Tokyo Electron Set to Outgrow the Equipment Market Again in Fiscal 2019; Shares Fairly Valued
Tokyo Electron Ltd, or TEL, reported strong fiscal first-quarter results that exceeded our expectations, led by strong 3D NAND flash and DRAM demand for TEL's etch and deposition equipment. Similar to Lam Research and Applied Materials, TEL has benefited from the ongoing transition from planar NAND to 3D NAND and advanced DRAM technologies at customers such as Samsung, Micron, and SK Hynix. Management reiterated their fiscal 2019 top-line growth rate of 24%, which we view as plausible given the ...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.
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