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2021-11-10

[Thinking] Worth considering as the whole world is in demand for chip.

These 25 semiconductor stocks could rise as much as 43% with chips in short supply<blockquote>由于芯片短缺，这 25 只半导体股票可能上涨高达 43%</blockquote>

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And yet the stocks of this critical group trade relatively low to the broader stock market.<blockquote>几乎每个投资者都意识到，半导体和相关设备（包括微处理器和芯片）短缺，而需求却很高。然而，这一关键群体的股票与大盘相比交易价格相对较低。</blockquote> Below is a list of favorite semiconductor stocks among Wall Street analysts, based on a deep dive into the holdings of five exchange traded funds focused on the industry.<blockquote>以下是华尔街分析师最喜欢的半导体股票列表，基于对五只专注于该行业的交易所交易基金的持股情况的深入研究。</blockquote> The chip shortage isn’t the whole story — innovation and new business have lit fires under some of the best-known semiconductor companies. Shares of Nvidia Corp.NVDAwere up 49% from the end of September through Nov. 8, while Advanced Micro Devices Inc.AMDwas up 46%.<blockquote>芯片短缺并不是全部--创新和新业务点燃了一些最知名的半导体公司的火焰。从 9 月底到 11 月 8 日，Nvidia Corp.NVDA 的股价上涨了 49%，而 Advanced Micro Devices Inc.AMDwas 的股价上涨了 46%。</blockquote> Industry appears cheaply valued<blockquote>工业估值似乎很低</blockquote> The PHLX Semiconductor IndexSOXis considered the benchmark index for chip makers and companies that make equipment and systems used by them. It is tracked by the iShares Semiconductor ETFSOXX,which holds all 30 stocks in the index and is weighted by market capitalization.<blockquote>PHLX半导体指数SOXIS被认为是芯片制造商和制造其使用的设备和系统的公司的基准指数。它由 iShares Semiconductor ETFSOXX 跟踪，该公司持有该指数中的所有 30 只股票，并按市值加权。</blockquote> This means Nvidia is the top holding, making up 9.7% of the portfolio, and the top five investments, which also include Broadcom Inc.AVGO,Intel Corp.INTC,Qualcomm Inc.QCOMand Texas Instruments Inc.TXN,account for 35.3% of the ETF’s assets. The sixth-ranked company, AMD, is 4.5% of the portfolio.<blockquote>这意味着英伟达是最大的持股，占投资组合的 9.7%，而前五大投资（还包括 Broadcom Inc.AVGO、Intel Corp.INTC、Qualcomm Inc.QCOM 和 Texas Instruments Inc.TXN）占该 ETF 资产的 35.3%。排名第六的公司 AMD 占投资组合的 4.5%。</blockquote> SOXX trades at a forward price-to-earnings ratio of 20.9, based on consensus estimates among analysts polled by FactSet, while the forward P/E for the S&amp;P 500 IndexSPXis 21.7. It’s not unusual for the semiconductors to trade at a discount. However, itisunusual for there to be a broad shortage of the industry’s products.<blockquote>根据 FactSet 调查的分析师的一致估计，SOXX 的远期市盈率为 20.9，而标普500指数 SPXIS 的远期市盈率为 21.7。半导体公司打折交易并不罕见。然而，它是该行业产品普遍短缺是不寻常的。</blockquote> Here’s how SOXX has traded relative to the S&amp;P 500 over the past 10 years:<blockquote>以下是 SOXX 在过去 10 年中相对于标普500的交易情况：</blockquote> <img src=\"https://static.tigerbbs.com/565a527c93f3b84b9b58a527627e6aa6\" tg-width=\"700\" tg-height=\"638\" referrerpolicy=\"no-referrer\">FACTSET<blockquote>事实集</blockquote> Underlining the discount for the semiconductor group is the expectation that the group will increase its sales and earnings much more quickly over the next two years.<blockquote>半导体集团的折扣是预期该集团将在未来两年更快地增加销售额和盈利，这凸显了该集团的折扣。</blockquote> Here are expected compound annual growth rates (CAGR) for sales and earnings per share through 2023, based on weighted consensus estimates among analysts polled by FactSet:<blockquote>以下是根据 FactSet 调查的分析师的加权共识估计，到 2023 年销售额和每股收益的预期复合年增长率 (CAGR)：</blockquote> <img src=\"https://static.tigerbbs.com/5ebde8ab9420b13a890ecac197154fb9\" tg-width=\"935\" tg-height=\"466\" referrerpolicy=\"no-referrer\">ETF deep dive<blockquote>ETF深度潜水</blockquote> To look beyond the SOXX 30, we reviewed five ETFs that follow different approaches, to come up with a broader initial list of stocks:<blockquote>为了超越 SOXX 30，我们审查了五只采用不同方法的 ETF，以得出更广泛的股票初始列表：</blockquote> <ul> <li>SOXX is the largest, with $8.9 billion in total assets, and is cap-weighted, as described above. It holds the 30 largest U.S.-listed companies in the industry, including American depositary receipts (ADRs) of foreign companies, such as Taiwan Semiconductor Manufacturing Co.TSM,which are capped at 10% of the portfolio. Its annual expenses are 0.43% of assets under management.</li> <li>The VanEck Semiconductor ETFSMHhas $6.9 billion in assets, with a cap-weighted portfolio of 25 stocks, selected though a scoring methodology that includes market cap and trading volume. It is even more concentrated than SOXX, with its top five holdings making up 44.4% of the portfolio, but its different weighting scheme means Taiwan Semiconductor is the top holding, at 14.5%. Its expense ratio is 0.35%.</li> <li>The SPDR S&amp;P Semiconductor ETFXSDhas $1.4 billion in assets, with a modified equal weighting of 40 stocks that “tilts its portfolio away from large, well-known companies and toward smaller growth ones,” according to FactSet. Its expense ratio is 0.35%.</li> <li>The Invesco Dynamic Semiconductors ETFPSIalso leans toward smaller companies, with a modified equal-weighted $860 million portfolio of 30 stocks, reconstituted quarterly. Its expense ratio is 0.56%.</li> <li>The First Trust Nasdaq Semiconductor ETFFTXLhas $95 million in assets and holds 30 of the most liquid semiconductor stocks listed in the U.S., “weighted according to factors related to value, volatility and growth,” according to FactSet. Its largest holding is Synaptics Inc.SYNA,which makes up 8.3% of the portfolio. Its expense ratio is 0.60%.</li> </ul> Together, removing duplicates, the five ETFs hold 65 stocks, with 62 covered by at least five analysts covered by FactSet.<blockquote><ul><li>SOXX 是最大的，总资产达 89 亿美元，并且是上限加权的，如上所述。它持有业内30家最大的美国上市公司，包括台积电TSM等外国公司的美国存托凭证（ADR），其上限为投资组合的10%。其年度费用占管理资产的0.43%。</li><li>VanEck 半导体 ETFSMH 拥有 69 亿美元的资产，拥有 25 只股票的市值加权投资组合，通过包括市值和交易量在内的评分方法进行选择。它甚至比 SOXX 更加集中，其前五名持股占投资组合的 44.4%，但其不同的权重方案意味着台积电是最大的持股，为 14.5%。其费用率为0.35%。</li><li>FactSet 的数据显示，SPDR S&amp;P Semiconductor ETFXSD 拥有 14 亿美元的资产，40 只股票的修改后等权重 “使其投资组合远离大型知名公司，转向规模较小的成长型公司”。其费用率为0.35%。</li><li>Invesco Dynamic Semiconductors ETFPSIA 也倾向于规模较小的公司，其修改后的等权重 8.6 亿美元投资组合由 30 只股票组成，每季度重组一次。其费用率为0.56%。</li><li>根据 FactSet 的数据，First Trust 纳斯达克半导体 ETFFTXL 拥有 9500 万美元的资产，持有 30 只美国上市流动性最强的半导体股票，“根据与价值、波动性和增长相关的因素进行加权”。其最大的持股是 Synaptics Inc.SYNA，占投资组合的 8.3%。其费用率为0.60%。</li></ul>剔除重复，这五只 ETF 总共持有 65 只股票，其中 62 只股票由 FactSet 覆盖的至少五名分析师覆盖。</blockquote> Among the 62 companies, 25 have “buy” or equivalent ratings among at least 75% of the analysts. Only 10 of them are held by SOXX and only three (including Nvidia) are held by all five ETFs. Here they are, ranked by the implied 12-month upside, based on consensus price targets:<blockquote>在这 62 家公司中，至少有 75% 的分析师给予 “买入 ”或同等评级。其中只有 10 只由 SOXX 持有，只有 3 只（包括 Nvidia）由所有五只 ETF 持有。以下是根据共识价格目标，按隐含的 12 个月上涨空间进行排名：</blockquote> <img src=\"https://static.tigerbbs.com/c56961b72468eebe8eb44b9710295512\" tg-width=\"879\" tg-height=\"644\" referrerpolicy=\"no-referrer\">As you can see on the table, some of the stocks, despite being so well-regarded, have gotten ahead of their one-year price targets. Nvidia is a good example. Why do so many analysts rate it a buy, despite believing the stock is overheated? Because they are looking at years beyond a 12-month target.<blockquote>正如你在表格中看到的那样，一些股票尽管备受好评，但已经超出了一年的价格目标。英伟达就是一个很好的例子。尽管认为该股过热，但为什么这么多分析师仍将其评级为买入？因为他们着眼于超过 12 个月目标的年份。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>These 25 semiconductor stocks could rise as much as 43% with chips in short supply<blockquote>由于芯片短缺，这 25 只半导体股票可能上涨高达 43%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThese 25 semiconductor stocks could rise as much as 43% with chips in short supply<blockquote>由于芯片短缺，这 25 只半导体股票可能上涨高达 43%</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketwatch2021-11-10 11:44\n\n</h4>\n</header>\n<article>\nJust about every investor is aware that a shortage of semiconductors and related equipment, including microprocessors and chips, are in short supply while demand is high. And yet the stocks of this critical group trade relatively low to the broader stock market.<blockquote>几乎每个投资者都意识到，半导体和相关设备（包括微处理器和芯片）短缺，而需求却很高。然而，这一关键群体的股票与大盘相比交易价格相对较低。</blockquote> Below is a list of favorite semiconductor stocks among Wall Street analysts, based on a deep dive into the holdings of five exchange traded funds focused on the industry.<blockquote>以下是华尔街分析师最喜欢的半导体股票列表，基于对五只专注于该行业的交易所交易基金的持股情况的深入研究。</blockquote> The chip shortage isn’t the whole story — innovation and new business have lit fires under some of the best-known semiconductor companies. Shares of Nvidia Corp.NVDAwere up 49% from the end of September through Nov. 8, while Advanced Micro Devices Inc.AMDwas up 46%.<blockquote>芯片短缺并不是全部--创新和新业务点燃了一些最知名的半导体公司的火焰。从 9 月底到 11 月 8 日，Nvidia Corp.NVDA 的股价上涨了 49%，而 Advanced Micro Devices Inc.AMDwas 的股价上涨了 46%。</blockquote> Industry appears cheaply valued<blockquote>工业估值似乎很低</blockquote> The PHLX Semiconductor IndexSOXis considered the benchmark index for chip makers and companies that make equipment and systems used by them. It is tracked by the iShares Semiconductor ETFSOXX,which holds all 30 stocks in the index and is weighted by market capitalization.<blockquote>PHLX半导体指数SOXIS被认为是芯片制造商和制造其使用的设备和系统的公司的基准指数。它由 iShares Semiconductor ETFSOXX 跟踪，该公司持有该指数中的所有 30 只股票，并按市值加权。</blockquote> This means Nvidia is the top holding, making up 9.7% of the portfolio, and the top five investments, which also include Broadcom Inc.AVGO,Intel Corp.INTC,Qualcomm Inc.QCOMand Texas Instruments Inc.TXN,account for 35.3% of the ETF’s assets. The sixth-ranked company, AMD, is 4.5% of the portfolio.<blockquote>这意味着英伟达是最大的持股，占投资组合的 9.7%，而前五大投资（还包括 Broadcom Inc.AVGO、Intel Corp.INTC、Qualcomm Inc.QCOM 和 Texas Instruments Inc.TXN）占该 ETF 资产的 35.3%。排名第六的公司 AMD 占投资组合的 4.5%。</blockquote> SOXX trades at a forward price-to-earnings ratio of 20.9, based on consensus estimates among analysts polled by FactSet, while the forward P/E for the S&amp;P 500 IndexSPXis 21.7. It’s not unusual for the semiconductors to trade at a discount. However, itisunusual for there to be a broad shortage of the industry’s products.<blockquote>根据 FactSet 调查的分析师的一致估计，SOXX 的远期市盈率为 20.9，而标普500指数 SPXIS 的远期市盈率为 21.7。半导体公司打折交易并不罕见。然而，它是该行业产品普遍短缺是不寻常的。</blockquote> Here’s how SOXX has traded relative to the S&amp;P 500 over the past 10 years:<blockquote>以下是 SOXX 在过去 10 年中相对于标普500的交易情况：</blockquote> <img src=\"https://static.tigerbbs.com/565a527c93f3b84b9b58a527627e6aa6\" tg-width=\"700\" tg-height=\"638\" referrerpolicy=\"no-referrer\">FACTSET<blockquote>事实集</blockquote> Underlining the discount for the semiconductor group is the expectation that the group will increase its sales and earnings much more quickly over the next two years.<blockquote>半导体集团的折扣是预期该集团将在未来两年更快地增加销售额和盈利，这凸显了该集团的折扣。</blockquote> Here are expected compound annual growth rates (CAGR) for sales and earnings per share through 2023, based on weighted consensus estimates among analysts polled by FactSet:<blockquote>以下是根据 FactSet 调查的分析师的加权共识估计，到 2023 年销售额和每股收益的预期复合年增长率 (CAGR)：</blockquote> <img src=\"https://static.tigerbbs.com/5ebde8ab9420b13a890ecac197154fb9\" tg-width=\"935\" tg-height=\"466\" referrerpolicy=\"no-referrer\">ETF deep dive<blockquote>ETF深度潜水</blockquote> To look beyond the SOXX 30, we reviewed five ETFs that follow different approaches, to come up with a broader initial list of stocks:<blockquote>为了超越 SOXX 30，我们审查了五只采用不同方法的 ETF，以得出更广泛的股票初始列表：</blockquote> <ul> <li>SOXX is the largest, with $8.9 billion in total assets, and is cap-weighted, as described above. It holds the 30 largest U.S.-listed companies in the industry, including American depositary receipts (ADRs) of foreign companies, such as Taiwan Semiconductor Manufacturing Co.TSM,which are capped at 10% of the portfolio. Its annual expenses are 0.43% of assets under management.</li> <li>The VanEck Semiconductor ETFSMHhas $6.9 billion in assets, with a cap-weighted portfolio of 25 stocks, selected though a scoring methodology that includes market cap and trading volume. It is even more concentrated than SOXX, with its top five holdings making up 44.4% of the portfolio, but its different weighting scheme means Taiwan Semiconductor is the top holding, at 14.5%. Its expense ratio is 0.35%.</li> <li>The SPDR S&amp;P Semiconductor ETFXSDhas $1.4 billion in assets, with a modified equal weighting of 40 stocks that “tilts its portfolio away from large, well-known companies and toward smaller growth ones,” according to FactSet. Its expense ratio is 0.35%.</li> <li>The Invesco Dynamic Semiconductors ETFPSIalso leans toward smaller companies, with a modified equal-weighted $860 million portfolio of 30 stocks, reconstituted quarterly. Its expense ratio is 0.56%.</li> <li>The First Trust Nasdaq Semiconductor ETFFTXLhas $95 million in assets and holds 30 of the most liquid semiconductor stocks listed in the U.S., “weighted according to factors related to value, volatility and growth,” according to FactSet. Its largest holding is Synaptics Inc.SYNA,which makes up 8.3% of the portfolio. Its expense ratio is 0.60%.</li> </ul> Together, removing duplicates, the five ETFs hold 65 stocks, with 62 covered by at least five analysts covered by FactSet.<blockquote><ul><li>SOXX 是最大的，总资产达 89 亿美元，并且是上限加权的，如上所述。它持有业内30家最大的美国上市公司，包括台积电TSM等外国公司的美国存托凭证（ADR），其上限为投资组合的10%。其年度费用占管理资产的0.43%。</li><li>VanEck 半导体 ETFSMH 拥有 69 亿美元的资产，拥有 25 只股票的市值加权投资组合，通过包括市值和交易量在内的评分方法进行选择。它甚至比 SOXX 更加集中，其前五名持股占投资组合的 44.4%，但其不同的权重方案意味着台积电是最大的持股，为 14.5%。其费用率为0.35%。</li><li>FactSet 的数据显示，SPDR S&amp;P Semiconductor ETFXSD 拥有 14 亿美元的资产，40 只股票的修改后等权重 “使其投资组合远离大型知名公司，转向规模较小的成长型公司”。其费用率为0.35%。</li><li>Invesco Dynamic Semiconductors ETFPSIA 也倾向于规模较小的公司，其修改后的等权重 8.6 亿美元投资组合由 30 只股票组成，每季度重组一次。其费用率为0.56%。</li><li>根据 FactSet 的数据，First Trust 纳斯达克半导体 ETFFTXL 拥有 9500 万美元的资产，持有 30 只美国上市流动性最强的半导体股票，“根据与价值、波动性和增长相关的因素进行加权”。其最大的持股是 Synaptics Inc.SYNA，占投资组合的 8.3%。其费用率为0.60%。</li></ul>剔除重复，这五只 ETF 总共持有 65 只股票，其中 62 只股票由 FactSet 覆盖的至少五名分析师覆盖。</blockquote> Among the 62 companies, 25 have “buy” or equivalent ratings among at least 75% of the analysts. Only 10 of them are held by SOXX and only three (including Nvidia) are held by all five ETFs. Here they are, ranked by the implied 12-month upside, based on consensus price targets:<blockquote>在这 62 家公司中，至少有 75% 的分析师给予 “买入 ”或同等评级。其中只有 10 只由 SOXX 持有，只有 3 只（包括 Nvidia）由所有五只 ETF 持有。以下是根据共识价格目标，按隐含的 12 个月上涨空间进行排名：</blockquote> <img src=\"https://static.tigerbbs.com/c56961b72468eebe8eb44b9710295512\" tg-width=\"879\" tg-height=\"644\" referrerpolicy=\"no-referrer\">As you can see on the table, some of the stocks, despite being so well-regarded, have gotten ahead of their one-year price targets. Nvidia is a good example. Why do so many analysts rate it a buy, despite believing the stock is overheated? Because they are looking at years beyond a 12-month target.<blockquote>正如你在表格中看到的那样，一些股票尽管备受好评，但已经超出了一年的价格目标。英伟达就是一个很好的例子。尽管认为该股过热，但为什么这么多分析师仍将其评级为买入？因为他们着眼于超过 12 个月目标的年份。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/these-25-semiconductor-stocks-could-rise-as-much-as-43-with-chips-in-short-supply-11636476231?mod=home-page\">Marketwatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMD":"美国超微公司","NVDA":"英伟达"},"source_url":"https://www.marketwatch.com/story/these-25-semiconductor-stocks-could-rise-as-much-as-43-with-chips-in-short-supply-11636476231?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122480121","content_text":"Just about every investor is aware that a shortage of semiconductors and related equipment, including microprocessors and chips, are in short supply while demand is high. And yet the stocks of this critical group trade relatively low to the broader stock market.\nBelow is a list of favorite semiconductor stocks among Wall Street analysts, based on a deep dive into the holdings of five exchange traded funds focused on the industry.\nThe chip shortage isn’t the whole story — innovation and new business have lit fires under some of the best-known semiconductor companies. Shares of Nvidia Corp.NVDAwere up 49% from the end of September through Nov. 8, while Advanced Micro Devices Inc.AMDwas up 46%.\nIndustry appears cheaply valued\nThe PHLX Semiconductor IndexSOXis considered the benchmark index for chip makers and companies that make equipment and systems used by them. It is tracked by the iShares Semiconductor ETFSOXX,which holds all 30 stocks in the index and is weighted by market capitalization.\nThis means Nvidia is the top holding, making up 9.7% of the portfolio, and the top five investments, which also include Broadcom Inc.AVGO,Intel Corp.INTC,Qualcomm Inc.QCOMand Texas Instruments Inc.TXN,account for 35.3% of the ETF’s assets. The sixth-ranked company, AMD, is 4.5% of the portfolio.\nSOXX trades at a forward price-to-earnings ratio of 20.9, based on consensus estimates among analysts polled by FactSet, while the forward P/E for the S&P 500 IndexSPXis 21.7. It’s not unusual for the semiconductors to trade at a discount. However, itisunusual for there to be a broad shortage of the industry’s products.\nHere’s how SOXX has traded relative to the S&P 500 over the past 10 years:\nFACTSET\nUnderlining the discount for the semiconductor group is the expectation that the group will increase its sales and earnings much more quickly over the next two years.\nHere are expected compound annual growth rates (CAGR) for sales and earnings per share through 2023, based on weighted consensus estimates among analysts polled by FactSet:\nETF deep dive\nTo look beyond the SOXX 30, we reviewed five ETFs that follow different approaches, to come up with a broader initial list of stocks:\n\nSOXX is the largest, with $8.9 billion in total assets, and is cap-weighted, as described above. It holds the 30 largest U.S.-listed companies in the industry, including American depositary receipts (ADRs) of foreign companies, such as Taiwan Semiconductor Manufacturing Co.TSM,which are capped at 10% of the portfolio. Its annual expenses are 0.43% of assets under management.\nThe VanEck Semiconductor ETFSMHhas $6.9 billion in assets, with a cap-weighted portfolio of 25 stocks, selected though a scoring methodology that includes market cap and trading volume. It is even more concentrated than SOXX, with its top five holdings making up 44.4% of the portfolio, but its different weighting scheme means Taiwan Semiconductor is the top holding, at 14.5%. Its expense ratio is 0.35%.\nThe SPDR S&P Semiconductor ETFXSDhas $1.4 billion in assets, with a modified equal weighting of 40 stocks that “tilts its portfolio away from large, well-known companies and toward smaller growth ones,” according to FactSet. Its expense ratio is 0.35%.\nThe Invesco Dynamic Semiconductors ETFPSIalso leans toward smaller companies, with a modified equal-weighted $860 million portfolio of 30 stocks, reconstituted quarterly. Its expense ratio is 0.56%.\nThe First Trust Nasdaq Semiconductor ETFFTXLhas $95 million in assets and holds 30 of the most liquid semiconductor stocks listed in the U.S., “weighted according to factors related to value, volatility and growth,” according to FactSet. Its largest holding is Synaptics Inc.SYNA,which makes up 8.3% of the portfolio. Its expense ratio is 0.60%.\n\nTogether, removing duplicates, the five ETFs hold 65 stocks, with 62 covered by at least five analysts covered by FactSet.\nAmong the 62 companies, 25 have “buy” or equivalent ratings among at least 75% of the analysts. Only 10 of them are held by SOXX and only three (including Nvidia) are held by all five ETFs. Here they are, ranked by the implied 12-month upside, based on consensus price targets:\nAs you can see on the table, some of the stocks, despite being so well-regarded, have gotten ahead of their one-year price targets. Nvidia is a good example. Why do so many analysts rate it a buy, despite believing the stock is overheated? Because they are looking at years beyond a 12-month target.","news_type":1,"symbols_score_info":{"NVDA":0.9,"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":1241,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":59,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/847235796"}