In today’s briefing:
- Screen Holdings (7735 JP): Weakness Not Necessarily Discounted
Screen Holdings (7735 JP): Weakness Not Necessarily Discounted
- Orders, sales and profits increased substantially YoY in the three months to June (1Q), but new SPE orders declined sequentially (QoQ) for the first time in two years.
- Management has lowered 2Q sales and profit guidance in expectation of a weak 2Q. Full-year guidance remains unchanged. In our view, this reflects a wait-and-see attitude.
- Major customer Intel has cut capex. TSMC and memory makers see weak quarters ahead. The potential downside risk has probably not been fully discounted.
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