Forwarded from Market News Feed
🔴 JPMORGAN CEO DIMON: THE US ECONOMY IS STRONG, THAT'S THE HERE AND NOW. ...
VC DEALS
Digital mortgage lender Perenna has raised over £42 million in a round led by Silverstripe Investment Management.
Mexican neobank Albo has raised a $40 million Series C led by Morpheus Ventures.
Farther, a wealth management company, has raised a $31 million Series B led by Lightspeed.
Framer, an Amsterdam-based no-code website builder, has secured a $27 million Series C led by Meritech Capital.
Trade finance startup Traydstream has secured a $21 million Series B led by Pivot Investment Partners and E& Capital.
Web3 startup IYK has raised a $16.8 million seed round led by a16z crypto
PE DEALS
The Carlyle Group has been in exclusive talks to acquire majority stakes in two of Medtronic's medical device units: patient monitoring and respiratory interventions, which together could be valued at over $7 billion, Reuters reported.
Macquarie Group, Affinity Partners and a TPG-led consortium are among potential rival bidders for Ramsay Sime Darby Health Care, an Asia-focused hospital group that could sell for more than $1 billion, The Wall Street Journal reported.
Investors including PE-backed Fenway Sports Group, Endeavor Group and KKR co-founder Henry Kravis are among potential investors in PGA Tour, which has been pursuing a deal with Saudi Arabia's PIF, Bloomberg reported.
Stonepeak has agreed to acquire 49% stakes in Spain-based Cellnex Telecom's businesses in Sweden and Denmark for €730 million.
Platinum Equity has agreed to acquire a majority interest in The Cook & Boardman Group, a commercial door and security distributor, from Littlejohn & Co., which will retain a minority stake.
Palatine Private Equity has acquired a minority stake in UK accountancy firm BK Plus.
The Halifax Group has agreed to acquire the global home care division of Paris-listed facilities management company Sodexo
INVESTORS
Wells Fargo has sold its positions in Norwest Equity Partners and Norwest Mezzanine Partners funds to The Carlyle Group subsidiary AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon for about $2 billion.
Germany's largest pension fund, BVK, has reappointed Access Capital Partners for its PE investments, Investments & Pensions Europe reported.
Singaporean sovereign wealth fund GIC sold its stake in Vista Equity Partners following the firm's founder being involved in a tax scandal, the Financial Times reported.
Catamaran Ventures UK, the venture firm run by UK Prime Minister Rishi Sunak's wife Akshata Murty, is winding down. Murty used the fund to invest some of her stake in Infosys.
Digital mortgage lender Perenna has raised over £42 million in a round led by Silverstripe Investment Management.
Mexican neobank Albo has raised a $40 million Series C led by Morpheus Ventures.
Farther, a wealth management company, has raised a $31 million Series B led by Lightspeed.
Framer, an Amsterdam-based no-code website builder, has secured a $27 million Series C led by Meritech Capital.
Trade finance startup Traydstream has secured a $21 million Series B led by Pivot Investment Partners and E& Capital.
Web3 startup IYK has raised a $16.8 million seed round led by a16z crypto
PE DEALS
The Carlyle Group has been in exclusive talks to acquire majority stakes in two of Medtronic's medical device units: patient monitoring and respiratory interventions, which together could be valued at over $7 billion, Reuters reported.
Macquarie Group, Affinity Partners and a TPG-led consortium are among potential rival bidders for Ramsay Sime Darby Health Care, an Asia-focused hospital group that could sell for more than $1 billion, The Wall Street Journal reported.
Investors including PE-backed Fenway Sports Group, Endeavor Group and KKR co-founder Henry Kravis are among potential investors in PGA Tour, which has been pursuing a deal with Saudi Arabia's PIF, Bloomberg reported.
Stonepeak has agreed to acquire 49% stakes in Spain-based Cellnex Telecom's businesses in Sweden and Denmark for €730 million.
Platinum Equity has agreed to acquire a majority interest in The Cook & Boardman Group, a commercial door and security distributor, from Littlejohn & Co., which will retain a minority stake.
Palatine Private Equity has acquired a minority stake in UK accountancy firm BK Plus.
The Halifax Group has agreed to acquire the global home care division of Paris-listed facilities management company Sodexo
INVESTORS
Wells Fargo has sold its positions in Norwest Equity Partners and Norwest Mezzanine Partners funds to The Carlyle Group subsidiary AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon for about $2 billion.
Germany's largest pension fund, BVK, has reappointed Access Capital Partners for its PE investments, Investments & Pensions Europe reported.
Singaporean sovereign wealth fund GIC sold its stake in Vista Equity Partners following the firm's founder being involved in a tax scandal, the Financial Times reported.
Catamaran Ventures UK, the venture firm run by UK Prime Minister Rishi Sunak's wife Akshata Murty, is winding down. Murty used the fund to invest some of her stake in Infosys.
Forwarded from Market News Feed
🔸CHICAGO HIT A TEN-YEAR HIGH FOR AIR POLLUTION THIS SUMMER, WITH THIRTEEN AIR QUALITY ACTION DAYS ISSUED BEFORE THE END OF JULY. FOR A DAY IN LATE JUNE, CHICAGO’S AIR QUALITY WAS THE WORST IN THE WORLD, SIGNALING POTENTIAL POOR HEALTH OUTCOMES FOR RESIDENTS OF THE CITY. ...
Forwarded from Market News Feed
TREASURY 10-YEAR YIELD REACHES HIGHEST LEVEL SINCE 2007 - BBG BLOOMBERG.COM/NEWS/ARTICLES/… ...
US FDA approves Novo Nordisk's therapy for rare genetic condition
- Rivfloza 월간 주사제
- 미국내 2천여명 잠재 환자군 예상
https://news.yahoo.com/us-fda-approves-novo-nordisks-152919420.html
- Rivfloza 월간 주사제
- 미국내 2천여명 잠재 환자군 예상
https://news.yahoo.com/us-fda-approves-novo-nordisks-152919420.html
Yahoo News
US FDA approves Novo Nordisk's therapy for rare genetic condition
The once-monthly injection, to be sold under the brand name Rivfloza, is approved for use in people nine years and older with a type of primary hyperoxaluria and relatively preserved kidney function. The Danish drugmaker had gained access to the therapy through…
👍1
Takeda announces voluntary withdrawal of lung cancer therapy
Oct 2 (Reuters) - Japan's Takeda Pharmaceutical said on Monday it will voluntarily withdraw its lung cancer therapy from the United States, where it had received an accelerated approval in 2021, after it failed to meet the main goal in a late-stage study.
U.S.-listed shares of the company fell about 6% to $14.39 in extended trading as the failed study meant the therapy did not fulfill the confirmatory data requirements of the U.S. Food and Drug Administration's accelerated approval nor the conditional marketing approvals granted in other countries.
In July, Takeda had said the study had been halted due to futility as it was unlikely to meet its goal. It also withdrew its application for marketing authorization in the European Union in 2022.
#JP_4502
Oct 2 (Reuters) - Japan's Takeda Pharmaceutical said on Monday it will voluntarily withdraw its lung cancer therapy from the United States, where it had received an accelerated approval in 2021, after it failed to meet the main goal in a late-stage study.
U.S.-listed shares of the company fell about 6% to $14.39 in extended trading as the failed study meant the therapy did not fulfill the confirmatory data requirements of the U.S. Food and Drug Administration's accelerated approval nor the conditional marketing approvals granted in other countries.
In July, Takeda had said the study had been halted due to futility as it was unlikely to meet its goal. It also withdrew its application for marketing authorization in the European Union in 2022.
#JP_4502
BRIEF-Avangrid Says Filing Of Agreements To Terminate Power Purchase Agreements For Park City Wind Offshore Project
Oct 2 (Reuters) - Avangrid Inc
* FILING OF AGREEMENTS TO TERMINATE POWER PURCHASE AGREEMENTS FOR PARK CITY WIND OFFSHORE PROJECT
Oct 2 (Reuters) - Avangrid Inc
* FILING OF AGREEMENTS TO TERMINATE POWER PURCHASE AGREEMENTS FOR PARK CITY WIND OFFSHORE PROJECT
Nutrien says its ammonia was released in Illinois collision
By Tanay Dhumal Oct 2 (Reuters) - Canadian potash maker Nutrien said on Monday a vehicle tied to a third party was involved in a fatal accident in southern Illinois last week, which caused the release of anhydrous ammonia.
The company in an emailed statement to Reuters said the vehicle was operated by Prairieland Transport and was en route to its Warrensburg, Illinois location from its Lima Nitrogen facility, when the crash occurred.
Five people were dead and five were seriously hurt in the collision on Friday. The truck was carrying about 7,500 gallons of anhydrous ammonia when it crashed.
#NTR
By Tanay Dhumal Oct 2 (Reuters) - Canadian potash maker Nutrien said on Monday a vehicle tied to a third party was involved in a fatal accident in southern Illinois last week, which caused the release of anhydrous ammonia.
The company in an emailed statement to Reuters said the vehicle was operated by Prairieland Transport and was en route to its Warrensburg, Illinois location from its Lima Nitrogen facility, when the crash occurred.
Five people were dead and five were seriously hurt in the collision on Friday. The truck was carrying about 7,500 gallons of anhydrous ammonia when it crashed.
#NTR
- 데이터센터 전기사용예정통지 단계부터 토지나 건축물 소유자 동의 여부를 확인하는 절차를 만든다.
- 실수요 목적이 아닌 사업자의 전기사용예정통지를 제한하고
- 장기간 공급용량을 선점한 데이터센터 고객의 전기사용신청은 반려한다.
*전기, 용수, 통신네트워크설비를 갖추고 있으면서 지역적 특성 고려시 데이터센터 구축이 용이한 지역을 ‘데이터센터 설립 권장지구’로 지정할 것
https://www.electimes.com/news/articleView.html?idxno=326686
- 실수요 목적이 아닌 사업자의 전기사용예정통지를 제한하고
- 장기간 공급용량을 선점한 데이터센터 고객의 전기사용신청은 반려한다.
*전기, 용수, 통신네트워크설비를 갖추고 있으면서 지역적 특성 고려시 데이터센터 구축이 용이한 지역을 ‘데이터센터 설립 권장지구’로 지정할 것
https://www.electimes.com/news/articleView.html?idxno=326686
Electimes
한전, 데이터센터 전기공급실태 감사 실시…68%가 허수 신청 - 전기신문
한국전력공사가 데이터센터 전기공급실태 특별감사를 실시한 결과 678건의 허수신청사례를 적발했다. 적발된 대다수는 운영이 아닌 부동산 개발 이익 등의 목적으로 신청한 것으로 드러났다. 한전은 이 같은 일이...
브라질에서도 파업
Metalworkers at Brazilian planemaker Embraer's (EMBR3.SA) Sao Jose dos Campos plant have voted to enter strike as they campaign for higher wages, with the local Sindmetal union saying on Tuesday they have rejected an offer from the company.
https://www.reuters.com/business/aerospace-defense/metalworkers-embraers-sao-jose-dos-campos-plant-enter-strike-2023-10-03/
Metalworkers at Brazilian planemaker Embraer's (EMBR3.SA) Sao Jose dos Campos plant have voted to enter strike as they campaign for higher wages, with the local Sindmetal union saying on Tuesday they have rejected an offer from the company.
https://www.reuters.com/business/aerospace-defense/metalworkers-embraers-sao-jose-dos-campos-plant-enter-strike-2023-10-03/
Reuters
Metalworkers suspend strike at Embraer plant in Brazil
Metalworkers at Brazilian planemaker Embraer's Sao Jose dos Campos plant on Tuesday decided to suspend a strike they had started earlier in the day as they campaign for higher wages.
Forwarded from 한국경제 (@The Korea Economic Daily)
美 특허청, 노보 노디스크 비만치료제 특허 이의신청 기각
https://www.hankyung.com/article/2023100331515
https://www.hankyung.com/article/2023100331515
한국경제
美 특허청, 노보 노디스크 비만치료제 특허 이의신청 기각
美 특허청, 노보 노디스크 비만치료제 특허 이의신청 기각, 뉴스
VC DEALS
Health Data Analytics Institute has raised a $31 million Series C. The company's predictive analytics platform helps clinicians quantify health risks and plan patient care.
AI Clearing, the developer of a construction progress tracking and quality control platform, has raised a $14 million Series A led by Prudence.
Autonomous farm equipment startup Bonsai Robotics has raised a $13.5 million seed round led by Acre Venture Partners.
Cultivate Power, a distributed solar and storage project developer, has raised $10 million from Generate Capital.
Biopharmaceutical specialist Mogrify has raised an additional $10 million for its Series A, bringing the round's total to $46 million. The extension was led by Astellas Venture Management and Parkwalk Advisors.
Finland's MeetingPackage, which offers venue booking software, has raised a €4.6 million Series A led by Scale Capital.
PE DEALS
Bain Capital will invest at least $200 million in Vietnamese retail platform Masan Group.
Stanley Capital has staked German AI consultancy company Roboyo, joining existing PE investor MML.
Blackstone-backed Bourne Leisure has purchased two hotels from sovereign wealth fund Abu Dhabi Investment Authority to add to its Warner Leisure Hotels brand, The Times reported.
EXIT & IPOS
Vuori, an athletic apparel and equipment company, is planning for a 2024 IPO, Bloomberg reported.
Global Infrastructure Partners has agreed to sell a 50% stake in Italo to Mediterranean Shipping Company. The deal gives the Italian high-speed rail operator an enterprise value of at least €4 billion, according to reports.
Bridgepoint is considering selling Humanetics Group, which provides simulation software and crash-test materials to automakers, Reuters reported. The company could be valued at around $1.5 billion.
Bain Capital and Cinven are weighing a potential exit for Stada Arzneimittel, a German drug manufacturer that could be valued at or above €10 billion in a sale or IPO, Bloomberg reported.
Cinven is considering exiting its majority stake in Viridium, a German life insurance company, Reuters reported.
FUNDRAISING
Bain Capital has closed its latest European fund on €6.35 billion, exceeding its target of €5 billion, Private Equity News reported.
Middle-market PE firm Kelso & Company has closed Kelso Investment Associates XI on $3.25 billion, of which $400 million was committed by the firm's partners and employees.
Global manufacturer Mars and Digitalis Ventures have launched their Companion Fund II. The $300 million venture fund will invest in pet care companies.
Van Lanschot Kempen has launched its third private equity fund, which focuses on small and medium-sized businesses in North America.
Debiopharm Innovation Fund has launched a new seed funding initiative, targeting investment in pharmaceutical R&D and cancer care digital innovation.
Health Data Analytics Institute has raised a $31 million Series C. The company's predictive analytics platform helps clinicians quantify health risks and plan patient care.
AI Clearing, the developer of a construction progress tracking and quality control platform, has raised a $14 million Series A led by Prudence.
Autonomous farm equipment startup Bonsai Robotics has raised a $13.5 million seed round led by Acre Venture Partners.
Cultivate Power, a distributed solar and storage project developer, has raised $10 million from Generate Capital.
Biopharmaceutical specialist Mogrify has raised an additional $10 million for its Series A, bringing the round's total to $46 million. The extension was led by Astellas Venture Management and Parkwalk Advisors.
Finland's MeetingPackage, which offers venue booking software, has raised a €4.6 million Series A led by Scale Capital.
PE DEALS
Bain Capital will invest at least $200 million in Vietnamese retail platform Masan Group.
Stanley Capital has staked German AI consultancy company Roboyo, joining existing PE investor MML.
Blackstone-backed Bourne Leisure has purchased two hotels from sovereign wealth fund Abu Dhabi Investment Authority to add to its Warner Leisure Hotels brand, The Times reported.
EXIT & IPOS
Vuori, an athletic apparel and equipment company, is planning for a 2024 IPO, Bloomberg reported.
Global Infrastructure Partners has agreed to sell a 50% stake in Italo to Mediterranean Shipping Company. The deal gives the Italian high-speed rail operator an enterprise value of at least €4 billion, according to reports.
Bridgepoint is considering selling Humanetics Group, which provides simulation software and crash-test materials to automakers, Reuters reported. The company could be valued at around $1.5 billion.
Bain Capital and Cinven are weighing a potential exit for Stada Arzneimittel, a German drug manufacturer that could be valued at or above €10 billion in a sale or IPO, Bloomberg reported.
Cinven is considering exiting its majority stake in Viridium, a German life insurance company, Reuters reported.
FUNDRAISING
Bain Capital has closed its latest European fund on €6.35 billion, exceeding its target of €5 billion, Private Equity News reported.
Middle-market PE firm Kelso & Company has closed Kelso Investment Associates XI on $3.25 billion, of which $400 million was committed by the firm's partners and employees.
Global manufacturer Mars and Digitalis Ventures have launched their Companion Fund II. The $300 million venture fund will invest in pet care companies.
Van Lanschot Kempen has launched its third private equity fund, which focuses on small and medium-sized businesses in North America.
Debiopharm Innovation Fund has launched a new seed funding initiative, targeting investment in pharmaceutical R&D and cancer care digital innovation.
Forwarded from 유안타증권 반도체 백길현 (Glenda Baik)
[유안타증권 반도체 백길현]
Micron 실적발표(9월 28일) 주요 내용 공유드립니다.
▶️FY4Q23(6~8월) 실적 리뷰
- 전사 매출액 40억달러(QoQ +7%, YoY -40%)로 시장 컨센서스 및 가이던스에 부합.
- DRAM: 28억달러(QoQ +3%),
QoQ B/G 10%중반대 상승,
QoQ ASP 한자리후반대 감소.
- NAND: 12억달러(QoQ +19%),
QoQ B/G 40%이상 상승,
QoQ ASP 10%중반대 감소.
▶️FY4Q23 전방시장별 동향
- Compute/Networking: 12억불(QoQ -14%)
=> CAC 및 고객 재고조정 영향이 이어졌으나, QoQ 개선될 것.
=> CY2023 글로벌 서버 출하량은 2016년 이후 처음으로 감소하겠지만 내년에는 성장 가능할 것.
=> CY2024 AI를 포함한 Traditional server 메모리 수요 모두 증가하고, FY1Q24부터 회복세는 시작 될 것으로 기대.
- Mobile: 12억불(QoQ +48%)
=> 계절적 성수기 영향으로 출하량이 증가한 바 있음.
=> CY2023 글로벌 스마트폰 출하량은 전년대비 5% 수준 감소하겠지만 CY2024에는 다시 5% 증가할 것으로 전망.
=> 이가운데 8GB DRAM/256GB NAND 제품 비중이 크게 증가하며 고용량화 트렌드가 모바일 메모리 수요 증가 견인할 것.
- Storage: 7억불(QoQ +18%)
=> 대부분의 응용처가 견조한 개선세를 보임.
- Embedded: 9억불(QoQ -6%)
=> Consumer 중심으로는 계절적 성수기 효과가 있었지만, 전장/산업용 고객 중심으로는 하락세가 이어짐.
▶️차기분기(FY1Q24,9~11월) 가이던스
- 전사 매출액 42~46억불 평균값 기준 컨센서스(42억불) 상회.
=> 전반적으로 고객 수요는 회복하는 가운데 DRAM 출하량은 증가하고,
NAND 중심으로는 전분기대비 소폭 감소하겠지만 견조한 성장세 기록할 것.
- 전사 GPM -6% ~ -2%, EPS 가이던스는 -1.14달러~ -1달러.
=> 감산 비용 발생은 지속되겠지만, 전분기대비해서 DRAM 비중 증가하며 GPM 개선세는 이어질 것으로 기대.
=> 메모리반도체 가격 상승을 전망하는 가운데, FY1H24 약 10억불 규모의 재평손 환입이 점진적으로 가능할 것으로 기대.
- 2023년도에는 CAC로 인해, 특히 중국 Networkig 시장 중심으로 영향을 받았음.
향후에도 단기적으로 이러한 영향 피할수 없을 것으로 전망하나, CAC 제재를 준수하며 중국 고객향 사업은 지속해 나갈 예정.
▶️Capex 및 감산 관련 업데이트
- FY2024(2023년 9월~2024년 8월) Capex는
FY2023 Capex 70억불대비 소폭 증가할 것.
1) 장비 Capex는 전년대비해서 감소시키지만, 미국 내 인프라 투자를 이어나갈 예정이며, 2) HBM3E 생산을 위해 후공정 투자는 전년대비 두배 증가하며 예상대비 강한 고객 수요에 대응할 것.
- Legacy Node에 대한 감산 스케줄은 2024년까지도 지속될 것.
=> DRAM/NAND 모두 30% 가까운 감산을 진행하는 가운데, 유휴 장비는 선단공정 중심으로 Tech Migration 진행해 나갈 것.
▶️메모리반도체 수급 동향 및 전망
- CY2023 DRAM 수요는 전년대비 한자리 중반대 성장으로 기존 전망(+LS%) 대비 소폭 상향 조정.
- CY2023 NAND 수요는 전년대비 10%후반대 성장으로 기존 전망(+HS%) 대비 대폭 상향 조정.
=> Consumer 시장의 회복 및 NAND 제품 중심의 가격 탄력적인 소비 회복세가 두드러질 것으로 예상하기 때문.
▶️유안타증권 Comments
- 2H23 메모리반도체 업계는 감산 비용 영향을 피해갈 수 없겠지만, 감산효과가 본격화되며 가격 상승이 가능할 것으로 기대.
- 특히 2024년, 공급이 제한적으로 증가하는 가운데 메모리반도체 가격 상승 탄력도는 높아질 것으로 전망되는 점에 주목 해야할 것.
- 전년도 기저효과 및 감산비용에 대한 환입 스케줄까지 감안하면 1H24부터 메모리공급업체들의 수익성 회복 탄력도는 재차 높아질 것.
- 메모리반도체 업종에 대한 비중 확대 의견을 유지하며, 반도체 전공정 Valuechain에 대한 비중 확대 의견을 유지하는 바.
Micron 실적발표(9월 28일) 주요 내용 공유드립니다.
▶️FY4Q23(6~8월) 실적 리뷰
- 전사 매출액 40억달러(QoQ +7%, YoY -40%)로 시장 컨센서스 및 가이던스에 부합.
- DRAM: 28억달러(QoQ +3%),
QoQ B/G 10%중반대 상승,
QoQ ASP 한자리후반대 감소.
- NAND: 12억달러(QoQ +19%),
QoQ B/G 40%이상 상승,
QoQ ASP 10%중반대 감소.
▶️FY4Q23 전방시장별 동향
- Compute/Networking: 12억불(QoQ -14%)
=> CAC 및 고객 재고조정 영향이 이어졌으나, QoQ 개선될 것.
=> CY2023 글로벌 서버 출하량은 2016년 이후 처음으로 감소하겠지만 내년에는 성장 가능할 것.
=> CY2024 AI를 포함한 Traditional server 메모리 수요 모두 증가하고, FY1Q24부터 회복세는 시작 될 것으로 기대.
- Mobile: 12억불(QoQ +48%)
=> 계절적 성수기 영향으로 출하량이 증가한 바 있음.
=> CY2023 글로벌 스마트폰 출하량은 전년대비 5% 수준 감소하겠지만 CY2024에는 다시 5% 증가할 것으로 전망.
=> 이가운데 8GB DRAM/256GB NAND 제품 비중이 크게 증가하며 고용량화 트렌드가 모바일 메모리 수요 증가 견인할 것.
- Storage: 7억불(QoQ +18%)
=> 대부분의 응용처가 견조한 개선세를 보임.
- Embedded: 9억불(QoQ -6%)
=> Consumer 중심으로는 계절적 성수기 효과가 있었지만, 전장/산업용 고객 중심으로는 하락세가 이어짐.
▶️차기분기(FY1Q24,9~11월) 가이던스
- 전사 매출액 42~46억불 평균값 기준 컨센서스(42억불) 상회.
=> 전반적으로 고객 수요는 회복하는 가운데 DRAM 출하량은 증가하고,
NAND 중심으로는 전분기대비 소폭 감소하겠지만 견조한 성장세 기록할 것.
- 전사 GPM -6% ~ -2%, EPS 가이던스는 -1.14달러~ -1달러.
=> 감산 비용 발생은 지속되겠지만, 전분기대비해서 DRAM 비중 증가하며 GPM 개선세는 이어질 것으로 기대.
=> 메모리반도체 가격 상승을 전망하는 가운데, FY1H24 약 10억불 규모의 재평손 환입이 점진적으로 가능할 것으로 기대.
- 2023년도에는 CAC로 인해, 특히 중국 Networkig 시장 중심으로 영향을 받았음.
향후에도 단기적으로 이러한 영향 피할수 없을 것으로 전망하나, CAC 제재를 준수하며 중국 고객향 사업은 지속해 나갈 예정.
▶️Capex 및 감산 관련 업데이트
- FY2024(2023년 9월~2024년 8월) Capex는
FY2023 Capex 70억불대비 소폭 증가할 것.
1) 장비 Capex는 전년대비해서 감소시키지만, 미국 내 인프라 투자를 이어나갈 예정이며, 2) HBM3E 생산을 위해 후공정 투자는 전년대비 두배 증가하며 예상대비 강한 고객 수요에 대응할 것.
- Legacy Node에 대한 감산 스케줄은 2024년까지도 지속될 것.
=> DRAM/NAND 모두 30% 가까운 감산을 진행하는 가운데, 유휴 장비는 선단공정 중심으로 Tech Migration 진행해 나갈 것.
▶️메모리반도체 수급 동향 및 전망
- CY2023 DRAM 수요는 전년대비 한자리 중반대 성장으로 기존 전망(+LS%) 대비 소폭 상향 조정.
- CY2023 NAND 수요는 전년대비 10%후반대 성장으로 기존 전망(+HS%) 대비 대폭 상향 조정.
=> Consumer 시장의 회복 및 NAND 제품 중심의 가격 탄력적인 소비 회복세가 두드러질 것으로 예상하기 때문.
▶️유안타증권 Comments
- 2H23 메모리반도체 업계는 감산 비용 영향을 피해갈 수 없겠지만, 감산효과가 본격화되며 가격 상승이 가능할 것으로 기대.
- 특히 2024년, 공급이 제한적으로 증가하는 가운데 메모리반도체 가격 상승 탄력도는 높아질 것으로 전망되는 점에 주목 해야할 것.
- 전년도 기저효과 및 감산비용에 대한 환입 스케줄까지 감안하면 1H24부터 메모리공급업체들의 수익성 회복 탄력도는 재차 높아질 것.
- 메모리반도체 업종에 대한 비중 확대 의견을 유지하며, 반도체 전공정 Valuechain에 대한 비중 확대 의견을 유지하는 바.