reports
- Joel Scheiman
Shin-Etsu Chemical (4063) FY17 Q1 Conference Call Comment – Strong Q...
Key Points Shin-Etsu issued FY17 guidance below consensus, as we assumed they would in our report of July 19, Shin-Etsu Chemical – Pillars of Strength. OP guidance of ¥268bn compares to consensus of ¥286bn. The low guidance will probably be ignored after FY17 Q1 OP surged by 23.5% YoY to ¥74.1bn. During Q&A management confirmed that there were no special factors in Q1, nor do they see any particular concrete risks going forward – except of course for the assumption of ¥105/US$ for Q2~Q4. Si...
- Joel Scheiman
Shin-Etsu Chemical (4063) – Pillars of Strength
Shin-Etsu will likely issue FY17 guidance below consensus estimates when it announces Q1 earnings on July 25th. If so, we will not be too concerned. Consensus OP stands at about ¥286bil (+19.9% YoY). We estimate OP of ¥275.3bil, still a hefty 15.4% YoY improvement. Differing estimates for Shin-Etsu and even more for Sumco (3436) are occurring due to varying assumptions for 300mm wafer price hikes – an area where numerous scenarios remain possible. Shin-Etsu remains a superior core holding candi...
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