Tokyo Electron

TEL – Margin Disappointment

Equity Bottom-Up
195 Views, 12 May 2022 21:43
EXECUTIVE SUMMARY
  • TEL generated ¥169bn in OP in 4Q, well above consensus at ¥150bn and even our ¥160bn estimate. 
  • The issue is that this was on ¥565bn in revenue, well above ourselves and consensus, due to ramping R&D and depreciation expenses. 
  • Those expenses also meant that guidance of ¥716bn in OP was just barely above consensus at ¥692bn.
detail (2-minute read)
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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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