IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

Sponsored research focusing on Japanese small cap.

IR & Research Intelligence

Equity Bottom-Up

<ul><li>Since 1H FY24/3 corresponds with the bottom of the current reset cycle, initial guidance for net sales is -9.3% YoY.</li><li>In addition to ongoing high electricity rates, depreciation expense is set to increase +51.1% YoY, and initial guidance for OP is -62.3% YoY.</li><li>On a cash flow basis, implied EBITDA is forecast to decline -29.1% YoY.</li></ul>

Since 1H FY24/3 corresponds with the bottom of the current reset cycle, initial guidance for net sales is -9.3% YoY.In addition to ongoing high electricity rates, depreciation expense is set to increase +51.1% YoY, and initial guidance for OP is -62.3% YoY.On a cash flow basis, implied EBITDA is forecast to decline -29.1% YoY.

Full Report - Torex Semiconductor (6616 JP)