SUMCO Corp

Sumco – Still Underestimated

Equity Bottom-Up
194 Views, 13 May 2022 06:18
EXECUTIVE SUMMARY
  • Sumco 1Q revenues were on the strong side, 1.5% above consensus but OP beat by 9.9%. 
  • As we have been flagging, consensus is underestimating operating leverage and that was before the weakening of the yen. 
  • Revenue guidance for 2Q was 4.9% above consensus and OP 12.8% higher but we expect results to be an even larger beat.
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Mio Kato
Japan/Asia Long-Short
LightStream Research
JapanEquity Bottom-UpEquity Capital Markets

Over 15 years analysing Japanese and Asian stocks from a long/short perspective I focus on cyclically driven sectors su... 

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