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Applied Materials

AMAT is a semiconductor wafer fabrication equipment manufacturer. It is based in Santa Clara, CA The company has three reporting segments: Semiconductor Systems Group (SSG), Applied Global Services (AGS), and Display & Adjacent SSG consists of semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, and wafer packaging. AGS consists of products and services to improve operating efficiency, reduce operating costs and lessen the environmental impact of semiconductor, display and solar customers' factories. Display consists of products for manufacturing LCDs and OLEDs for TVs, personal computers, and touch panel applications. (29 Mar 2018)

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AMAT F4Q18: Soft Guide on Moderating WFE Outlook

Worth Watching: 16 Nov 2018, 1:47 PM ET - AMAT F4Q18 results were in-line with expectations, but in a repeat of last quarter, guidance was once again below expectations even after analysts took down estimates in response to a confirmed moderation in semiconductor capex spend.Revenue of $4 ..

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Semiconductors – Winter is Coming

Sector Analysis: 28 Sep 2018, 5:18 AM ET - In this note, we compare recent trends in the chip industry vs. historical levels, take a look back the prior 2015 / 2016 downturn, and discuss the potential for slowing growth in memory, data center compute, and broad-line components.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.
Focused

AMAT F3Q18: Disappoints on Foundry Spend Outlook

Worth Watching: 19 Aug 2018, 8:52 PM ET - AMAT F3Q18 results were decent. Revenue of $4.47 bn was up 19% YoY and largely in-line with sell-side consensus and the midpoint of guidance. Semiconductor Systems and Display / Adjacent sales came in slightly above the company's expectations, off ..

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.
Focused

AMAT F2Q18: Smartphone Weakness Hits Display Biz

Earnings Note: 17 May 2018, 11:33 PM ET - AMAT reported strong fiscal 2Q results, but guidance was soft. We maintain our M/P recommendation.

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

Semiconductors: M&A and the Regulatory Landscape

Sector Analysis: 20 Mar 2018, 10:32 PM ET - We take a look at the state of the semiconductor industry in terms of market concentration and potential impediments to further M&A from a regulatory perspective.

Tech: EU Plans Tax on Digital Company Revenues

Sector Analysis: 14 Mar 2018, 10:35 PM ET - The EU states are currently negotiating a 2-6% tax on the “aggregated gross revenues” of large digital companies.

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