PSA Machinery: Ferrotec (6890 JT) – Riding the Semiconductor Boom
Ferrotec's share price does not reflect its strong earnings. Admittedly, even though Semiconductor Equipment products are enjoying above-plan demand / orders, FY22 OP will likely see continued transportation / material costs pressures and rising depreciation. However, we have raised our FY23 OP slightly as steady sales growth should act to absorb costs.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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