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Semis for Beginners
1st Edition
Po Wei
Research Analyst
(44) 20 754-55867
po.wei@db.com
Semis for beginners - 1st Edition
Semiconductors are the most fundamental building blocks for modern electronic
equipment. Its growth rate has historically outperformed the electronic equipment
industry by a factor of two to one. Given the industry’s fast changing speed and
technological innovations as well as the jargon associated with each generation of
new technology, we believe that this piece will serve well as a useful introductory
note for beginners and reference material for investors.
Deutsche Bank AG/London
All prices are those current at the end of the previous trading session unless otherwise indicated. Prices are sourced from
local exchanges via Reuters, Bloomberg and other vendors. Data is sourced from Deutsche Bank and subject companies.
Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should
be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
Independent, third-party research (IR) on certain companies covered by DBSI's research is available to customers of
DBSI in the United States at no cost. Customers can access this IR at http://gm.db.com, or call 1-877-208-6300 to
request that a copy of the IR be sent to them.
DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1
Primer
Global Markets Research Company
Overview of the semiconductor industry
In this report, we discuss the semiconductor industry from macro perspectives,
covering topics such as the evolution of its business models and silicon cycles,
and from micro perspectives, discussing the segmentation of semiconductors by
function and end application. While we will not attempt to accurately predict
which semiconductor market segment holds the greatest potential over the next
five years, we believe that digital TV, mobile data terminals and portable GPS are
very promising.
Technological insight that leads to financial success
We have also incorporated market data on major product applications for
semiconductors. We include sections on the design and manufacturing of
semiconductors with an aim of identifying key technologies that will provide
sustainable long-term profitability for a semiconductor company. Where
appropriate, we have also identified several technology trends both in
semiconductor design and manufacturing into the future.
Investing through the cycle
We have identified the semiconductor devices industry growth rate as the leading
indicator of the industry’s spending on manufacturing equipment. We analyse the
markets for commodity and non-commodity semiconductor products and their
respective spending needs on manufacturing equipment. Finally, we illustrate the
pros and cons of commonly used valuation metrics and outline investment criteria
and considerations that are commonly used to pick semiconductor stocks. We
also include P/E ratios, return analysis and net book values dating back to the late
1990s for each of the major companies.
Something for everyone
This primer is aimed at everyone, from new investors to the sector to specialists in
the field. We believe that the market segmentation application section provides
useful highlights and updates on the complicated semiconductor product market
map. We intend to update this piece every year to provide the latest information.
Table of Contents
Semis – Equity market context ........................................................ 4
Electronic industry ecosystem ......................................................... 7
Semiconductor market overview..................................................... 9
Investment criteria .......................................................................... 17
Economics of semiconductor ......................................................... 28
Worldwide semiconductor capital spending ................................ 33
Business model evolution............................................................... 36
Semiconductor market segmentation by product function ........ 38
Market segment by application ..................................................... 53
Semiconductor technology ............................................................ 89
Semiconductor design and manufacturing process..................... 97
Semiconductor capital equipment market.................................. 107
Company Sections......................................................................... 109
Glossary.......................................................................................... 168
Share Price ..................................................................................... 170
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