Applied Materials and Lam Research, with high exposure to memory chip manufacturing, will be most impacted in 2019 and 2020. He writes that his new base case is for a 20% drop in semiconductor revenues through the September quarter with a gradual recovery to parity by June 2021. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Last, we ranked companies by multiplying their exposure to the Chinese market by their “excess returns” – that is, their overperformance compared with the S&P 500, which had a total return of 2.4 per cent during this period. Applied Materials For the equipment sector, he says, revenue will follow semis lower, but he’s more bullish on the group than he is on chips. Investors interested in U.S.-listed companies would do well to bear in mind both company and overall sector exposure to China as the impact of the coronavirus and the trade relationship between China and the U.S. continues to evolve. But for both sectors, there are values to find if you know where to look. Western Digital Corp., a disk-drive and data storage company, topped our ranks owing to its outperforming the S&P 500 by 22.1 per cent with 23.2 per cent of its overall revenue exposed to China. ... a China trade war that has morphed into a China … But he sees risks for smartphone-related stocks, and weakness in the automotive chip sector. This morning, UBS chip analyst Timothy Arcuri reset estimates for his entire coverage universe, which includes all of the major chip and equipment companies. But he adds that comparisons are easier this time, coming off a weak 2019, especially for memory chips. An error has occurred, please try again later. Readers can also interact with The Globe on Facebook and Twitter . Sales of semiconductor equipment are forecasted to increase by 10.8% to $62.7 billion in 2018. Revenue and profit estimates for the semiconductor industry continue to ratchet lower, amid a range of both supply-chain and demand issues. He adds that “computer” related stocks— China is estimated to be the largest semiconductor equipment market in 2019. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. (TSM). Lam Research Arcuri notes that revenue for the semiconductor industry fell 35% in two quarters during the 2008-09 downturn, and took three quarters to fully recover. (ticker: INTC) and Sign up today. We aim to create a safe and valuable space for discussion and debate. This article was published more than 6 months ago. Your browser will redirect to your requested content shortly. VIDEO 2:18 02:18. Micron. Write to Eric J. Savitz at eric.savitz@barrons.com. [])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])-[])+(+!![])+(!+[]+(!![])-[])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(+!![])+(+!![])+(!+[]+(!! This is a space where subscribers can engage with each other and Globe staff. In a few cases, he’s feeling more bullish. [])-[])). LAM RESEARCH ANNOUNCES 2020 SUPPLIER EXCELLENCE AWARD RECIPIENTS Nov 2, 2020 Press Release Read More FinFETs Give Way to Gate-All-Around Oct 26, 2020 Blog Read more Career Search Job Title or Keyword Function Region ... China (中文) Japan (日本語) Korea (한국어) (LRCX) to Buy from Sell and on (He likes https://www.barrons.com/articles/semiconductor-sales-are-likely-to-fall-buy-lam-research-analyst-says-51585329898. FactSet is a leading global financial data and technology company. +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!! ... Lam Research, Micron, Applied Materials and Broadcom all … This copy is for your personal, non-commercial use only. Intel Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. Fourteen of the top 15 companies by our ranking were classified as technology companies. And the same process is under way for the chip equipment makers that serve them. (TXN) to Neutral from Sell. His bullish stance on Lam reflects the company’s out-sized exposure to the memory sector. If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. For the best Barrons.com experience, please update to a modern browser. We then applied filters to narrow our universe to companies with at least 10 per cent revenue generated from China utilizing FactSet GeoRev, a proprietary database that breaks down company revenues geographically. Click here to subscribe. FactSet assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained here. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. The five S&P companies with the biggest exposure to China all get 40% to 60% of their revenues in China. He writes that Applied has growing exposure to memory, though he is concerned about the company’s display business, and he sees risk in its large exposure to the contract chip manufacturer Baker Hughes Co., representing the energy sector, was the only outlier in the top 15. We decided to evaluate the stock price performance of companies that fit our filters from one week before to one week after (Dec. 6 to Dec. 20) to better understand the effect of the announcement on returns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