The five S&P companies with the biggest exposure to China all get 40% to 60% of their revenues in China. Please enable Cookies and reload the page. The companies listed here were the top 15 based on this calculation. This is a space where subscribers can engage with each other and Globe staff. (He likes Texas Instruments Given the multiple complex factors at play, including the impact of the U.S.-China trade war and the more recent coronavirus outbreak, we decided to investigate how U.S. companies with the largest geographic revenue exposure to China have performed and see which companies may be likely to benefit from any improvement in news headlines coming from China. © Copyright 2020 The Globe and Mail Inc. All rights reserved. He also upgrades China’s economy grew at the slowest pace in almost three decades, so let’s investigate how U.S. companies with the largest geographic revenue exposure to the country have performed China’s economy grew at the slowest pace in almost three decades, coming in at 6.1 per cent GDP growth for 2019. But he sees risks for smartphone-related stocks, and weakness in the automotive chip sector. a range of both supply-chain and demand issues. And the same process is under way for the chip equipment makers that serve them. He writes that his new base case is for a 20% drop in semiconductor revenues through the September quarter with a gradual recovery to parity by June 2021. Arjun Deiva is vice-president and associate director of consulting at FactSet. We've detected you are on Internet Explorer. Welcome to The Globe and Mail’s comment community. Lam Research This is a space where subscribers can engage with each other and Globe staff. He adds that “computer” related stocks—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n Texas Instruments, Arcuri says that he still has concerns about their big exposure to the automotive and industrial vertical markets, but that the issue is already reflected in the stock price. The information in this article is not investment advice. Revenue and profit estimates for the semiconductor industry continue to ratchet lower, amid a range of both supply-chain and demand issues. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. [])-[])), +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![]))/+((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!! For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Intel Sign up today. This copy is for your personal, non-commercial use only. Arcuri on Friday lifted his ratings on His bullish stance on Lam reflects the company’s out-sized exposure to the memory sector. As a starting point, we used FactSet Universal Screening to look at the constituents of the S&P 500. In a few cases, he’s feeling more bullish. China is estimated to be the largest semiconductor equipment market in 2019. Its strong performance may in part be a rebound after the oil field services giant suffered a decline in its share price after its Aug. 1 earnings call, when the stock went from US$25.27 to US$20.27 in a matter of two weeks. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. Calendar 2020 revenues, he says, will be off 15%-20% from pre-virus estimates. FactSet is a leading global financial data and technology company. From ... a China trade war that has morphed into a China … This process is automatic. Your browser will redirect to your requested content shortly. [])-[])). (TSM). Lam Research Corporation is a company in the U.S. stock market and it is a holding in 215 U.S.-traded ETFs. "Could 2017, then, be a year of unforecast risk for Click here to subscribe. That means: Comments that violate our community guidelines will be removed. Revenue and profit estimates for the semiconductor industry continue to ratchet lower, amid a range of both supply-chain and demand issues. We hope to have this fixed soon. We limited our universe to companies that have outperformed the S&P 500 over this time frame to identify companies that may have benefited from positive developments in the U.S.-China trade relationship, bearing in mind correlation does not necessarily mean causation. KLA But for both sectors, there are values to find if you know where to look. But he adds that comparisons are easier this time, coming off a weak 2019, especially for memory chips. Western Digital Corp., a disk-drive and data storage company, topped our ranks owing to its outperforming the S&P 500 by 22.1 per cent with 23.2 per cent of its overall revenue exposed to China. Investors interested in U.S.-listed companies would do well to bear in mind both company and overall sector exposure to China as the impact of the coronavirus and the trade relationship between China and the U.S. continues to evolve. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. We also note that the Energy Select Sector SPDR Fund (XLE) outperformed the S&P 500 with a total return of 3.7 per cent during our December two-week time frame. The United States and China confirmed their agreement on a Phase 1 trade deal on Dec. 13. FactSet assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained here. (TXN) to Neutral from Sell. Arcuri notes that revenue for the semiconductor industry fell 35% in two quarters during the 2008-09 downturn, and took three quarters to fully recover. Readers can also interact with The Globe on Facebook and Twitter . We decided to evaluate the stock price performance of companies that fit our filters from one week before to one week after (Dec. 6 to Dec. 20) to better understand the effect of the announcement on returns. At an Aug. 9, 2017, conference, Lam Research management said: "I would say 2017 has been a year of unforecast opportunity. LAM RESEARCH ANNOUNCES 2020 SUPPLIER EXCELLENCE AWARD RECIPIENTS Nov 2, 2020 Press Release Read More FinFETs Give Way to Gate-All-Around Oct 26, 2020 Blog Read more Career Search Job Title or Keyword Function Region ... China (中文) Japan (日本語) Korea (한국어) Additionally, 13 of the 15 companies are involved in the semi-conductor space, which has been well publicized for having supply chains and manufacturing intermingled with China. Lam Research Corporation is an American corporation that engages in the design, manufacture, marketing, and service of semiconductor processing equipment used in the fabrication of integrated circuits. Be smart with your money. Nvidia Thank you for your patience. He says that “supply constraints should keep order books full making the snap-back faster than for semis,” and he adds that there are “few if any weak balance sheets among top chip spenders.” Arcuri also notes that Chinese customers “remain full speed ahead and may even accelerate timeliness.”.
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