Tokyo Electron (TEL): Maintains Its FY25 Guidance and Provides a Cautious 2025 Outlook
better Dec-24 but lower Mar-25
Cautious 2025 outlook: SEAJ and other Japanese SPE firms have toned down 2025 expectations. TEL mentions a flat total end-demand.
In 2024, spending was concentrated in leading edge (AI) and China. In 2025, Intel and Samsung Logic Capex declines, China should decline. The bright spots are TSMC and HBM Capex (Samsung, SK Hynix).
Consensus expectations are low, but rightly so. The stock is at average PEx. Neutral territory.