Recruit, Capcom, Sharp, Celltrion, Samsung, Delta, TSMC

The Short Interest report looks at large weekly movements across HK, Japan, Korea and Taiwan. Ping An saw a huge increase in shorts while TSMC saw...

Brian Freitas

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