Bayon Financial

Graeme Cunningham

Independent Insight Provider

Bayon Financial provides industry and company analysis focusing on mid and small cap equity research coverage across a range of sectors including mining, financials and telecoms.

Equity Bottom-Up

<ul>
<li>Shin-Etsu Chemical's price slumped after it maintaining full-year guidance in the Q1/27 results disappointed the market, and while overall EBIT recovered, this masked a divergence for the two largest divisions</li>
<li>The continued severe decline in the US housing and PVC-driven Infrastructure segment has been offset by strength in the semiconductor-led Electronics, and smaller Functional, and Processing and Specialized, divisions  </li>
<li>While it has declined to our well-below-consensus valuation, which prices in substantial risk for the major divisions, negative sentiment could persist and the shares stagnate given few immediate catalysts</li>
</ul>


Shin-Etsu Chemical's price slumped after it maintaining full-year guidance in the Q1/27 results disappointed the market, and while overall EBIT recovered, this masked a divergence for the two largest divisions
The continued severe decline in the US housing and PVC-driven Infrastructure segment has been offset by strength in the semiconductor-led Electronics, and smaller Functional, and Processing and Specialized, divisions  
While it has declined to our well-below-consensus valuation, which prices in substantial risk for the major divisions, negative sentiment could persist and the shares stagnate given few immediate catalysts


Shin-Etsu: Slumps Near Valuation After Maintained Guidance Disappoints

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Globalwafers is bucking the trend with a sequentially flat CY2023 revenue forecast</li>
<li>Q4 2022 delivered the company's twelfth successive quarter of sequential revenue growth</li>
<li>Details of the funding available under the US CHIPS Act for Globalwafers Sherman, Texas greenfield expansion still remain unclear</li>
</ul>


Globalwafers is bucking the trend with a sequentially flat CY2023 revenue forecast
Q4 2022 delivered the company's twelfth successive quarter of sequential revenue growth
Details of the funding available under the US CHIPS Act for Globalwafers Sherman, Texas greenfield expansion still remain unclear


Globalwafers Q4 2022 Earnings Key Takeaways

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.</li>
<li>
Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.</li>
<li>
Why Read: Plan ahead and take into account known market events when making investment and trading decision.</li>
</ul>



Exchange holidays: Early October holidays in China (Golden Week) and South Korea (Chuseok) may dampen market activity, while India’s Diwali on 21–22 October brings the traditional Muhurat trading session.

Earnings season begins in the final third of October across India, Japan, China/Hong Kong, and South Korea, alongside key central bank meetings and the TOPIX rebalance on 30 October.

Why Read: Plan ahead and take into account known market events when making investment and trading decision.


Earnings Kickoff Dominates October 2025 Key Events

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>China recently escalated restrictions on the export of rare earths. Not just to the US as the two global players go toe-to-toe on tariffs; but to all countries.</li>
<li>China’s latest round of restrictions target critical materials used in defense, electronics, and EVs.</li>
<li>Apart from China, the world's largest refining - not just the largest miner - who else refines rare earth elements, specifically heavy rare earths?</li>
</ul>


China recently escalated restrictions on the export of rare earths. Not just to the US as the two global players go toe-to-toe on tariffs; but to all countries.
China’s latest round of restrictions target critical materials used in defense, electronics, and EVs.
Apart from China, the world's largest refining - not just the largest miner - who else refines rare earth elements, specifically heavy rare earths?


Know Your Rare Earth Elements As China Restricts Exports

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>Global silicon wafer area shipments declined 10% QoQ in Q323 but customer inventory remains at historical highs and is showing no signs of declining</li>
<li>SUMCO's Operating Profit forecasted to fall by ¥8.6 billion QoQ in Q423 </li>
<li>The company vowed to make "substantial" production cuts in a bid to bring their inventory situation under control. </li>
</ul>


Global silicon wafer area shipments declined 10% QoQ in Q323 but customer inventory remains at historical highs and is showing no signs of declining
SUMCO's Operating Profit forecasted to fall by ¥8.6 billion QoQ in Q423 
The company vowed to make "substantial" production cuts in a bid to bring their inventory situation under control. 


Silicon Wafers. SUMCO Sounds The Alarm As Inventory Continues To Climb

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shin-Etsu Chemical (SHECY US)

Shin-Etsu: Slumps Near Valuation After Maintained Guidance Disappoints

While after the market was disappointed by the company maintaining sub-consensus guidance in Q1/27 the price has slumped to near our well-below...

Graeme Cunningham

Globalwafers Q4 2022 Earnings Key Takeaways

Globalwafers is bucking the trend with a sequentially flat CY2023 revenue forecast. Q4 2022 delivered the company's twelfth successive quarter of...

William Keating

Earnings Kickoff Dominates October 2025 Key Events

October 2025 kicks off earnings season – reports from Fast Retailing (9983 JP), ICICI Bank (ICICIB IN) & more – alongside holidays and central bank...

Gaudenz Schneider

Know Your Rare Earth Elements As China Restricts Exports

As the world largest non-PRC rare-earth refiner, don't bet against Lynas as a strategic long-term supplier of critical materials in modern energy,...

David Blennerhassett

Silicon Wafers. SUMCO Sounds The Alarm As Inventory Continues To Climb

SUMCO's Operating Profit forecasted to fall by ¥8.6 billion QoQ in Q423. The company vowed to make "substantial" production cuts in a bid to bring...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)