Following the recent results season where several leading semiconductor and SPE companies globally produced either disappointing results or guidance, we look at where the semiconductor industry is at present, where it looks to be headed in 2025 and identify opportunities in the Japanese IC / SPE space.
We are “NAND believers”. The segment returns are still much lower than in DRAM, but we see that as the consequence of continued fast declines in manufacturing cost, and not eternal. In 5+ years from now, we see NAND as profitable as DRAM, and therefore has a lot of hidden value. In that context, we have written a lot about consolidation opportunities in NAND, and we are thrilled to see things moving forward at WDC. Ahead of tomorrow’s CMD, we publish a comprehensive review of where NAND stands ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Kioxia, formerly the Toshiba Memory Corporation, started book building to raise up to USD 2.9bn to list on TSE. . We discussed in our previous note that the company has a long track record in the memory industry with more than 30 years of history. It was the technology leader as the inventor of NAND flash memory as well as 3D NAND technology. Kioxia is currently the second-largest player in the NAND market. The NAND flash market was characterized by a supply glut in 2019 and has been recoveri...
Ahead of the Oct 6 listing of Kioxia Holdings, the flash memory manufacturing business that was Toshiba Memory, at an indicated price of ¥3,960 implying a market cap of ¥2.1tril, based on 539mil shares outstanding, Pelham Smithers discusses the company’s prospects and considers whether the offer is sensibly priced. He discusses growth prospects for the market and Kioxia’s position within it, and refreshes us about memory sizes.
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