Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.</li>
<li>Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&amp;D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.</li>
<li>Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.</li>
</ul>


DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&amp;D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.


DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

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>AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range</li>
<li>Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY</li>
<li>The China slump was not unexpected, but the leading edge logic drop was definitely a surprise</li>
</ul>


AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise


AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

<ul>
<li>LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  </li>
<li>For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.</li>
<li>China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..</li>
</ul>


LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  
For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..


LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$1bn in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>2Q25 huge miss, even excluding restructuring costs. 3Q guidance is “back to normal” but how to put any trust in guidance after the 2Q miss? Better wait for 3Q earnings. </li>
<li>Consensus will revised down sharply. 2025 definitely too high. 2027 expectations of a sharp margins improvement require a perfect alignment of the stars. </li>
<li>New CEO who is cleaning up the organization and refocusing Intel on what is required: fixing manufacturing, regaining x86 market share. It’s a good start, but can take 2-3 years.</li>
</ul>


2Q25 huge miss, even excluding restructuring costs. 3Q guidance is “back to normal” but how to put any trust in guidance after the 2Q miss? Better wait for 3Q earnings. 
Consensus will revised down sharply. 2025 definitely too high. 2027 expectations of a sharp margins improvement require a perfect alignment of the stars. 
New CEO who is cleaning up the organization and refocusing Intel on what is required: fixing manufacturing, regaining x86 market share. It’s a good start, but can take 2-3 years.


Intel 2Q25: Getting Worse. Excluding Restructuring Charges, GM Miss by 700bps, Non-GAAP OP Negative.

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.

Rahul Jain

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..

William Keating

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Intel 2Q25: Getting Worse. Excluding Restructuring Charges, GM Miss by 700bps, Non-GAAP OP Negative.

Intel's 2Q25 miss raises doubts on 3Q guidance, consensus to be revised down sharply. New CEO focusing on fixing manufacturing and regaining...

Nicolas Baratte

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DISCO Corporation (TSE: 6146) – From Abrasive Wheels to AI Packaging Champion

DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.

Rahul Jain

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..

William Keating

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Intel 2Q25: Getting Worse. Excluding Restructuring Charges, GM Miss by 700bps, Non-GAAP OP Negative.

​Intel's 2Q25 miss raises doubts on 3Q guidance, consensus to be revised down sharply. New CEO focusing on fixing manufacturing and regaining...

Nicolas Baratte

Intel's 2Q25 miss raises doubts on 3Q guidance, consensus to be revised down sharply. New CEO focusing on fixing manufacturing and regaining...