KIOXIA (285A): IR Day: Supply-demand and technology align, driving entry into supercycle

研报英文原文证据摘录

KIOXIA (285A): IR Day: Supply-demand and technology align, driving entry into supercycle

Japan – Semiconductors/Tech Hardware/ Software & IT Svc Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

TIS TISNF 3626 JP Hideaki Tanaka

Trend Micro TMICF 4704 JP Hideaki Tanaka

UNDERPERFORM

Alps Alpine APELF 6770 JP Masashi Kubota

Alps Alpine APELY APELY US Masashi Kubota

Anritsu AITUF 6754 JP Mikio Hirakawa

Fuji Electric FELTF 6504 JP Mikio Hirakawa

Hirose Electric HRSEF 6806 JP Masashi Kubota

Japan Aviation JPAVF 6807 JP Masashi Kubota

Kyocera KYOCF 6971 JP Masashi Kubota

Kyocera KYOCY KYOCY US Masashi Kubota

Mabuchi Motor MBUMF 6592 JP Masashi Kubota

NS Solutions NSSXF 2327 JP Hideaki Tanaka

Otsuka Corp OSUKF 4768 JP Hideaki Tanaka

Rohm ROHCF 6963 JP Masashi Kubota

Sharp SHCAF 6753 JP Mikio Hirakawa

Taiyo Yuden TYOYF 6976 JP Masashi Kubota

RSTR

Rigaku Corporation RGAKF 268A JP Mikio Hirakawa

RVW

Nidec NNDNF 6594 JP Masashi Kubota

NIDEC NJDCY NJDCY US Masashi Kubota

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales

Earnings Growth Expected 5 Year CAGR From Latest Actual N/A

Free Cash Flow Cash Flow From Operations − Total Capex N/A

Quality of Earnings Numerator Denominator

Cash Realization Ratio Cash Flow From Operations Net Income

Asset Replacement Ratio Capex Depreciation

Tax Rate Tax Charge Pre-Tax Income

Net Debt-To-Equity Ratio Net Debt = Total Debt − Cash & Equivalents Total Equity

Interest Cover EBIT Interest Expense