Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales</li>
<li>Recent chip company earnings calls largely project a down market in the current quarter</li>
<li>This is most likely the beginning of a 1½ -year downturn in semiconductors</li>
</ul>


WSTS June semiconductor revenues indicate the onset of a trend of flat-to-down sales
Recent chip company earnings calls largely project a down market in the current quarter
This is most likely the beginning of a 1½ -year downturn in semiconductors


Semiconductors Have Reached Turning Point

<ul>
<li>Micron recently announced a record-breaking quarter but guided lower for the current quarter</li>
<li>Consumer demand is slackening although other sectors remain strong for now</li>
<li>Macronix provides a little more insight, as the company reports monthly revenues</li>
</ul>


Micron recently announced a record-breaking quarter but guided lower for the current quarter
Consumer demand is slackening although other sectors remain strong for now
Macronix provides a little more insight, as the company reports monthly revenues


Does Micron's Lower Guidance Mean Doom for Tech?

<ul>
<li>The semiconductor market is now 45% above its normal revenue trend.</li>
<li>This situation is driven mostly by today's COVID-related demand changes.</li>
<li>Eventually the market will return to its normal growth, with revenues dropping by over 30%.</li>
</ul>


The semiconductor market is now 45% above its normal revenue trend.
This situation is driven mostly by today's COVID-related demand changes.
Eventually the market will return to its normal growth, with revenues dropping by over 30%.


Semiconductor Revenues Remain Well Above Trend

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A bit over a year ago <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> announced its transaction to buy <a href="https://www.smartkarma.com/entities/dialog-semiconductor-plc-664a1f83-2a21-4690-a91f-fb971832e7ad" target="_blank" data-smartkarma-citation="entities:21607:1" rel="noopener">Dialog Semiconductor (DLG GR)</a> for €4.8bn (roughly ¥624bn) and the transaction closed end-August 2021.</li>
<li>In September, Renesas announced a "Progress Update" covering various business segments, expectations for supply in the sector, and eventual "shareholder return" policy.</li>
<li>This past week the Nikkei carried an article talking about a possible stock buyback later this year. I explore.</li>
</ul>


A bit over a year ago Renesas Electronics (6723 JP) announced its transaction to buy Dialog Semiconductor (DLG GR) for €4.8bn (roughly ¥624bn) and the transaction closed end-August 2021.
In September, Renesas announced a "Progress Update" covering various business segments, expectations for supply in the sector, and eventual "shareholder return" policy.
This past week the Nikkei carried an article talking about a possible stock buyback later this year. I explore.


Renesas (6723 JP) - On Top of Peer-Beating Growth, and Valuation... Watch for Buybacks

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The GlobalWafers announced the deal to merge Siltronic did not get the approval by Germany government this morning. <strong>We maintain our Target Price for GlobalWafers doesn’t change at NT$880~960.</strong>
</li>
<li>The GlobalWafers points out that the results will not influence business activities, and the European market remains the importance for GlobalWafers.</li>
<li>
<strong>Comparing to 20s years ago, we think the semiconductor market has experienced a dramatic changes already</strong>.</li>
</ul>


The GlobalWafers announced the deal to merge Siltronic did not get the approval by Germany government this morning. We maintain our Target Price for GlobalWafers doesn’t change at NT$880~960.

The GlobalWafers points out that the results will not influence business activities, and the European market remains the importance for GlobalWafers.

Comparing to 20s years ago, we think the semiconductor market has experienced a dramatic changes already.


GlobalWafers (6488.TT): Maintain Target Price at NT$880-960 for Siltronic Mergence Failed

Netherlands

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

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Nxp Semiconductors Nv (NXPI US)

Semiconductors Have Reached Turning Point

The semiconductor market is starting to change from unusual growth and record revenues to a downturn that will return it to its long-term trend. ...

Jim Handy

Does Micron's Lower Guidance Mean Doom for Tech?

Does Micron's reduced guidance imply that the semiconductor market is about to fall? Not quite, as today's weakness is limited to the consumer...

Jim Handy

Semiconductor Revenues Remain Well Above Trend

Semiconductors are 45% above their long-term revenue trend. This is poised to continue for the near term, but a big change will occur further out.

Jim Handy

Renesas (6723 JP) - On Top of Peer-Beating Growth, and Valuation... Watch for Buybacks

Renesas (6723) saw INCJ sell down last year. Absorption has been OK not great. The company has hinted at being able to start buybacks, and recent...

Travis Lundy

GlobalWafers (6488.TT): Maintain Target Price at NT$880-960 for Siltronic Mergence Failed

The GlobalWafers announces the deal to merge Siltronic did not get the approval by Germany government this morning. We maintain our target price...

Patrick Liao

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