汇丰银行-亚洲半导体行业-asia semiconductor days of inventory coming down,but far from lean-20170813-hsbc

《汇丰银行-亚洲半导体行业-asia semiconductor days of inventory coming down,but far from lean-20170813-hsbc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、13August2017AsiaSemiconductorEQUITIESTECHNOLOGYDaysofinventorycomingdown,butfarfromleanHongKongPost2Q17results,wetakeacloserlookatsemiconductorStevenPelayo,CFAinventorylevelsfor20leadingfoundrycustomersRegionalHeadofTechnologyResearchTheHongkongandShanghaiB

2、ankingCorporationLimited2Qinventorystillup3%q-o-qindollars,butdaysofinventorystevenpelayo@hsbc.com.hk+85228224391down4daysAngusLin*ResearchAssociate,TechnologySeasonalityandproductlaunchestodriverampupthroughyearTheHongkongandShanghaiBankingCorporationLimitede

3、nd,yetinitialmid-yearchipinventorylevelsfarfromleanangus.s.h.lin@hsbc.com.hk+85297631285Semiconductorinventorystillmixedpost2Q17.Basedonoursampleof20leading*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisfoundrycustomers,weestimatedaysofinventory(DOI)le

4、velsattheendof2Q17notregistered/qualifiedpursuanttoFINRAregulationspurgedbyfourdays(excludingIntel).Theoveralllevelofinventoryisstillfarfrom“lean”andremainsrelativelyhigh.Further,overalltrendsarenotconsistentbyendmarket,withmajorplayersseeingbothbuildsandpurgesi

5、nthesamesegments.SomeofthebiggestinventorydecreasescamefromQualcomm(QCOMUS,NR),NVidia(NVDAUS,NR),AMD(AMDUS,NR),Xilinx(XLNXUS,NR),andCypress(CYUS,NR)whichallsaw9-plusdaysofinventorypurgedin2Q17.DecreasesatGPUsuppliersAMDandNVidiawereonenotabletrendbasedonstrongde

6、mandfromgaming,AI/deeplearning,andinparticularcryptocurrencyminingapplications.Others,suchasMicrochip(MCHPUS,NR)stated“inventorydayswereat7-yearlows”and“despitecapacityincreases,wearehardlykeepingpacewithdemand”.STMicro(STMUS,NR)stated“inventorywashealthy”withpr

7、oductindistribution“reallylow”.Onthenegativeside,companiessuchasIntel(INTCUS,NR),MediaTek(2454TT,TWD280,Buy),Qorvo(QRVOUS,NR),CirrusLogic(CRUSUS,NR),NXP(NXPIUS,NR),andTexasInstruments(TXNUS,NR)allsawincreasesinDOIq-o-q.WenotemanagementatIntel,whichsawan8dayq-o-q

8、increaseinDOI,statedonitsearningscallthat“channelinventoriesarehigherthanthelastcoupleofquarters”.Thosecompaniesthatbuiltinventorypointedto:a)seasonalityaheadofmajorp