Title Semiconductor: SEMI B/B inched up to 0.96 in NOV—here’s our latest Buy picks
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Title:Semiconductor: SEMI B/B inched up to 0.96 in NOV—here’s our latest Buy picks
Download File:Semiconductor industry note 161222--sinopac.pdf 
Summary:SEMI reported a Book-to-Bill (B/B) of 0.96 in NOV for semiconductor equipment makers headquartered in North America, a small increase from last month’s 0.91, but still below 1.0, which was in-line with expectation. Equipment bookings stood at US$1.55bn (+4.0% MoM, +25.1% YoY) in NOV, on par with OCT. Equipment billings, which tend to lag bookings by about 3 months, maintained at US$1.61bn (-1.1% MoM; +25.2% YoY) in NOV. As capacity building of advanced process is winding down and 1Q is the industry’s typical low season, we don’t anticipate much growth momentum for equipment booking in the short term. Coupled with the fact that equipment billings tend to lag bookings by about 3 months, we estimate B/B will remain below 1.0 in DEC.
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