Surprisingly good! Large IPO of semiconductor manufacturing equipment KOKUSAI, a sense of security to buy related stocks before financial results are announced

A semiconductor manufacturing equipment manufacturer that was newly listed on the Tokyo Stock Exchange Prime Market on the 25th before financial results announcements from domestic semiconductor-related companies began in earnest, $Kokusai Electric (6525.JP)$did “unexpectedly” well,The closing price on the first day was about 28% above the public price. It was a large-scale IPO since SoftBank, and there were concerns about supply and demand since the amount of funds absorbed from the market was as large as about 100 billion yen, but it was a strong start. The sense of security in buying other semiconductor-related brands has also spread.

KOKUSAI's public pricing process (pricing) was carried out while long-term US interest rates, which are headwinds for high-tech companies, continued to rise, and since there were few materials showing an improvement in the market conditions cycle, slightly negative comments were conspicuous from market participants. According to the Bloomberg article,I have already invested in Tokyo Electron and Advantest, so there is little need to buy KOKUSAIThe opinion of Richard Kay, portfolio manager of Comgest Asset Management, was introduced. It was listed in the US in September $SoftBank Group (9984.JP)$Semiconductor design under the umbrella $Arm Holdings (ARM.US)$The fact that it often divides the public price also lowered expectations for semiconductor IPOs.

Meanwhile, sales volume of Japanese equipment for the 2023/9 fiscal year announced by the Japan Semiconductor Manufacturing Equipment Association on the 24th, the day before listing, increased 4.3% from the previous month, for 3 consecutive months, and expectations spread for an improvement in sales. The US 10-year bond yield, which recently broke through 5%, also plummeted in the US market on the 24th, and the Philadelphia Semiconductor Stock Index (SOX), which consists of major US semiconductor stocks, rebounded for the first time in 6 business days.It is an improvement in investor sentiment and a major sales destination for KOKUSAI $Taiwan Semiconductor (TSM.US)$With the announcement of financial results, the spread of a sense that semiconductor market conditions were bottoming out supported the first day of listing.

All semiconductor manufacturing equipment on the 25th $Screen Holdings (7735.JP)$is 3.43% higher, $Advantest (6857.JP)$is 2.89% higher, $Tokyo Electron (8035.JP)$It has risen 1.72%.

KOKUSAI specializes in “film forming” equipment that forms a film on silicon wafers, which is a preliminary process for semiconductor manufacturing. It is a batch deposition device that forms a large number of wafers at once, and has the highest market share in the world (22 years). Rice from the same industry in '19$Applied Materials (AMAT.US) $An acquisition was agreed upon, but approval from the Chinese authorities was not obtained and the dispute was broken up.

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