Technology
Amir Anvarzadeh has been bullish the stock for much of the past 3 years and the share price is up 38% since he added SCREEN back to his buy list in early Nov 22. Despite this strong performance Amir still thinks it looks very undervalued, especially given the firm's high exposure to EUV and logic chips and its low exposure to memory which has insulated the name from weak order trends seen by its bigger peers, namely Aysmmetric's two short sell picks, TEL and Lasertec. Trading at a significant discount to its front-end equipment peers, at around 10x P/E and 4.6x EV/EBITDA, Amir thinks SCREEN should be trading closer to ¥20K (75% upside).
Edition: 160
- 12 May, 2023
Technology
Amir Anvarzadeh turns bearish after discussions with Ushio which supplies Lasertec with its EUV lamps for its mask inspection systems. Ushio states that it sees little room for growth in unit sales of its EUV light sources next term (3/24) after this term's poor sales which is set to drop by around two-thirds. As a reminder, Lasertec had already slashed its order target (6/23) by a whopping 40% which came as a big shock. It appears that we are starting to see real competitors emerging in EUV mask inspection systems that Lasertec had been seen as dominating.
Edition: 156
- 17 March, 2023
Technology
ASML on steroids - Lasertec offers EUV-exposure with more upside beta vs. ASML since it can continue to beat numbers, while the Dutch giant will be unable to do so given supply constraints from their two main German suppliers. Only a matter of time before China begins to adopt EUV technology which will significantly expand the TAM for Lasertec’s equipment. The company offers “scarcity value” - there are very few Japanese firms growing revenues ~40% p.a.; share price can compound in the high-20%s over the next few years.
Edition: 117
- 20 August, 2021