China Resources Power Holdings Co Ltd
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Based in Hong Kong
Company profile

China Resources Power Holdings Company Limited is a Hong Kong-based investment holding company principally engaged in the investment, development and operation of power plants. The Company operates through three segments. Thermal Power segment is engaged in the investment, development, operation and management of coal-fired power plants and gas-fired power plants, as well as the sales of heat and electricity. Renewable Energy segment is engaged in wind power generation, hydroelectric power generation and photovoltaic power generation, as well as the sales of electricity. Coal Mining segment is engaged in the mining of coal mines, as well as the sales of coal. The Company mainly operates businesses in China.

This security is an American depositary receipt
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Closing Price
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-0.685 (-2.56%)
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How 18 semiconductor stocks shine when compared with Nvidia this earnings season

9:37 am ET November 19, 2022 (MarketWatch)

By Philip van Doorn

Many chip makers are still growing sales rapidly while improving profit margins

Nvidia Corp., which said yesterday that quarterly sales slumped, exemplifies the cyclical nature of the semiconductor industry despite the company's inroads into fast-growing markets.

Still, many chip makers are bucking the trend by posting high double-digit increases in sales while improving profit margins. A list of those companies is featured below.

Nvidia (NVDA) reported a 12% decline in quarterly revenue from a year earlier. The company's stock was down only 2% in afternoon trading on Nov. 17, perhaps because most bad news had already been baked in when Nvidia lowered its sales guidance on Aug. 8.

But there's more to the story.

As Therese Poletti reported, Nvidia's inventory doubled year over year, resulting in a $702 million charge. Rising inventory is typically a bad sign, suggesting weak demand and future discounting that will be needed to clear it.

Nvidia's gross margin has already suffered. In the latest quarter, it narrowed to 55.59% from 65.20% a year earlier. (A company's gross margin is net sales, less the cost of goods or services sold, divided by sales. Net sales are sales minus returns and discounts, such as coupons.)

Margins are a useful measurement of pricing power, and investors love to see a combination of an expanding gross margin and increasing sales.

Nvidia's quarterly operating margin slipped to 19.91% from 44% a year earlier. (The operating margin subtracts more overhead and other expenses that aren't directly related to the production of goods and services sold.)

These semiconductor stocks stand out

Semiconductor stocks, as represented by the iShares Semiconductor Stocks ETF (SOXX), hit their 2022 closing low on Oct. 14. Michael Brush favors a high-quality approach for investors looking to play the sector rebound, focusing on companies with higher dividends.

For a screen of semiconductor stocks, we began with the 30 held by SOXX and then added companies in the S&P Composite 1500 Index in the "Semiconductors and Semiconductor Equipment" industry group.

For nearly half this group of 56 companies, the fiscal quarter-ends don't match the calendar. Through Nov. 17, 51 of the companies reported results for fiscal quarters ended Aug. 26 or later. Five still hadn't reported for fiscal quarters ended on or near Oct. 31:

Company                  Ticker  Earnings report expected  Estimated quarterly sales  Sales -- year-earlier quarter  Estimated quarterly EPS  EPS -- year-earlier quarter 
Analog Devices Inc.        ADI   11/22/2022 7:00 a.m. ET                      $3,150                        $2,340                    $2.58                       $0.16 
Marvell Technology Inc.   MRVL    12/1/2022 after close                       $1,557                        $1,211                    $0.59                      -$0.08 
Broadcom Inc.             AVGO    12/8/2022 after close                       $8,901                        $7,407                   $10.28                       $4.45 
Photronics Inc.           PLAB          12/14/2022                              $210                          $181                    $0.48                       $0.33 
Semtech Corp.             SMTC          11/30/2022                              $175                          $195                    $0.63                       $0.53 
                                                                                                                                                        Source: FactSet 

The table includes the dates and times (if available) that FactSet expects the companies to report.

Applied Materials Inc. (AMAT), which provides equipment and related services to chip makers, is expected to report a 6% increase in quarterly sales from a year earlier, after the market close on Nov. 17. But analysts polled by FactSet also are expecting earnings per share to decline.

For Analog Devices Inc. (ADI), which is scheduled to report on Nov. 22, sales are expected to increase by 35%, with a dramatic increase in expected EPS to go with it.

Marvell Technology Inc. (MRVL) reports on Dec. 1. Analysts expect a 29% increase in earnings and a swing to a quarterly profit from a year-earlier net loss.

Among the remaining 49 companies that have already reported this earnings season, here are the 18 that reported sales increases of at least 20%, with improvements in gross margins and operating margins:

Company                                          Ticker  Change in quarterly sales from year earlier  Gross margin  Gross margin -- year-earlier quarter  Operating margin  Operating margin -- year-earlier quarter 
Enphase Energy Inc.                               ENPH                                           81%        41.59%                               39.21%            23.32%                                   12.99% 
Wolfspeed Inc.                                    WOLF                                           54%        31.91%                               29.25%             1.99%                                  -11.81% 
Monolithic Power Systems Inc.                    MPWR                                            53%        58.72%                               57.59%            33.02%                                   27.29% 
Silicon Laboratories Inc.                         SLAB                                           46%        58.35%                               53.26%            16.42%                                    3.54% 
Taiwan Semiconductor Manufacturing Co. Ltd. ADR    TSM                                           35%        59.14%                               49.45%            67.79%                                   67.08% 
Ichor Holdings Ltd.                               ICHR                                           35%        16.76%                               15.31%            11.79%                                   10.42% 
STMicroelectronics NV ADR                         STM                                            35%        47.65%                               41.60%            32.61%                                   26.18% 
PDF Solutions Inc.                                PDFS                                           35%        67.73%                               61.48%             7.43%                                    0.46% 
Lattice Semiconductor Corp.                       LSCC                                           31%        64.64%                               58.18%            34.77%                                   26.45% 
KLA Corp.                                        KLAC                                            30%        60.83%                               60.34%            44.81%                                   43.36% 
Axcelis Technologies Inc.                        ACLS                                            30%        45.08%                               43.30%            24.48%                                   22.10% 
ON Semiconductor Corp.                             ON                                            26%        47.27%                               39.96%            39.96%                                   31.42% 
Microchip Technology Inc.                         MCHP                                           26%        59.35%                               51.68%            48.77%                                   42.67% 
MaxLinear Inc.                                    MXL                                            24%        58.08%                               53.96%            24.04%                                   19.74% 
Amkor Technology Inc.                             AMKR                                           24%        20.22%                               19.32%            22.83%                                   21.60% 
United Microelectronics Corp. ADR                 UMC                                            24%        46.26%                               34.93%            53.05%                                   45.78% 
NXP Semiconductors NV                             NXPI                                           20%        53.29%                               50.54%            38.32%                                   35.55% 
Synaptics Inc.                                    SYNA                                           20%        54.94%                               50.90%            34.35%                                   24.79% 
                                                                                                                                                                                                   Source: FactSet 

Click on the tickers for more about each company, including news coverage, financials and analysts' opinion. You should also read Tomi Kilgore's detailed guide to the wealth of information for free on the MarketWatch quote page.

Don't miss:Warren Buffett's chip-stock purchase is a classic example of why you want to be 'greedy only when others are fearful'

-Philip van Doorn


(END) Dow Jones Newswires

November 19, 2022 09:37 ET (14:37 GMT)

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