$LRCX (+0,21 %)

Key technology

Lam Research is the world's leading manufacturer of etching systems, which play a key role in semiconductor production.

Lam Research's largest customers include well-known companies such as Micron, Samsung, SK hynix and Taiwan Semiconductor Manufacturing Company (TSMC).

This strong customer base underlines the importance of Lam Research as an indispensable supplier to the semiconductor industry - a sector that is becoming increasingly relevant.

The growth prospects for Lam Research are promising. The semiconductor industry is facing a massive expansion of production capacities.

This should inevitably lead to increased demand for Lam Research's equipment. In addition, there is a continuous need to modernize and replace obsolete equipment.

As a result, Lam Research's sales and profits are likely to increase significantly in the long term, although the fluctuations typical of the industry will continue.

In my view, the future of Lam Research is likely to look more or less like the past.

The past and the future

Over the past ten years, Lam has increased sales from USD 5.89 billion to USD 18.4 billion. The operating margin has improved from 20% to 32%.

At the same time, the number of shares outstanding was reduced from 1.75 to 1.29 billion. Earnings rose from USD 0.64 to USD 4.15 per share.

The last quarter, the figures for which were presented on July 30, shows that the success story is far from over.

At USD 1.33 per share, Q4 earnings were well above expectations of USD 1.22. With turnover of USD 5.17 billion, the company also exceeded analysts' estimates of USD 4.96 billion.

For the year as a whole, this corresponds to a 34% increase in sales and a 64% jump in profits.

Forecasts no longer valid

Lam Research is forecasting sales of USD 5.2 billion, a gross margin of 49.9%, an operating margin of 33.9% and earnings of USD 1.20 per share for the first quarter of the financial year, which began in July.

The number of shares outstanding is expected to fall to 1.27 billion.

The forecast is well above the previous consensus estimates, which had expected sales of USD 4.64 billion and earnings of USD 1.00 per share.

The strong final quarter and the outlook for the first quarter suggest that the consensus estimates for the full financial year of USD 4.47 per share are too low.

Assuming that Lam Research will earn as much in each of the next four quarters as the company is forecasting for Q1, earnings would rise to USD 4.80 per share.

In this scenario, Lam Research would arrive at a forward P/E of 19.8, which is reasonable in relation to the current and expected long-term growth rates

Lam Research share: Chart from 01.08.2025, price: USD 94 - symbol: LRCX | Source: TWS

Nevertheless, the share price fell after the quarterly figures, even though expectations were exceeded and the forecast was surprisingly strong. This once again underlines how unpredictable the stock market is in the short term and how important it is to take a long-term view

https://www.lynxbroker.de/boerse/boerse-kurse/aktien/lam-research-aktie/lam-research-analyse/?a=3355991664&utm_medium=email&utm_source=newsletter&utm_campaign=newsletter-boersenblick&newsletter=true&mc-rss-cache-bypass=2025080406&goal=0_d93daae099-95e5dafa84-410756260#lam-research-die-schildkroete-und-der-hase

$LRCX (+0,21 %)

🟡 Lam Research ($LRCX)

Strong figures in the semiconductor sector:

• EPS (adjusted): USD 1.33 → +0.12 USD above consensus
• Sales: USD 5.17 billion → USD +170 million above expectations
• YoY growth:
  +34 %
• Reaction: Share +4 % after market close

Conclusion: Lam is clearly benefiting from the AI and data center boom.

My YouTube channel for more stock analysis: www.youtube.com/@Verstehdieaktie

I've been thinking for some time that it's about time I wrote an article about the company Tokyo Electron
$8035 (+1,37 %) and now the time has come!

Tokyo Electron is a Japanese company that operates in the field of semiconductor equipment equipment. The company is an essential part of the global semiconductor supply chain, Without it, there would be no semiconductorsespecially advanced ones, because that is where they dominate the market.

Here on Getquin, a lot is written every day about the Dutch ASML $ASML (+0,27 %) who have a monopoly in the field of EUV lithography. However, the EUV machine is unfortunately useless on its own, because each of ASML's highly complex EUV machines inevitably requires technology from Tokyo Electron. This concerns the coaters and developers.

With the coating an extremely thin layer of photoresist is applied to a wafer with nanometer precision, Only then are they usable for the EUV process. This is followed by developingin which specific exposed or unexposed areas on the wafer are removed in order to create a certain pattern. The whole process is incredibly complex and difficult to implement. The coater/developer and EUV machines form a kind of unit. Tokyo Electron has a market share of approx. 90% and even a monopoly in EUV lithography. monopoly. The barriers to entry are also considered to be very high. All in all, it can be said that there are no high-end chips without ASML's EUV lithography, but no EUV lithography without Tokyo Electron's coater/developer. Tokyo Electron benefits directly and inevitably from ASML's success.

But that's not all, Tokyo Electron is much broader. They also hold market shares between 20-30% in dry etch, thin film deposition (CVD/ALD) and wafer cleaning (stable - rising everywhere). Competitors in this area are in particular Applied Materials $AMAT (+0,23 %) and LAM Research $LRCX (+0,21 %) .

Also becoming increasingly relevant is advanced packaging. Here, several chips are connected together, so to speak (e.g. CPUs, GPUs...). It therefore represents a key market for AI and other trends. Tokyo Electron currently holds market shares of around 10-15% (tendency strongly increasing). They are particularly strong in the essential wafer bondingi.e. the bonding of several finished wafers, where the market share is already at 32% (tendency rising sharply). They are also expanding into other areas.

Overall, they benefit from their diversification and strong customer loyalty. They work very closely with foundry companies such as TSMC $2330 and Samsung $005930 whereby many processes are so closely coordinated that many innovations only emerge in production itself. Tokyo Electron also has an advantage over the competition, as their strong diversification (and market dominance in certain areas) means that they can offer complete solutions for their customers. In advanced packaging in particular, there are many smaller players that are only active in one niche (e.g. Süss MicroTec $SMHN (-0,77 %) ), which makes them less competitive with Tokyo Electron.

It should now be roughly clear what kind of company Tokyo Electron is and why its products are so important. so important are so important. Now let's look at some numbers:

Turnover (2025): €14.9 billion (+32.83%)

Profit (2025): €3.3 billion (+49.50%)

Market capitalization: € 75.2 billion

P/E RATIO: 23.69

P/E ratio 2030e: 13.40

Debt: 0¥

Cash position: approx. € 3 billion

Over the next few years (up to 2030), Tokyo Electron is planning investments of 1.5 trillion ¥ (approx. €10 billion)especially in the area of Advanced Packaging. They are therefore investing heavily in their technological leadership and expanding into new growth markets. Their successful execution is reflected in the fact that they steadily becoming more profitable
and gaining market share all round. In the year 2027 they want a profit margin of 35% which would put the competition in the shade.

I also think it's important to emphasize that Tokyo Electron has been incredibly successful in talent acquisition acquisition. They are a very popular employer and last year alone they received 25,000 applications received from a total of around 17.000 employees worldwide. As part of their investment strategy, they plan to hire 2,000 new employees each year (10,000 in total) (this represents an increase of almost 60% growth). The employees who already work at Tokyo Electron are also very happy there. In Japan, only 1% of employees who start at Tokyo Electron leave the company at some point. Internationally it is also only 2-3%. This not only shows the quality of the employer, but also ensures that the know-how is retained within the company.

Conclusion: Tokyo Electron is a highly profitable, technological leader and innovative supplier whose products are irreplaceable, especially for the most advanced chip production. With a modern corporate culture and an aggressive growth strategy in an exponentially growing market environment the company offers an attractive investment opportunity with a robust moat and long-term high upside potential.

The savings plan is running :)

1 Meta Platforms (A)

Meta is investing heavily in AI and the metaverse - an exciting tech giant with solid cash flow after the correction.

2. paypal

Fintech giant with a strong market position in digital payments - currently valued more favorably due to the correction.

3. realty income

Stable dividend payer ("Monthly Dividend Company") from the real estate sector - down due to interest rate concerns, now an attractive entry point.

4. salesforce

Market leader in CRM software with good growth prospects - the correction is pushing the price down to a more interesting level.

5 Shopify (A)

E-commerce enabler with potential to profit from global online trade - more attractive again after setbacks.

6. target

Solid retail company with stable sales - fallen due to economic uncertainties and now valued more excitingly.

7 The Trade Desk (A)

Profiteer of growing digital advertising - currently cheaper due to tech sector correction.

8 Zeta Global Holdings

Growing in data-driven marketing - still a small cap with opportunities due to current valuation weakness.

9 Alphabet (A)

Google parent with strong AI and cloud position - correction offers long-term investors favorable entry opportunities.

10. amazon.com

Market leader in e-commerce and strong in the cloud sector (AWS) - currently more exciting again after declines.

11. ASML

Monopolist in EUV lithography machines for the chip industry - cheaper due to market downturn, but essential in the long term.

12. diageo

Strong consumer goods stock (e.g. spirits) - currently under pressure due to economic concerns, which creates good opportunities for additional buying.

13. HCA Healthcare

Largest private hospital operator in the USA - defensive business model, more interesting valuation after the correction.

14. Lam Research

Important supplier for the semiconductor industry - currently affected by the weak semiconductor market, but enormously important in the long term.

With these words, I wish you a pleasant Sunday evening and a successful week! $META (-0,18 %)
$LRCX (+0,21 %)
$HCA (+0,14 %)
$DGE (+0,64 %)
$ASML (+0,27 %)
$AMZN (+0,25 %)
$GOOGL (+0,31 %)
$ZETA (+2,25 %)
$TTD (-2,49 %)
$TGT (+0,4 %)
$SHOP (-0,96 %)
$CRM (+0,53 %)
$O (+0,25 %)
$PYPL (-0,02 %)

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