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2021-11-10
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These 25 semiconductor stocks could rise as much as 43% with chips in short supply<blockquote>芯片供不应求这25只半导体股或涨43%</blockquote>
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And yet the stocks of this critical group trade relatively low to the broader stock market.</p><p><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）供应短缺，而需求却很高。然而，这一关键群体的股票交易价格相对于大盘而言相对较低。</blockquote></p><p> 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.</p><p><blockquote>以下是华尔街分析师最喜欢的半导体股票列表，该列表基于对专注于该行业的五只交易所交易基金持有量的深入研究。</blockquote></p><p> 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%.</p><p><blockquote>芯片短缺并不是故事的全部——创新和新业务已经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.AMD的股价上涨了46%。</blockquote></p><p> <b>Industry appears cheaply valued</b></p><p><blockquote><b>行业估值似乎很低</b></blockquote></p><p> 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.</p><p><blockquote>PHLX半导体指数Soxis被认为是芯片制造商以及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ETFSOXX持有该指数中的所有30只股票，并按市值加权。</blockquote></p><p> 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.</p><p><blockquote>这意味着英伟达是最大持股，占投资组合的9.7%，而前五名投资（还包括博通公司AVGO、英特尔公司INTC、高通公司QCOM和德州仪器公司TXN）占35.3%ETF的资产。排名第六的公司AMD占投资组合的4.5%。</blockquote></p><p> 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&P 500 IndexSPXis 21.7. It’s not unusual for the semiconductors to trade at a discount. However, it<i>is</i>unusual for there to be a broad shortage of the industry’s products.</p><p><blockquote>根据FactSet调查的分析师一致预期，SOXX的预期市盈率为20.9，而标普500指数SPXI的预期市盈率为21.7。半导体折价交易并不罕见。然而，它<i>是</i>该行业的产品普遍短缺是不寻常的。</blockquote></p><p> Here’s how SOXX has traded relative to the S&P 500 over the past 10 years:</p><p><blockquote>以下是SOXX过去10年相对于标普500的交易情况：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/565a527c93f3b84b9b58a527627e6aa6\" tg-width=\"700\" tg-height=\"638\" referrerpolicy=\"no-referrer\">FACTSET</p><p><blockquote>FACTSET</blockquote></p><p> 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.</p><p><blockquote>强调该半导体集团折扣的是，预计该集团将在未来两年内更快地增加销售额和盈利。</blockquote></p><p> 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:</p><p><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></p><p> <img src=\"https://static.tigerbbs.com/5ebde8ab9420b13a890ecac197154fb9\" tg-width=\"935\" tg-height=\"466\" referrerpolicy=\"no-referrer\">ETF deep dive</p><p><blockquote>ETF深潜</blockquote></p><p> To look beyond the SOXX 30, we reviewed five ETFs that follow different approaches, to come up with a broader initial list of stocks:</p><p><blockquote>为了超越SOXX 30，我们回顾了遵循不同方法的五只ETF，以得出更广泛的初始股票列表：</blockquote></p><p> <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&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.</p><p><blockquote><ul><li>如上所述，SOXX是最大的，总资产为89亿美元，并且按市值加权。它持有业内30家最大的美国上市公司，包括台积电公司（TSM）等外国公司的美国存托凭证（ADR），其上限为投资组合的10%。其年度费用为管理资产的0.43%。</li><li>VanEck Semiconductor ETFSMH拥有69亿美元的资产，市值加权投资组合由25只股票组成，通过包括市值和交易量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持股，为14.5%。其费用率为0.35%。</li><li>FactSet的数据显示，SPDR S&P Semiconductor ETFXSDH拥有14亿美元的资产，修改后的等权重为40只股票，“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 ETFPSI也倾向于规模较小的公司，其修改后的等权重为8.6亿美元的投资组合由30只股票组成，每季度重组一次。其费用率为0.56%。</li><li>FactSet的数据显示，第一信托纳斯达克半导体ETFFTXL拥有9500万美元的资产，持有30只在美国上市的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>剔除重复项后，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5名分析师覆盖。</blockquote></p><p> 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:</p><p><blockquote>在这62家公司中，有25家公司获得了至少75%的分析师的“买入”或同等评级。其中只有10只由SOXX持有，所有5只ETF仅持有3只（包括Nvidia）。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></p><p></p><p> <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.</p><p><blockquote>正如您在表格中看到的，一些股票尽管受到好评，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。为什么这么多分析师认为该股过热，但仍将其评级为买入？因为他们着眼于12个月目标之外的几年。</blockquote></p><p></p>","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>芯片供不应求这25只半导体股或涨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>芯片供不应求这25只半导体股或涨43%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-11-10 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>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.</p><p><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）供应短缺，而需求却很高。然而，这一关键群体的股票交易价格相对于大盘而言相对较低。</blockquote></p><p> 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.</p><p><blockquote>以下是华尔街分析师最喜欢的半导体股票列表，该列表基于对专注于该行业的五只交易所交易基金持有量的深入研究。</blockquote></p><p> 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%.</p><p><blockquote>芯片短缺并不是故事的全部——创新和新业务已经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.AMD的股价上涨了46%。</blockquote></p><p> <b>Industry appears cheaply valued</b></p><p><blockquote><b>行业估值似乎很低</b></blockquote></p><p> 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.</p><p><blockquote>PHLX半导体指数Soxis被认为是芯片制造商以及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ETFSOXX持有该指数中的所有30只股票，并按市值加权。</blockquote></p><p> 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.</p><p><blockquote>这意味着英伟达是最大持股，占投资组合的9.7%，而前五名投资（还包括博通公司AVGO、英特尔公司INTC、高通公司QCOM和德州仪器公司TXN）占35.3%ETF的资产。排名第六的公司AMD占投资组合的4.5%。</blockquote></p><p> 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&P 500 IndexSPXis 21.7. It’s not unusual for the semiconductors to trade at a discount. However, it<i>is</i>unusual for there to be a broad shortage of the industry’s products.</p><p><blockquote>根据FactSet调查的分析师一致预期，SOXX的预期市盈率为20.9，而标普500指数SPXI的预期市盈率为21.7。半导体折价交易并不罕见。然而，它<i>是</i>该行业的产品普遍短缺是不寻常的。</blockquote></p><p> Here’s how SOXX has traded relative to the S&P 500 over the past 10 years:</p><p><blockquote>以下是SOXX过去10年相对于标普500的交易情况：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/565a527c93f3b84b9b58a527627e6aa6\" tg-width=\"700\" tg-height=\"638\" referrerpolicy=\"no-referrer\">FACTSET</p><p><blockquote>FACTSET</blockquote></p><p> 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.</p><p><blockquote>强调该半导体集团折扣的是，预计该集团将在未来两年内更快地增加销售额和盈利。</blockquote></p><p> 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:</p><p><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></p><p> <img src=\"https://static.tigerbbs.com/5ebde8ab9420b13a890ecac197154fb9\" tg-width=\"935\" tg-height=\"466\" referrerpolicy=\"no-referrer\">ETF deep dive</p><p><blockquote>ETF深潜</blockquote></p><p> To look beyond the SOXX 30, we reviewed five ETFs that follow different approaches, to come up with a broader initial list of stocks:</p><p><blockquote>为了超越SOXX 30，我们回顾了遵循不同方法的五只ETF，以得出更广泛的初始股票列表：</blockquote></p><p> <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&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.</p><p><blockquote><ul><li>如上所述，SOXX是最大的，总资产为89亿美元，并且按市值加权。它持有业内30家最大的美国上市公司，包括台积电公司（TSM）等外国公司的美国存托凭证（ADR），其上限为投资组合的10%。其年度费用为管理资产的0.43%。</li><li>VanEck Semiconductor ETFSMH拥有69亿美元的资产，市值加权投资组合由25只股票组成，通过包括市值和交易量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持股，为14.5%。其费用率为0.35%。</li><li>FactSet的数据显示，SPDR S&P Semiconductor ETFXSDH拥有14亿美元的资产，修改后的等权重为40只股票，“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 ETFPSI也倾向于规模较小的公司，其修改后的等权重为8.6亿美元的投资组合由30只股票组成，每季度重组一次。其费用率为0.56%。</li><li>FactSet的数据显示，第一信托纳斯达克半导体ETFFTXL拥有9500万美元的资产，持有30只在美国上市的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>剔除重复项后，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5名分析师覆盖。</blockquote></p><p> 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:</p><p><blockquote>在这62家公司中，有25家公司获得了至少75%的分析师的“买入”或同等评级。其中只有10只由SOXX持有，所有5只ETF仅持有3只（包括Nvidia）。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></p><p></p><p> <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.</p><p><blockquote>正如您在表格中看到的，一些股票尽管受到好评，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。为什么这么多分析师认为该股过热，但仍将其评级为买入？因为他们着眼于12个月目标之外的几年。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 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></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","AMD":"美国超微公司"},"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":1360,"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":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/847679247"}
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