Semiconductors Again

投稿日: 投稿者: タダシ

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〇　Overall Stock Market
The semiconductor index (SOX index) rose 11.14% week-on-week, significantly outperforming the Dow Jones Industrial Average (0.22%) and the Nasdaq (4.51%). Of the 30 constituent stocks, five saw increases exceeding 25% week-on-week: Micron (37.73%), M/A-COM Technology S.H. Holdings (26.64%), AMD (26.25%), Intel (25.4%), and Qualcomm (23.77%).

Semiconductor-related stocks are also showing significant gains in various international markets. In Japan, the market is polarized, and attention is focused on whether undervalued stocks will be sought after.

In Japan, while PILLER and Ferrotec’s stock prices doubled compared to the end of the year, Tokuyama and Nippon Kayaku, among others, have not seen increased buying interest.

Over the weekend, the US market saw the SOX index rise 5.51% from the previous day. Semiconductor-related stocks are likely to be sought after in the Japanese market on Monday. The ADR prices of Tokyo Electron and Advantest are trading more than 1000 yen higher than their Tokyo price.

The PSR (price-to-sales ratio) of global semiconductor manufacturing equipment manufacturers is 15.14x for ASML, 12.32x for Applied Materials, and 9.82x for Tokyo Electron. A PSR of 15x for Tokyo Electron corresponds to a stock price of 80,000 yen.

Personally, I think Japanese stocks are more undervalued than US stocks.

〇Notable Movements
This week, small-cap stocks were sought after for the first time in a while. The TSE Growth Index rose 6.66%, significantly higher than Prime’s 2.71% and Standard’s 1.82%. 666 is Damian, an ominous number.

Since small-cap stocks have only just begun to be bought, there’s no need to be overly cautious yet, but funds tend to concentrate in small-cap stocks during the final stages of a market. Therefore, be careful.

〇Caterpillar-Komatsu Ratio
Caterpillar’s stock price is hitting new all-time highs, while Komatsu’s stock price continues to struggle to rise.
Caterpillar’s market capitalization is 64.77 trillion yen, 10.6 times that of Komatsu’s 6.1 trillion yen. The gap is only widening.

〇India
In the Indian market, small-cap indices are being bought, and year-to-date returns have turned positive. Mid-cap indices have also recovered to almost the same level as at the end of last year.
On the other hand, large-cap indices continue to stagnate. One reason for this is that foreign investors continue to be net sellers.

投稿者プロフィール

タダシ
大学時代から株式投資をはじめ、証券会社のトレーダーとなる。以後、30年
金融畑一筋。専門分野は債券、クレジット。
日本証券アナリスト協会検定会員（CMA）、国際公認投資アナリスト（CIIA)

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