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KLA-Tencor

KLA-Tencor supplies control and yield management products and services for the semiconductor and other related industries. The company's products help integrated circuit manufacturers detect problems and defects throughout the fabrication process. KLAC's products and services are used by the majority of global bare wafer, IC, lithography reticle and disk manufacturers. On October 21, 2015, Lam Research agreed to acquire KLAC for ~ $10.6 bn in both cash and LRCX stock. Almost a year later, on October 5, 2016, the two companies mutually agreed to terminate the acquisition after the DOJ informed the parties it would not approve the transaction. KLA-Tencor was formed in 1997 through the merger of KLA Instruments Corp and Tencor Instruments, two leaders in the semiconductor equipment industry in the mid-1970s. The company's largest customers include TSMC, Intel, Micron, and Samsung. (28 Feb 2018)

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Transcript: US IG & Crossover Technology

Transcript: 07 Dec 2018, 3:06 AM ET - This is the transcript of the 2-part technology sector presentation given at the CreditSights IG & Crossover conference on December 4, 2018.

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.
Focused

KLAC F1Q19: Revenue Beat; Solid Guidance

Worth Watching: 30 Oct 2018, 1:02 AM ET - KLAC F1Q19 results were strong on all fronts. Revenue of $1,093 mn came in ~2% better than sell-side consensus and near the high end of guidance. Shipments came in at $1,007 mn, also at the high end of guidance. Gross margin came in at 65.1%, exce ..

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.
Focused

KLAC: "Modestly Weaker" CY 4Q; Maintaining O/P Rec

Worth Watching: 06 Sep 2018, 1:39 PM ET - KLAC presented at Citi's Technology Conference on September 6. Relative to prior commentary given during its earnings call in July, the company presented a "modestly weaker" December quarter revenue outlook, citing ongoing adjustments to customer ..

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.

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.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.
Focused

KLAC / LRCX: Moderating Memory Investment

Earnings Note: 30 Jul 2018, 11:12 PM ET - We discuss fiscal 4Q results from KLAC and LRCX. With memory investment moderating in the near-term, we downgrade LRCX to Market perform from Outperform, and upgrade KLAC to Outperform from Market perform.

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.

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. 
Focused

KLAC F3Q18: Key Takeaways

Worth Watching: 27 Apr 2018, 9:51 AM ET - KLAC F3Q18 results were solid. Revenue of $1,021 mn was in the upper half of the company's guidance range. YoY revenue was up 12%, in-line with last quarter's rate of growth. Gross margin was up ~150 bp. Operating margin expanded more modestly as ..

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.

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