Semiconductors "UBS Evidence Lab inside: Semis Distributor Tracker – ..."

Research evidence excerpt

Semiconductors "UBS Evidence Lab inside: Semis Distributor Tracker – ..."

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Semiconductors Equities

GlobalUBS Evidence Lab inside: Semis Distributor

Tracker – Positive momentum continues across Semiconductors

the board Francois-Xavier BouvigniesAnalyst

francois.bouvignies@ubs.com

+44-20-7568 7105

UBS Enhanced Semis Distributor Tracker #20 Timothy Arcuri

Analyst

We present data from the 20th edition of the UBS Evidence Lab Enhanced Semis timothy.arcuri@ubs.com

Distributor Tracker (> Access dataset), which tracks inventory and pricing trends at 100+ +1-415-352 5676

distinct distributors globally. Inventory was down 4% m-o-m vs. down 2% last month,

Nicolas Gaudois

driven by all product categories down L/HSD% except MPU up 1%, likely a result of a

healthy sell-out to sell-in dynamic. Pricing continues to be supportive, up another 2% m- nicolas.gaudois@ubs.com

o-m and 9% y-o-y after a 1% m-o-m increase in April, with Memory and Diodes +65-6495 5148

outpacing other product categories, which were all up LSD%. We continue to view

Shingo Hirata, CFA

these trends as positive from a cyclical perspective, with potential for further price

increases based on recent company comments. Our preferred picks are Texas shingo.hirata@ubs.com

Instruments, Renesas and STMicroelectronics to gain exposure to the recovery. +81-3-5208 6224

Kenji Yasui

Three key takeaways

We highlight three key takeaways from the dataset: 1) MCU and MPU inventories were kenji.yasui@ubs.com

down 3% and up 1%, respectively, after stabilizing m-o-m last month, and a 5- +81-3-5208 6211

7% increase m-o-m in March, suggesting a healthy environment, in our view, and Randy Abrams

limited filling of the channel despite volatile swings in recent months.