Tokyo Electron Facing Similar Headwinds as Peers; We Expect Memory Spending to Improve in 2020
Tokyo Electron completed its fiscal 2019 with results consistent with management’s forecast, leading to full-year revenue growth of 13%. Nevertheless, the firm expects wafer fab equipment spending to decline 15% to 20% in calendar 2019, which is aligned with our forecast, stemming from a “temporary adjustment in memory investment on a softening in demand,†according to management. Specifically, DRAM and NAND spending in 2019 is expected to be down 30% and 50%, respectively, partially offset by ...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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