The document is a presentation by Mark Stromberg from Gartner that discusses the economic outlook for 2009 and the semiconductor industry. It provides forecasts showing steep declines in GDP, electronics spending, semiconductor revenue, and other metrics in 2009 due to the recession. It also discusses signs that would indicate recovery, such as a return to GDP growth in the US in the third quarter of 2009. The presentation outlines waves of recovery expected across different device application sectors from 2009 to 2011 if GDP growth returns in the third quarter of 2009.
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturersโ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An โenergy dividendโ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
Tricumen / 1Q16 Capital Markets Results Review_openTricumen Ltd
ย
The combined 1Q16 operating revenue of banks in this report dropped 25% y/y, from US$54bn to US$41bn. Front office productivity also declined across the board, despite continuing/extended headcount cuts: 1,600 across BAML, BNPP, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs and Societe Generale, primarily in FICC, but also in equity derivatives (Credit Suisse) and DCM (Deutsche Bank). By contrast, equity and electronic trading teams are hiring at BNPP, Citi, Deutsche Bank, J.P.Morgan and Societe Generale.
The pre-tax profit slumped 30% versus 1Q15. In equities and advisory/underwriting, banks cut costs in-step with a drop in revenue; FICC aggregate profit, however, fell by 42% y/y.
The EU's cap on bonuses has hobbled banks' ability to match costs with the shifts in revenue streams. Banks have reduced deferred comp in recent years, but the fixed component of cost at European arms of banks in this report jumped from c.60% in FY12 to 72% in FY15. Coupled with weak markets, this all but guarantees the continued weakness in profitability - or, indeed, a loss. Now, US regulators appear set to effect similar measures, extending the proposals from 2011.
Ipsos MORI Captains of Industry Survey 2012Ipsos UK
ย
The top issues facing Britain today according to the 2012 Captains of Industry study conducted by Ipsos MORI are the Government deficit (mentioned by 23%), Lack of economic growth (22%) and the Eurozone (20%). This is marked change from 2011 when the Eurozone was the most frequently mentioned issue, identified by 43%.Over half the Captains interviewed (57%) feel the general economic condition of the country over the next 12 months will remain the same, with a further third (31%) expecting economic conditions to improve. Just (12%) think the economy will get worse. This represents a considerable improvement from last year when 56% of Captains felt the economy would get worse.
See http://www.ipsos-mori.com/researchpublications/researcharchive/3107/Britains-bosses-share-concerns-of-the-public-over-deficit.aspx
Tricumen 1Q17 Capital Markets: Regions_310517Tricumen Ltd
ย
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
The majority down. 62% of our 72-stock universe suffered lower
sequential quarterly net profits, with 24% surprising on the downside.
The combined 1Q09 net profit of our research universe fell by just 3.5%
QoQ. But stripping out 5 large gainers, net profits fell a larger 13.6%
QoQ. Consumers and glove manufacturersโ defied gravity, but net
profits of virtually all stocks in nine sectors fell quarter-on-quarter.
A surprising combined result, but the devil is in the details. The
combined net profit of our research universe declined just 3.5% QoQ
despite an overwhelming 62% of companies reporting a sequential
quarterly decline. But excluding five companies, combined net profit fell
13.6% QoQ, an acceleration from previous quarters. A broad-based
earnings decline is being masked by a few companies, including some
monopolies.
Declines in nine sectors, but consumer sector unscathed. Every
stock in nine sectors, excluding monopolies Petronas Gas and KLCCP,
experienced a drop in quarterly sequential earnings. The sectors are
gaming, oil & gas, property, REITs, construction, building materials,
semi-conductors, plantations and toll roads. Consumer stocks and
glove manufacturers showed particular resilience.
An โenergy dividendโ took effect; monopolies fared well. Lower oil
prices benefited heavy fuel users AirAsia and Tenaga. Their gains were
only partially offset by lower earnings at the oil & gas services
companies. Net profits of Telekom, Tenaga and Petronas Gas, all
effectively monopolies, improved on a quarterly basis although only
Petronas Gas raised prices in 1Q09.
The biggest disappointment and downgrade: 1Q GDP. First quarter
2009 GDP fell 6.2% YoY, against consensus expectations of a 3-4%
drop. We have revised our GDP forecasts to -3.8% in 2009 and +4.0%
YoY in 2010 (previously -1.3% and +3.5% respectively). The
government, to be ahead in the expectations game, is projecting 2009
GDP growth of -4% to -5%. The silver lining is the government is now
under greater pressure to implement its fiscal stimulus plans quickly.
A reversal of fortune ahead for construction, building materials.
Despite uniformly lower earnings this 1Q, we believe the construction
and building materials sectors are only 2-3 quarters away from
improved revenues. Share prices of stocks in these sectors will likely
be driven by newsflow from the fiscal stimulus rather than earnings.
Tricumen / 1Q16 Capital Markets Results Review_openTricumen Ltd
ย
The combined 1Q16 operating revenue of banks in this report dropped 25% y/y, from US$54bn to US$41bn. Front office productivity also declined across the board, despite continuing/extended headcount cuts: 1,600 across BAML, BNPP, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs and Societe Generale, primarily in FICC, but also in equity derivatives (Credit Suisse) and DCM (Deutsche Bank). By contrast, equity and electronic trading teams are hiring at BNPP, Citi, Deutsche Bank, J.P.Morgan and Societe Generale.
The pre-tax profit slumped 30% versus 1Q15. In equities and advisory/underwriting, banks cut costs in-step with a drop in revenue; FICC aggregate profit, however, fell by 42% y/y.
The EU's cap on bonuses has hobbled banks' ability to match costs with the shifts in revenue streams. Banks have reduced deferred comp in recent years, but the fixed component of cost at European arms of banks in this report jumped from c.60% in FY12 to 72% in FY15. Coupled with weak markets, this all but guarantees the continued weakness in profitability - or, indeed, a loss. Now, US regulators appear set to effect similar measures, extending the proposals from 2011.
Ipsos MORI Captains of Industry Survey 2012Ipsos UK
ย
The top issues facing Britain today according to the 2012 Captains of Industry study conducted by Ipsos MORI are the Government deficit (mentioned by 23%), Lack of economic growth (22%) and the Eurozone (20%). This is marked change from 2011 when the Eurozone was the most frequently mentioned issue, identified by 43%.Over half the Captains interviewed (57%) feel the general economic condition of the country over the next 12 months will remain the same, with a further third (31%) expecting economic conditions to improve. Just (12%) think the economy will get worse. This represents a considerable improvement from last year when 56% of Captains felt the economy would get worse.
See http://www.ipsos-mori.com/researchpublications/researcharchive/3107/Britains-bosses-share-concerns-of-the-public-over-deficit.aspx
Tricumen 1Q17 Capital Markets: Regions_310517Tricumen Ltd
ย
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
Ipsos MORI Captains of Industry Survey 2012: Business Culture and RegulationIpsos UK
ย
More than half of Britainโs Captains of Industry (57%) think that the level of regulation affecting business in the UK overall has been increasing in the last 12 months according to the Ipsos MORI Captains of Industry survey 2012. A majority of Captains (91%) agree that politicians in this country have a poor understanding of business, and also that public culture in Britain is biased against business (70%).
Policy responses to the global economic crisis: Too little, too late?Latvijas Banka
ย
Presentation by Andrew Bosomworth, Managing Director, PIMCO, at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
Tricumen / Capital Markets: Results Review 3Q14Tricumen Ltd
ย
Capital markets operating revenue at the Top 13 investment banks totalled $144bn at the end of 9m14, barely behind 9m13. During the three months of 3Q14, operating revenues reached $43bn, slightly ahead of 3Q13 as strong ECM, M&A, FX and rates offset falls in DCM and equities revenues. The decline in FICC trading predicted by some market analysts did not materialise in 3Q14; on the contrary, only credit revenues declined โ slightly. Revenue/headcount productivity rose sharply in FICC compared to 9m13, partly due to banksโ continued trimming of staff in 2014.
Year-to-date operating expenses grew, however, by 6% to $108bn (excluding prop & principal investments), reducing the cumulative pre-tax profit to $31bn, 21% below 9m13. Banking profitability increased during this period by 10%, but FICC and Equities suffered sharp drops. The drop in equitiesโ profitability was largely due to the weak 3Q14, and was more pronounced among cash equity โflow monstersโ.
Tricumen / Capital Markets: Results Review 3Q13/9m13_OPENTricumen Ltd
ย
Capital Markets: Results Review 3Q13 / 9m13
๏ง The Top 13 investment banksโ 3Q13 revenue declined 13% versus 3Q12, erasing gains made in 1H13. A sharp decline in 3Q13/3Q12 FICC rates, credit and FX revenue was only partially offset by strong equity derivatives, cash (especially low-touch) and steady prime services.
๏ง Headcount reductions continued in 3Q13, but at a slower pace than in 1H13; the focus seems to be shifting to restructuring of underperforming units, rather than incremental cuts. Primary activities and Equities productivity advanced strongly versus 9m12, but FICC dropped sharply.
๏ง Among major banks, J.P.Morgan and Citi made greatest gains in share of the peer group revenue; J.P.Morgan advanced across all major areas, while Citiโs gains were largely down to the resilience of its FICC revenues. GS continues to lose ground - the bank acknowledged to having had a tough 3Q13, but suggested thatโs all it was; we are not so sure. The UBSโ decline was largely due to its pullout from FICC; the bankโs decline in the share of revenue pool in equities was modest, and the bank gained ground in primary activities.
Tricumen FY16 Capital Markets Regions_open 100317Tricumen Ltd
ย
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
Rates markets vignettes
Periodically, we compile series of snapshots on markets that have seen interesting developments in recent times. This note includes a selection of such high-level snapshots for Rates markets, with special emphasises on EMEA and Americas.
Tricumen 9m16 Capital Markets Regions_OPEN 121216Tricumen Ltd
ย
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
Ipsos MORI Captains of Industry Survey 2012: Business Culture and RegulationIpsos UK
ย
More than half of Britainโs Captains of Industry (57%) think that the level of regulation affecting business in the UK overall has been increasing in the last 12 months according to the Ipsos MORI Captains of Industry survey 2012. A majority of Captains (91%) agree that politicians in this country have a poor understanding of business, and also that public culture in Britain is biased against business (70%).
Policy responses to the global economic crisis: Too little, too late?Latvijas Banka
ย
Presentation by Andrew Bosomworth, Managing Director, PIMCO, at the Bank of Latvia conference "Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?"
Riga, November 2, 2012.
Tricumen / Capital Markets: Results Review 3Q14Tricumen Ltd
ย
Capital markets operating revenue at the Top 13 investment banks totalled $144bn at the end of 9m14, barely behind 9m13. During the three months of 3Q14, operating revenues reached $43bn, slightly ahead of 3Q13 as strong ECM, M&A, FX and rates offset falls in DCM and equities revenues. The decline in FICC trading predicted by some market analysts did not materialise in 3Q14; on the contrary, only credit revenues declined โ slightly. Revenue/headcount productivity rose sharply in FICC compared to 9m13, partly due to banksโ continued trimming of staff in 2014.
Year-to-date operating expenses grew, however, by 6% to $108bn (excluding prop & principal investments), reducing the cumulative pre-tax profit to $31bn, 21% below 9m13. Banking profitability increased during this period by 10%, but FICC and Equities suffered sharp drops. The drop in equitiesโ profitability was largely due to the weak 3Q14, and was more pronounced among cash equity โflow monstersโ.
Tricumen / Capital Markets: Results Review 3Q13/9m13_OPENTricumen Ltd
ย
Capital Markets: Results Review 3Q13 / 9m13
๏ง The Top 13 investment banksโ 3Q13 revenue declined 13% versus 3Q12, erasing gains made in 1H13. A sharp decline in 3Q13/3Q12 FICC rates, credit and FX revenue was only partially offset by strong equity derivatives, cash (especially low-touch) and steady prime services.
๏ง Headcount reductions continued in 3Q13, but at a slower pace than in 1H13; the focus seems to be shifting to restructuring of underperforming units, rather than incremental cuts. Primary activities and Equities productivity advanced strongly versus 9m12, but FICC dropped sharply.
๏ง Among major banks, J.P.Morgan and Citi made greatest gains in share of the peer group revenue; J.P.Morgan advanced across all major areas, while Citiโs gains were largely down to the resilience of its FICC revenues. GS continues to lose ground - the bank acknowledged to having had a tough 3Q13, but suggested thatโs all it was; we are not so sure. The UBSโ decline was largely due to its pullout from FICC; the bankโs decline in the share of revenue pool in equities was modest, and the bank gained ground in primary activities.
Tricumen FY16 Capital Markets Regions_open 100317Tricumen Ltd
ย
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
Rates markets vignettes
Periodically, we compile series of snapshots on markets that have seen interesting developments in recent times. This note includes a selection of such high-level snapshots for Rates markets, with special emphasises on EMEA and Americas.
Tricumen 9m16 Capital Markets Regions_OPEN 121216Tricumen Ltd
ย
This publication is supplementary to our quarterly Results Review; it shows banks' capital markets quarterly revenue and semi-annual pre-tax profit and productivity dynamics relative to their peers in major regions. The full dataset includes operating revenue, expenses and pre-tax profit at the Level 3 product detail in 7 regions, as well as normalised client segment revenue allocations, RWA and Equity.
All data is reconciled against the published financial statements. Further detail is available on request.
Beyond Open Access: Open Science and Research IntegrityHeidi Laine
ย
Presentation given at the 2015 Academic Mindtrek Conference at the workshop "Beyond Open Access: The changing culture of producing and disseminating scientific knowledge". Workshop was organised by the Open Knowledge Foundation Finland Open Science Working Group.
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
ย
Santander Consumer Finance se mueve en niveles rรฉcord de beneficios en 2011 y continuarรก haciรฉndolo en 2012 y 2013. Presentaciรณn Magda Salarich. Santander Investor Day 2011
Business Valuation Principles for EntrepreneursBen Wann
ย
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
ย
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
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Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
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As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your companyโs legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, weโll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
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โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
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โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
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At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Unveiling the Secrets How Does Generative AI Work.pdf
ย
Gartner Report
1. 2009: Recession or
Depression?
Mark Stromberg
Gartner
Speaker Name, Company Name/Logo - Slide 1
2. Key Issues Addressed
โข What is the outlook for 2009 and 2010?
โข When will the economic pain end? How bad will this get?
โข What are the stages of recovery from the current
semiconductor down cycle?
โข How will manufacturing providers be affected?
โข What are the long-term implications of the current crises
for the semiconductor industry and the macro economy?
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 2
3. Growth Forecast for Supply Chain
Revenue Growth (%) 2008 2009 2010
Global Real GDP +2.5 +0.2 +2.5
U.S. Real GDP +1.3 -2.5 +2.2
Elec. Equipment1 +1.8 -3.2 +4.2
Semiconductor2 -4.4 -16.3 +14.6
Foundry +2.8 -24.1 +25.1
SATS -2.4 -18.6 +11.8
Capital Spending -27.3 -34.1 +13.9
Equip. Spending -30.6 -31.7 +17.7
WFE Equipment -30.9 -33.1 +16.3
P&A Equipment -28.6 -30.7 +26.0
AT Equipment -30.0 -19.8 +18.9
Silicon -5.3 -22.4 +15.1
1
Production revenue
2
Including solar
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 3
4. Global Economic Environment for
2009
โข The U.S. recession will be one of the deepestโif not the deepestโof
the postwar period. (vs. 1982)
โข The downturn will be the worst in Europe over the last couple of
decades and the worst in Japan since 1998.
โข Growth in emerging markets will decelerate dramatically.
โข The U.S. Federal Reserve and other central banks will keep easing
monetary policy. (At what point does this become inflationary?)
โข More fiscal stimulus will go into the pipeline.
โข Commodity prices will remain at depressed levels for much of year.
โข Inflationary fears are currently replaced by concerns about deflation.
โข Global imbalances will improve markedly.
โข Can the US dollar maintain itโs dominance with this level of fiscal and
monetary stimulus?
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 4
5. All Eyes Are on the US for a Recovery:
Quarterly US GDP Forecast
US Real GDP Growth (Annual Rate)
โข Return to GDP expansion
5%
is forecast in 3Q 09, most
likely forecast scenario
3%
โข Downside risk remains
1%
for longer recession
โข Remaining G7 country
-1%
recovery follows US with
-3%
time delay
โข A lagging Europe could
Most Likely
-5% Downside
hamper a global
Upside
-7% recovery.
07
08
08
09
09
10
10
3Q
1Q
3Q
1Q
3Q
1Q
3Q
Source: Global Insight
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 5
6. Signs of Recovery
Economy & Finance Semiconductor Industry
โข Enterprise IT spending returns
โข Reduced volatility in financial
โข Consumer spending rises
market, sustained rise in equity
โข PCB Book to bill
โข Easing of commercial and
โข Contract electronics
consumer credit standards manufacturer orders rise
โข Bottoming of housing market โข Distributor orders rise
โข Rise in consumer confidence โข Inventory normalization
โข Semi materials orders improve
โข Pick up in retail sales (autos)
โข Increase in semiconductor
โข Rise in ISM Manufacturing Index prices
โข Layoffs slow, unemployment โข Increase in SATS orders
claims slow โข Increase in foundry outlook
โข Firming in commodity prices
โข Economic forecasts become
more balanced, positive
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 6
7. Dataquest Semiconductor Lead Index:
Macroeconomic Issues Impact Semis In 2009
Dataquest Index vs. Device Forecast Dataquest Index Predictions for 2009
Semiconductor Revenue Growth Semiconductor Revenue Growth
15%
30%
10%
20%
5%
10%
0%
-5%
0%
-10%
-10%
-15%
-20%
w
07
08
08
08
08
No
4Q
1Q
2Q
3Q
4Q
2003 2005 2007 2009
DQ Indicator Semiconductor Growth
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 7
8. Semiconductor Forecast:
Slashing Market Outlook as Economy Weakens
Mid-cycle Semiconductor Forecast Update
1Q08 2Q08 3Q08 4Q08 2008
๏ง Preliminary semiconductor market share
results show 4.4% decline in 2008
Revenue
67.5 69.0 71.4 54.0 261.9
($B)
๏ง 4Q08 revenues have โcollapsedโ
Q/Q Growth -5.1% 2.2% 3.5% -24% -4.4%
๏ง Last six weeks have seen vendors reduce
guidance for 1Q09
1Q09 2Q09 3Q09 4Q09 2009
Causing Gartner to re-calibrate its device
Revenue
51.7 51.4 55.4 60.8 219.2 forecast. Key assumptions for our mid-cycle
($B)
Semiconductor Forecast Update are:
Q/Q Growth -4.3% -0.6% 7.8% 9.9% -16%
๏ง PC unit growth in 2009 will be negative 5%,
down from plus 5.1% in our 4Q08 forecast
๏ง First revenue decline since the quot;dot-comquot; crash of
2001 ๏ง Cell phone unit growth will be negative 10%,
down from plus 2.9% in our 4Q08 forecast
๏ง Only fifth revenue decline in the last 25 years
๏ง Total consumer unit growth will be negative
(others were 1985, 1996, 1998 and 2001)
15%, down from negative 1.8% in our 4Q08
๏ง 2009 will be the first time that semiconductor forecast
industry has seen two consecutive years of revenue
decline
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 8
9. DRAM Forecast:
Supply Side Downturn to Demand Side Downturn
โข Bad News
โข DRAM industry has been in a supply side driven downturn for the last 18
months
โข Losses during 2007 and 2008 will be $12 billion and many vendors are have
financial problems and negative cash flows (much worse than 2001
downturn)
โข Recently some vendors have reacted with fab closures, production cutbacks
and expansion delays
โข Pricing is still at or below cash cost for many vendors
โข Now the industry faces a demand side downturn due to economic
environment
โข Good News
โข It is so bad, that it can not continue like this for much longer
bad
โข Vendors will HAVE to scale back supply growth further, or weaker players
will be forced into bankruptcy โ either way supply must be restrained
โข Significant pricing upside once supply/demand correct itself
Speaker Name, Company Name/Logo Stromberg, Gartner
Mark - Slide 9
10. Inventory Problems Brewing for 2009
Inventory Index
1.8
1.6
1.4
1.2
1
0.8
00
00
01
01
02
02
03
03
04
04
05
05
06
06
07
07
08
08
1Q
3Q
1Q
3Q
1Q
3Q
1Q
3Q
1Q
3Q
1Q
3Q
1Q
3Q
1Q
3Q
1Q
3Q
Legend: Less than 0.95 โ Moderate to severe shortages
0.95 to 1.10 โ Normal inventory levels
1.10 to less than 1.20 โ Moderately inflated
Greater than 1.20 โ Severe excess inventory
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 10
11. Waves of Recovery in Device
Application Sectors
IF US GDP growth returns in 3Q 09 ...
Inventory 2009 2010 2011
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
4Q08 1Q09
Data Processing
Comms - Wired
Comms - Wireless
Consumer
Automotive
Legend: Bottom
First Growth
Sustainable
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 11
12. Wafer Fab Utilization
Ratio of Silicon Consumed
to Fab Capacity
100%
Leading Edge
90%
80%
70%
60%
50%
40%
10
10
0
0
1
1
2
2
3
3
4
4
5
5
6
6
7
7
8
8
9
9
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
Q1/
Q3/
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 12
13. Foundry Capacity Utilization
Ratio of Silicon Consumed
Supply/Demand Trends
to Fab Capacity
โขUtilization rate fell to ~60% in 4Q08 & is
100% expected to plunge to 47% in Q109 as
demand weakens further
90%
โขWhile orders cut are across the board,12-
80% inch fabs are hit the hardest with some
utilization rate falling below 30%
70%
โขOverall leading edge utilization rate
dropped from >90% in 3Q08 to 54% in
60%
4Q08 & is expected to bottom to <40% by
1Q09.
50%
โขCapacity is expected to increase
40% moderately by mid-to-high percentage in
2009 & 2010
30%
โขWafer shipment is estimated to plummet
0
0
1
1
2
2
3
3
4
4
5
5
6
6
7
7
8
8
9
9
0
0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q1
3Q1 23% in 2009 before posting a 28%
recovery growth in 2010
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 13
14. Foundry Service Market:
Quarterly Revenue Scenarios
Quarterly Revenue ($Billion) Annual Growth (%)
8
30%
20%
7
10%
6 0%
-10%
5
-20%
-30%
4
2008 2009 2010
3
Alternative 1 Most Likely Alternative 2
1Q08 3Q08 1Q09 3Q09 1Q10 3Q10
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 14
15. Capital Spending:
Declining Further in 2009
Billions of Dollars
โข Memory bubble bursts
70
โข Production cuts and capacity
60
delays drive reductions
50
โข Smaller companies focusing
40
on technology advances, not
capacity
30
โข All segments responding to
20
grim economic news
10
โข New capacity projects
0
delayed
2003 2005 2007 2009 2011 2013
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 15
16. Capital Spending by Device Type
$M CapEx
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
00
01
02
03
04
05
06
07
08
09
10
11
12
13
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Logic/Mixed Signal Memory Other
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 16
17. Capex Details:
Memory Leads Decline
Total Capex ($ Billion) 2007 2008 2009
Logic (incl. Mixed Signal) $ 23,264 $ 19,438 $ 14,354
โข 2009 Memory spending
Memory $ 35,791 $ 22,412 $ 12,674
DRAM $ 21,794 $ 12,286 $ 6,553
down 65% from 2007
NAND Flash $ 11,776 $ 8,450 $ 5,183
Other MMRY $ 2,220 $ 1,677 $ 938
โข DRAM down 70%
Other Devices $ 4,263 $ 4,206 $ 3,328
IDM $ 52,615 $ 37,861 $ 24,689
โข NAND down 56%
Foundry $ 7,237 $ 4,993 $ 3,162
SATS $ 3,466 $ 3,202 $ 2,505
โข 2009 Logic/mixed signal
Total Capex $ 63,319 $ 46,056 $ 30,356
down 38% from 2007
Capex Growth (%) 2007 2008 2009
Logic (incl. Mixed Signal) -14.8% -16.4% -26.2%
โข 2009 Foundry and SATs
Memory 27.7% -37.4% -43.4%
spending down 47% from
DRAM 33.5% -43.6% -46.7%
NAND Flash 19.5% -27.6% -39.6%
2007
Other MMRY -26.3% -24.5% -44.1%
Other Devices -9.7% -1.4% -20.9%
IDM 7.7% -28.0% -34.8%
Foundry -2.9% -31.0% -36.7%
SATS -7.6% -7.6% -21.8%
Total Capex 5.4% -27.3% -34.1%
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 17
19. Wafer Fab Equipment
Quarterly Revenue Scenarios
Quarterly Revenue ($Billion) Annual Growth (%)
40%
9
30%
20%
8
10%
0%
7
-10%
-20%
6
-30%
-40%
5
-50%
2008 2009 2010
4
3 Alternative 1 Most Likely Alternative 2
1q08
3q08
1q09
3q09
1q10
3q10
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 19
20. WFE for 2009 and Beyond
โข How many vendors can actually afford advanced
wafer process tooling?
โข How quickly will volume production requests
return foundry service providers?
โข Will there be additional consolidation
requirements for device makers and their
vendors?
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 20
21. Dataquest P&A Utilization Index
Factory Utilization
100%
Leading Edge
90%
80%
70%
60%
50%
40%
30%
2
2
3
3
4
4
5
5
6
6
7
7
8
8
9
9
0
0
00
00
01
01
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q0
3Q0
1Q1
3Q1
Q1/
Q3/
Q1/
Q3/
Note: Leading edge is defined as BGA, CSP, flip chip, 3-D and
SiP.
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 21
22. SATS Market: Quarterly Revenue
Forecast Scenarios
Quarterly Revenue (Billions of Dollars) Annual Growth (%)
7
25%
15%
6
5%
-5%
5
-15%
-25%
4
-35%
2008 2009 2010
3
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
Alternative 1 Most Likely Alternative 2
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 22
23. Back-End Equipment Market:
Quarterly Revenue Forecast Scenarios
Quarterly Revenue (Billions of Dollars) Annual Growth (%)
40%
2.5
30%
20%
2.0
10%
0%
-10%
1.5
-20%
-30%
1.0
-40%
2008 2009 2010
0.5
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
Alternative 1 Most Likely Alternative 2
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 23
25. BEE for 2009 and Beyond
โข How soon will SATS companies recover? Will we
bottom in Q109, letting the utilization picture
firm?
โข When will TSV processes really go into volume
production for memory and logic?
โข If the recession continues, much more
consolidation will be required. This will include
service and equipment providers.
Speaker Name, Company Name/Logo -Stromberg, Gartner
Mark Slide 25
