26 May 2025 Global Semiconductor Capital Equipment Global Semicap Tracker (Apr 25): +8% YoY; TEL may beat Q1 David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Xuan Ji +852 2123 2667 xuan.ji@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com T ...

智通财经4月30日电，东京电子表示，计划投入3000亿日元研发资金以实现未来最大程度增长。 ...

东京电子：美国关税影响未在预测中反映。 ...

Understanding Hammer Chart and the Technique to Trade It This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.' In simple terms, during a downtrend, with bears having absolute control, a ...

Financial Data and Key Metrics Changes - The company reported operating income of JPY456.2 billion, a decline of 26.1% year-on-year, with an operating profit margin of 24.9%, down 3.1 percentage points due to continued investment in future growth, particularly in R&D [5][9] - Net sales were JPY1,830.5 billion, a decrease of 17.1% year-on-year, attributed to a slowdown in customers' capital investment [8][10] - Net income attributable to owners of parents was JPY363.9 billion, down 22.8% year-on-year [10] - Gross profit was JPY256.1 billion, an increase of 15.3%, with a gross profit margin of 46.8%, down 1.1% due to strategic changes and inventory costs [12] Business Line Data and Key Metrics Changes - DRAM accounted for 27% of sales, with both sales and proportion increasing due to active investment by Chinese customers [15] - Non-volatile memory sales and proportion declined due to low capital investments from customers [15] - Sales to non-memory customers accounted for 66% of total sales, while non-volatile memory accounted for 7% [45] Market Data and Key Metrics Changes - The proportion of sales in China exceeded 40% in fiscal 2024, driven by strong investment in mature nodes, despite adjustments in leading-edge node investments [14] - The WFE market is expected to achieve double-digit growth in 2025, driven by demand for AI-related devices [21][84] Company Strategy and Development Direction - The company plans to invest JPY1.5 trillion in R&D and JPY700 billion in capital expenditures over the next five years to maximize growth potential [24] - The focus is on developing technologies for next-generation products and enhancing resources both domestically and internationally [23] - The company aims to expand its market share in high-value-added areas and is actively investing in R&D to capitalize on future opportunities [53] Management's Comments on Operating Environment and Future Outlook - Management noted that while leading-edge chip makers have suppressed investment, there is a pull-forward in investment for mature nodes, leading to an upward revision of financial estimates during the fiscal year [19] - The company expects a recovery in capital investment for NAND and advanced logic/foundry driven by AI server demand, with an annual growth rate of 31% anticipated [21] - Management expressed confidence in achieving a gross profit margin of 47% in the second half of fiscal 2025, driven by high-value-added products [72] Other Important Information - The Board of Directors approved a share repurchase program of up to JPY80 billion, reflecting a comprehensive assessment of various factors [27][101] - The company has set a target year of 2040 for achieving net zero emissions, advancing its mid-term environmental goals [20] Q&A Session Summary Question: What is the outlook for the WFE market? - Management expects double-digit growth in the WFE market next year, with no changes in their perspective despite previous reductions in leading-edge chip maker investments [31] Question: How does the company view the situation in China? - Management indicated that they cannot comment on export control regulations but noted that they will follow government decisions and do not see a decreasing trend in investment in China [70][112] Question: What are the reasons for the expected increase in NAND sales in the second half of the fiscal year? - The company anticipates increased sales to NAND customers based on shared long-term production plans, with significant orders already received [126] Question: What is the strategy regarding R&D expenses? - The company plans to maintain flexibility in R&D investments, focusing on high-value-added products and not setting an upper limit on the R&D-to-sales ratio [109][111] Question: What is the timeline for hybrid bonding technology? - Management expects hybrid bonding technology to start gaining traction within two to three years, with backside power delivery networks potentially following in three to four years [140]

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

Investors might want to bet on Tokyo Electron Ltd. (TOELY) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a chang ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

Tokyo Electron Limited (OTCPK:TOELF) Q4 2023 Earnings Conference Call May 11, 2023 3:00 AM ET Company Participants Koichi Yatsuda - Vice President of Investor Relations Hiroshi Kawamoto - Vice President & General Manager, Finance Unit Toshiki Kawai - Representative Director, President & Chief Executive Officer Conference Call Participants Masahiro Shibano - Citigroup Global Markets Japan Mikio Hirakawa - BofA Securities Japan Shuhei Nakamura - Goldman Sachs Masahiko Ishino - Tokai Tokyo Research Institute T ...

| --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | | | Q3 FY2023 (October – December 2022) Financial Announcement | | | | February 9, 2023 | | | | Agenda: | | | | Q3 FY2023 Consolidated Financial Summary Hiroshi Kawamoto, Vice President & General Manager, Finance Unit | | | | Business Environment and Financial Estimates Toshiki Kawai, Representative Director, President & CEO | | | | | | | | | | | | ...