Technology

Report by JNK Research

JNK Research showed ROHM and VSH entered earnings with supply tightness already visible across power and passives. Its April-May Analog Tracker flagged pricing increases across close to 95% of products, while book-to-bill improved from 1.06 to 1.10. ROHM print showed that with FY26 still under-allocated and FY27 Q1 likely to snap back double-digit QoQ on SiC mix and capacity additions. Commentary on discrete SiC mix and FY27 capacity reads across to ON Semi and WOLF. VSH print provided the cleanest US-listed read on the VICR shortage, with Q4 backlog close to 5.1 months and book-to-bill near 1.2.

Technology

Report by Entext

Renesas has been a star performer for Sean Maher (+80% YTD) and he now adds Rohm to his basket of stocks - trades on a sub 14x PER and is targeting sales of 600bn JPY at an operating margin of 20% and an ROE of 6% by FY25. As well as being a play on power efficient materials like SiC, Rohm’s ultra-high-speed Control IC technology maximizes the performance of gallium nitride (GaN), which offers higher breakdown strength, faster switching speed, and higher thermal conductivity - power devices based on GaN significantly outperform silicon-based devices. GaN high-speed switching devices will become more important as AI capex explodes and energy / compute efficiency is a priority.