UBS Evidence Lab: Semis Distributor Tracker – inventory burn accelerates

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UBS Evidence Lab: Semis Distributor Tracker – inventory burn accelerates

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Semiconductors Equities

GlobalUBS Evidence Lab: Semis Distributor Tracker –

inventory burn accelerates Semiconductors

Francois-Xavier Bouvignies

Analyst

francois.bouvignies@ubs.com

UBS Enhanced Semis Distributor Tracker #22 +44-20-7568 7105

We present data from the 22nd edition of the UBS Evidence Lab Enhanced Semis Timothy Arcuri

Distributor Tracker (> Access dataset), which tracks inventory and pricing trends at 100+ Analyst

distinct distributors globally. Inventory declined 6% m-o-m (vs. +1% last month), timothy.arcuri@ubs.com

primarily driven by sharp inventory burn in capacitors, down -22%, with other key +1-415-352 5676

product categories averaging a MSD% m-o-m decline. Pricing continues to tick up, Nicolas Gaudois

increasing a further 1% m-o-m, now up 12% y-o-y on average. Most categories were Analyst

broadly flat to up LSD% m-o-m, except Transistors, which declined by 1%. The data nicolas.gaudois@ubs.com

continues to read positively from a cycle standpoint on both pricing and inventory, and +65-6495 5148

we see a rising possibility that channel inventory will require filling in H2'26. That said Shingo Hirata, CFA

these trends are varied by company and product category which calls for selectiveness. Analyst

Our preferred exposures to this dynamic remain Texas Instruments and STMicro. shingo.hirata@ubs.com

+81-3-5208 6224

Three key takeaways Kenji Yasui

We highlight three key takeaways from the dataset: 1) MCU price increases are Analyst

moderate, up 3% y-o-y, the lowest of all products, somewhat surprising given kenji.yasui@ubs.com

constrained mature-node foundry capacity and company announcements. In June +81-3-5208 6211