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Moody's Japan K.K. has placed Toshiba Corporation's Caa1 corporate family rating and senior unsecured debt rating, as well as its Ca subordinated debt rating on review for upgrade. At the same time, Moody's has affirmed Toshiba's commercial paper rating of Not Prime. The rating review follows Toshiba's announcement that it has received all regulatory approvals and satisfied all conditions for the JPY2 trillion sale of Toshiba Memory Corporation (TMC).
Moody's Japan K.K. says that Toshiba Corporation's (Caa1 stable) results for the fiscal year ended March 2018 (FY2017), announced on 15 May, showed significant improvement from the prior year. "The result is credit positive but does not immediately impact Toshiba's ratings and outlook because much of the improvement comes from one-off items," says Masako Kuwahara, Moody's Vice President -- Senior Analyst. The FY2017 results also reflected the strong performance of Toshiba's memory business under its subsidiary Toshiba Memory Corp, which Toshiba plans to sell to a consortium led by Bain Capital Private Equity LP once it obtains approval from the regulatory authority in China.
Micron Technology, Inc.(NASDAQ:MU) beat earnings expectations last month and closed at $61.07 on March 21, just off 52-week high of $63.42. Since then, Micron stock has retreated, and the stock now sits at $48.46 per share. Micron stock has more than doubled since December 2016.
Broadcom (AVGO) is known for growing through acquisitions. This development was welcome news for the technology industry, which opposed the deal—not only because the takeover would have made Broadcom the third-largest chip company but also because of the chipmaker’s business practices. Broadcom’s CEO, Hock Tan, is popular among its customers and peers for the company’s business tactics.
In the previous part of the series, we saw that favorable memory market conditions have made analysts bullish on Micron Technology (MU). According to MarketWatch, KeyBanc Capital Markets analyst Wes Twigg raised his price target for Micron from $53 to $65 on March 8, 2018, as he expects memory markets to remain healthy in the mid-to-long term. On the DRAM (dynamic random access memory) front, he expects supply to remain lower than demand for most of 2018 until the new supply comes online later in the year, meaning pricing could increase in the near term.
Previously, we saw that Wall Street analysts’ bullish price targets boosted Micron Technology’s (MU) stock by ~9% in just one day. Of the 29 analysts monitoring Micron, 25 analysts have recommended “buy,” three have recommended “hold,” and one has recommended “sell.” Micron is considered a cheap stock based on its price-to-earnings ratio. To compare, top semiconductor stocks NVIDIA (NVDA) and Advanced Micro Devices (AMD) have mixed “buy” and “hold” recommendations as they are expensive based on their price ratios.
Whereas China (FXI) is the largest consumer of semiconductors in the world, it meets most of its needs through semiconductor imports. The Chinese government plans to invest $160 billion to develop its domestic semiconductor industry, and Tsinghua Unigroup is the biggest beneficiary of this grant. The company spent $24 billion on a NAND plant, which could start manufacturing 32-layer 3D NAND chips by the end of 2018 and ramp up production in 2019. However, China would still be four years behind its South Korean (EWY) competitor, Samsung (SSNLF).
Will the Market Force Be with Micron in Fiscal 2018? Micron Technology’s (MU) stock price has been rising for more than a year as a favorable memory market environment has been driving the company’s financial performance beyond expectations. Micron operates in a highly volatile and competitive memory market.
Will the Market Force Be with Micron in Fiscal 2018? NAND flash is a nonvolatile storage technology that can retain data even when power is cut. NAND is more of a performance enhancer than a prerequisite to delivering the desired performance.
Will the Market Force Be with Micron in Fiscal 2018? Micron Technology (MU) is a pure-play memory company that has always been given a low valuation because the cyclical nature of the memory market doesn’t encourage investors to hold it for the long term. Earlier, the memory market had ~13 suppliers.
The flash partnership between Micron (MU) and Intel (INTC) has ended, making it a hot discussion topic among analysts. At J.P. Morgan’s 16th Annual Technology Investor Forum, analyst Harlan Sur questioned Micron’s chief financial officer, Ernie Maddock, about the possible impact of the partnership termination. Intel funded Micron’s R&D (research and development) efforts in the NAND (negative AND) flash area.
Micron Technology (MU) enjoyed the best growth among all US-based semiconductor companies in 2017. For fiscal 2Q18, Micron expects its revenues to increase 3.0% sequentially and 51.0% YoY (year-over-year) to $7.0 billion at the midpoint. Fiscal 2Q is a seasonally low quarter for Micron as holiday season sales end.
Calling a spade a spade, the bullish, value-based arguments in support of Micron Technology, Inc. (NASDAQ:MU) are more than valid. Priced at a trailing P/E of 6.7 and a forward-looking P/E of 5.0, MU stock about as cheap as any ticker has a right to be. While MU stock already reflects the impending tapering of computer memory prices (and then some), the headlines brewing up for release in early and then late 2018 are apt to spook investors.
Categories: Fundamental Analysis Yahoo FinanceClick here to see latest analysis Capitalcube gives Toshiba Corp. a score of 34. Our analysis is based on comparing Toshiba Corp. with the following peers – Sony Corporation Sponsored ADR, Royal Philips NV Sponsored ADR, Panasonic Corporation Sponsored ADR, Sharp Corporation Unsponsored ADR, General Electric Company, ON Semiconductor Corporation, STMicroelectronics NV ADR RegS, Hitachi,Ltd. ... Read more (Read more...)
Rating Action: Moody's affirms Toshiba's ratings at Caa1; changes outlook to stable. Global Credit Research- 12 Dec 2017. Tokyo, December 12, 2017-- Moody's Japan K.K. has affirmed Toshiba Corporation's ...
Categories: ETFs Yahoo FinanceClick here to see latest analysis ETFs with exposure to Toshiba Corp. Here are 5 ETFs with the largest exposure to TOSBF-US. Comparing the performance and risk of Toshiba Corp. with the ETFs that have exposure to it gives us some ETF choices that could give us similar returns with lower volatility. Ticker Fund Name ... Read more (Read more...)
Announcement: Moody's: Toshiba's planned JPY600 billion equity financing is credit positive. Global Credit Research- 21 Nov 2017. Tokyo, November 21, 2017-- Moody's Japan K.K. says that Toshiba Corporation's ...
Categories: Fundamental Analysis Yahoo FinanceClick here to see latest analysis Capitalcube gives Toshiba Corp. a score of 34. Our analysis is based on comparing Toshiba Corp. with the following peers – Sony Corporation Sponsored ADR, Royal Philips NV Sponsored ADR, Panasonic Corporation Sponsored ADR, General Electric Company, ON Semiconductor Corporation, STMicroelectronics NV ADR RegS, Sharp Corporation, HP Inc. and ... Read more (Read more...)