―Future diagram of semiconductors that can maximize Japan’s strengths, key devices for decarbonization―
On the weekend of March 31, the Tokyo market turned into a risk appetite, and the Nikkei Stock Average rebounded and recovered to the 28,000 yen level. In the second half of trading, although the margin of increase was reduced due to closing sales, it still closed at the close and landed at the highest price in about 3 weeks. Concerns about the financial system instability, which began with the successive bankruptcies of US banks, have receded, and investor sentiment has improved as the European and American stock markets were bought almost across the board on the previous day.
Although the Nikkei Stock Average dropped for the first time in four days on the previous day, considering the dividend ex-rights, it was actually closed in positive territory, and the upside-oriented market continued for about a week until this day. From next week, the market for the new fiscal year will begin in both name and reality. April is a month in which overseas investors’ buying interest will become active, and if there is an imminent market opportunity, they will likely be rewarded with a bullish response.
There is a mood for reconsideration in the semiconductor sector
Under such circumstances, individual stocks are also actively looking for themes. This week, the buying momentum for artificial intelligence (AI)-related stocks has suddenly strengthened, but excluding the buying aimed at the dividend rights at the end of the term, the spotlight has again been placed on growth stocks as the interest rate rise phase has come to a halt. hit. In the US stock market, the rising pace of the Philadelphia Semiconductor Stock Index (SOX Index), which consists of semiconductor stocks, has accelerated, and recently it has renewed the high price since the beginning of the year. And this trend of reviewing the semiconductor sector is about to spread to the Tokyo market.
In particular, we would like to pay attention to stocks in the power semiconductor field, where Japanese companies are active all over the world. Recently, there has been a growing movement among companies to focus on next-generation power semiconductors that use materials such as silicon carbide. I would like to set my sights on promising stocks related to power semiconductors.
● Japan ranks high in the world in the field of power semiconductors
Unlike memory semiconductors that handle data, power semiconductors are semiconductors that play a role in supplying power to and controlling electronic devices. Specifically, they drive motors and convert between AC and DC. perform heavy lifting. Power semiconductors are indispensable for all electronic devices equipped with power supply circuits. The market is expanding not only for industrial machinery but also for automobiles, which are becoming increasingly electronic, and the growth is particularly remarkable against the backdrop of the global shift to electric vehicles (EVs). Even now, when the memory semiconductor market is in an inventory adjustment phase, the power semiconductor market shows no signs of slowing down and continues to expand.
Japan’s semiconductor industry does not look like it used to in the memory field, but in the category of power devices, Mitsubishi Electric <6503> [東証P]and Fuji Electric <6504> [東証P]Renesas Electronics <6723> [東証P]ROHM <6963> [東証P]These companies are among the world’s top 10 companies in terms of sales share. As efforts toward a decarbonized society progress worldwide, the development and manufacturing of power semiconductors used in industrial power sources and EV applications can be considered Japan’s specialty, and is always attracting attention as a powerful investment theme in the stock market. is high.
Close-up of next-generation materials with decarbonization
Under these circumstances, in addition to conventional silicon semiconductors, the market is focusing its attention on next-generation power semiconductors with superior performance. Typical examples are silicon carbide (SiC) and gallium nitride (GaN) materials, the former of which boasts a dielectric strength ten times that of silicon. The latter also has high dielectric strength and is strong in high-speed operation, so it is superior in industrial power supplies that require frequent current switching. Currently, SiC is used for EVs, and GaN is used for industrial use.
Efforts toward a decarbonized society around the world can also serve as an opportunity to promote the evolution of power semiconductors. Looking back on the history of semiconductors, cost reduction has always stood in the way of a major challenge. The same is true for power semiconductors, and the spread of next-generation materials will progress at once if they can come to an agreement on the price side.
● “Regulations on semiconductors in China” is rather an opportunity
There was a slight headwind in the semiconductor sector during trading hours on this day (31st). The Ministry of Economy, Trade and Industry announced that it would add 23 items of advanced semiconductor manufacturing equipment to the export control list in order to prevent their use for military purposes. What this announcement means is that the United States has requested Japan and the Netherlands to strengthen their semiconductor export controls on China.
The United States argues that the product competitiveness of Japanese semiconductor manufacturing equipment manufacturers is among the world’s top class, and that exporting high-spec products to China poses a great risk from the perspective of national security.In response to this announcement, Tokyo Electron <8035> [東証P]Some manufacturing equipment makers, such as , softened their stock prices, but the impact was generally limited. Regarding this, the market commented, “Since last year, as the friction between the United States and China has intensified, moves toward export restrictions on semiconductors to China have been repeated, and there is nothing new. It was priced into the market to comply with the U.S. request,” said a semi-major securities strategist.
In terms of stock prices, most of the major semiconductor manufacturing equipment related stocks ended in positive territory on this day. “The overall negative impact of this decision will be minor. Rather, from the perspective of national security, there will be a growing movement led by the United States to secure semiconductor facilities in their own areas. It is a relief, and the plus side is also big.” (same).
Next-generation power semiconductors can also be said to be subject to export restrictions, but this does not put a damper on the trend of market expansion. Power semiconductor-related stocks are likely to come back into the spotlight in the stock market, partly due to political speculation backed by the United States. In this top feature, we have selected 6 related stocks that will require attention in the medium term.
●These are the 6 stocks that are making their way to the center stage of the stock market.
[Samco is also a mid-term big change as a niche top]
Samco <6387> [東証P]handles manufacturing equipment related to electronic devices, and is highly evaluated for its technological capabilities that lead the optoelectronics field, centered on compound semiconductors (next-generation power semiconductors). AD-800LP, a new proprietary ALD system with superiority in nano-level film thickness controllability and coverage, is used to form gate oxide films for next-generation power semiconductors using SiC and GaN as materials that contribute to the realization of decarbonization. It is in the limelight as a use. In addition, there is considerable room for the new ALD system to be used in applications such as quantum devices. The company’s “thin film technology” has the potential to become a global niche top company, and sooner or later it will make a name for itself in the world. The company’s current business performance is also trending toward double-digit sales and profit growth. In the term ending July 2011, sales increased by 20% year-on-year to 7.7 billion yen, and operating income increased by 18% year-on-year to 1.62 billion yen. The stock price has recently taken a sharp turn, hitting a new all-time high of 4,545 yen on March 24, and is now flying into the blue sky. The market capitalization is only around 40 billion yen, and there is also a medium- to long-term scenario.
[TOREX clearly states its stance on strengthening SiC materials]
Torex Semiconductor <6616> [東証P]is a fabless manufacturer of power supply ICs mainly for automotive and industrial equipment, and has strengths in miniaturization and power saving technology. It has a wholly-owned subsidiary, Phenitec Semiconductor, and manufactures discrete semiconductors and power semiconductors on consignment. Phenitec is focusing on developing and strengthening sales of next-generation power semiconductors made of SiC materials. Although the business performance turned to a sharp recovery in the term ended March 2021, the operating income increased 3.2 times compared to the previous term in the term ended March 2022, reaching a record high at once and attracting the attention of the market. be. The operating income for the fiscal year ending March 2011 is also expected to increase by 28% year-on-year to 5.0 billion yen, and it is inevitable that there will be a continuous significant increase in profits. Regarding the fiscal year ending March 2012, although there is a possibility that earnings growth will plateau, the market price forecast PER of 7 times is strongly undervalued. The market price has fallen by 40% from the highest price in November 2009, and it is easy to work with a sense of affordability. The company is positive about returning profits to shareholders, and plans to increase the annual dividend for this term by 12 yen from the previous term to 56 yen.
[Takada Engineering is highly rated for its next-generation manufacturing equipment]
Takada Factory <1966> [東証S]is a comprehensive plant manufacturer that supports a wide range of industries, including steel, chemicals, and electric power, but it also demonstrates advanced technological capabilities in the electronics field, such as power semiconductors. We are developing manufacturing equipment that makes full use of our unique technology, and among them, attention is focused on single-wafer wet processing equipment that performs surface treatment while rotating wafers one by one using organic chemicals in the film formation process of power semiconductors. . In addition, the ultrasonic cutting equipment has earned a high reputation as equipment for cutting next-generation power semiconductors and high-frequency devices. In the 5th medium-term management plan, which ends in fiscal 2014, we are looking to expand our business by seeking further development of new businesses through business collaboration with external parties. Profitability is also expected to recover rapidly in the fiscal year ending March 2011, with an operating income forecast of 2.03 billion yen, up 69% year-on-year. The profit growth trend is likely to continue in the fiscal year ending March 2012. On the other hand, PER is around 6 times and PBR is in the 0.6 times range.
[Shikino Hi-Tech clearly shifts to power semiconductors]
Shikino High Tech <6614> [東証S]focuses on the manufacture of semiconductor inspection equipment, mainly for in-vehicle use, and the design and development of LSIs. In automotive applications, the market for power semiconductors is expanding remarkably against the backdrop of the global spread of EVs, and the company has clearly indicated its focus. Our burn-in solution, which operates semiconductors at high temperatures and removes defective products, has established a strong reputation, and we are expanding profit opportunities for automobiles, which are becoming increasingly electrified. From the fiscal year ending March 2010, both sales and profits entered a phase of rapid growth. Sales for the term ending March 2011 are expected to increase by 20% year-on-year to 6.45 billion yen, and operating income is expected to increase by 49% to 590 million yen. The trend of increasing sales and profits is unlikely to change in the fiscal year ending March 2012. The stock price has formed a downward revaluation wave with the 25-day moving average line as the support line, and the market price in the mid-3000 yen range seems to be a good time to buy. We are looking forward to the 4000 yen range from recovering the high price of 3955 yen on March 9th.
[Mimasu Semiconductor has active transactions with global manufacturers]
Mimasu Semiconductor Industry <8155> [東証P]Shin-Etsu Chemical Co., Ltd., the largest shareholder, is engaged in silicon wafer polishing <4063> [東証P]In addition to receiving orders from companies, the company also engages in the reclaimed wafer business and sells electronic devices and physics and chemistry equipment. Large-diameter silicon wafers used in the manufacture of EV motors and manufacturing equipment for power semiconductors for EVs contribute to earnings. In particular, there is no sign of slowdown in demand for power semiconductor manufacturing equipment.Disco among major trading manufacturers <6146> [東証P]SCREEN Holdings <7735> [東証P]Nikon <7731> [東証P]and other global semiconductor manufacturing equipment manufacturers. Business performance is progressing on a profit growth trend, and operating profit for the fiscal year ending May 2011 is expected to increase by 46% year-on-year to 11 billion yen, reaching the 10 billion yen level for the first time, and is expected to achieve a record high profit for the second consecutive year. . The stock price has been consistently rising since the beginning of the year and is running fast in the new price range, but the PER is over 12 times and still feels undervalued, and the high price of 3235 yen, which was hit in January 2009, may be in sight sooner or later. have a nature.
[Mipox is breaking new ground in the SiC wafer field]
Mipox <5381> [東証S]is a major supplier of liquid abrasives used for surface processing, and has a strong track record in profitable wafer and HDD applications. We have also developed polishing films for optical fibers. In the field of next-generation power semiconductors, the number of inquiries for commissioned polishing (edge polishing/surface polishing) is rapidly increasing, and we are focusing on seizing business opportunities and acquiring projects. In addition, the company has been actively working to establish new mass production technology for SiC wafers in cooperation with private companies and public institutions. Business performance is currently sluggish, and the operating income in the fiscal year ending March 2011 is expected to be a loss of 100 million yen (a profit of 1,467 million yen in the previous fiscal year), which is a small loss. There is a strong possibility that earnings will return to the black due to recovery and other factors. The stock price was forced to plunge in mid-February due to the downward revision of earnings for this term. From mid-March onwards, the bearish footing strengthened again, and on the 23rd of the same month, the price hit a low of 464 yen since last year, but since then it has clearly bottomed out. With high technology as a weapon, it will be a bottom price buying opportunity in the medium to long term.
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