Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Worldwide silicon wafer shipments declined ~4% sequentially in Q4 2022. We anticipate a further 10% sequential decline in area shipments in Q1 2023</li>
<li>For 2023, we expect wafer shipments to decline by around 5% YoY with weakness in H1 offset by strength in demand in H2.</li>
<li>Despite the decline in area shipments, we expect the sector to remain strongly profitable, bolstered by the impact of Long Term Agreements and customer prepayments. </li>
</ul>


Worldwide silicon wafer shipments declined ~4% sequentially in Q4 2022. We anticipate a further 10% sequential decline in area shipments in Q1 2023
For 2023, we expect wafer shipments to decline by around 5% YoY with weakness in H1 offset by strength in demand in H2.
Despite the decline in area shipments, we expect the sector to remain strongly profitable, bolstered by the impact of Long Term Agreements and customer prepayments. 


Semiconductor Silicon Wafers Segment Q4 2022 Roundup & 2023 Outlook

Japan Specialist

Mark Chadwick

<ul>
<li>Global markets continued positive momentum on peaking in global inflation and expectations that the rate hike cycle is approaching its end</li>
<li>There is a slew of economic data next week and some major US tech company results announcements. Japanese earnings announcements get into full swing</li>
<li>Suzuki was the start performer last week as investors cheered the company's new mid-term strategy and decarbonization plans</li>
</ul>


Global markets continued positive momentum on peaking in global inflation and expectations that the rate hike cycle is approaching its end
There is a slew of economic data next week and some major US tech company results announcements. Japanese earnings announcements get into full swing
Suzuki was the start performer last week as investors cheered the company's new mid-term strategy and decarbonization plans


Japan Weekly | Bullish Markets, Suzuki, Shin-Etsu

<ul>
<li>OVERSEAS.  SPX Rallies as Earnings take centre stage; Telsa rips as Musk see 2m in Sales; Auto Semis in Play as STMicro beats - lifts sector; Seagate at turning point</li>
<li>JAPAN.  NKY Futs +0.5% vs Cash; USDJPY Steady at 130.22; Baton gets passed at Toyota; Double D/G of Shippers downgrade to Sell ; EARNINGS TODAY: All about Fanuc</li>
<li>DAILY NUGGET. Toyota - End of an Era, and the start of another. We expect new CEO Sato to accelerate the EV shift !</li>
</ul>


OVERSEAS.  SPX Rallies as Earnings take centre stage; Telsa rips as Musk see 2m in Sales; Auto Semis in Play as STMicro beats - lifts sector; Seagate at turning point
JAPAN.  NKY Futs +0.5% vs Cash; USDJPY Steady at 130.22; Baton gets passed at Toyota; Double D/G of Shippers downgrade to Sell ; EARNINGS TODAY: All about Fanuc
DAILY NUGGET. Toyota - End of an Era, and the start of another. We expect new CEO Sato to accelerate the EV shift !


Good Morning Japan |Earnings Bonanaza! ; Tesla Rips; AutoSemis in Play;Toyoda @Toyota Passes Baton

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.


JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 31 July, SK Inc (034730 KS)'s BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (000150 KS) for 2.3 trillion won (US$1.6 billion). </li>
<li>If SK Siltron’s EBITDA exceeds a defined threshold, SK Inc. receives an earn-out payment equal to 40% of the excess amount, scaled to its 70.6% equity stake.</li>
<li>The SK Siltron sale boosts SK Inc. through the initial 2.3 trillion won cash inflow plus further upside from the performance-linked earn-out clause.</li>
</ul>


On 31 July, SK Inc (034730 KS)'s BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (000150 KS) for 2.3 trillion won (US$1.6 billion). 
If SK Siltron’s EBITDA exceeds a defined threshold, SK Inc. receives an earn-out payment equal to 40% of the excess amount, scaled to its 70.6% equity stake.
The SK Siltron sale boosts SK Inc. through the initial 2.3 trillion won cash inflow plus further upside from the performance-linked earn-out clause.


SK Inc Agrees To Sell Its 70.6% Stake in SK Siltron to Doosan Corp

Japan

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic, and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

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Shin Etsu Chemical (4063 JP)

Semiconductor Silicon Wafers Segment Q4 2022 Roundup & 2023 Outlook

Despite the anticipated 5% YoY decline in wafer area shipments, we expect the sector to remain strongly profitable, bolstered by the impact of Long...

William Keating

Japan Weekly | Bullish Markets, Suzuki, Shin-Etsu

Global stocks remain on an uptrend. Japanese stocks were in the green for the third week running. We highlight the stocks that impacted the market...

Mark Chadwick

Good Morning Japan |Earnings Bonanaza! ; Tesla Rips; AutoSemis in Play;Toyoda @Toyota Passes Baton

JAPAN. NKY Futs +0.5% vs Cash; Baton gets passed at Toyota; Double D/G of Shippers downgrade to Sell ; EARNINGS TODAY: All about Fanuc.

Mark Chadwick

JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

SK Inc Agrees To Sell Its 70.6% Stake in SK Siltron to Doosan Corp

On 31 July, SK Inc's BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (000150 KS) for 2.3 trillion won (US$1.6 billion). This...

Douglas Kim

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