Tokyo Electron Facing Similar Headwinds as Peers; We Expect Memory Spending to Improve in 2020
Tokyo Electron reported fiscal third-quarter results consistent with our expectations, while reiterating its fiscal 2019 revenue growth forecast of 13%. During last quarter’s results, management had revised this full-year growth rate down from 24% due to slowing NAND equipment demand. For calendar 2019, wafer fab equipment spending is expected to be down 15% to 20% as memory weakness persists along with U.S.-China trade tensions. We note this outlook is consistent with our model as well as fello...Tokyo Electron is a supplier of semiconductor production equipment ("SPE") and flat panel display ("FPD") selling through global network that spans Japan, the U.S., Europe and Asia. Co.'s principal products are coater/developers, plasma etch systems, thermal processing systems, single wafer deposition systems, cleaning systems (auto wet station, single wafer cleaning system, pre-clean system and scrubber system), wafer prober, FPD coater/developers and FPD plasma etch/ash systems. In addition, Co., through its subsidiaries, is engaged in the provision of transportation services, insurance services, as well as the support services for Co.'s photovoltaic cell ("PV") production equipment.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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