Tokyo Electron

Tokyo Electron (8035) | Fundamentals Don’t Matter...for Now

Equity Bottom-Up
173 Views, 09 May 2022 07:56
EXECUTIVE SUMMARY
  • Tokyo Electron reports FY3/22 results on 12 May. We expect the company to meet guidance and analyst expectations  
  • But the outlook may disappoint. Management may guide FY3/23 more conservatively than analysts who are looking for operating profit to grow 20% to ¥700 bn 
  • Despite favorable industry conditions and strong outlook for WFE, we think that the stock could continue to de-rate
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Mark Chadwick
Japan Specialist
JapanEquitiesESG

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing com... 

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