Just listening to vishay concall. Some very interesting insights:
- The pricing & gross margins in resistors has been largely stable have actually improved QoQ from 31% to 33%.
- They find the economic conditions to be extraordinarily great. Orders and backlogs are at historically high levels. Concretely there is an order backlog of 7.6 months in the resistors segment.
- Concretely their resistor segment had 5% QoQ growth. I bet that a large part of that growth bridge is shivaliks shunts.
- Growth in automotive segment is expected to remain strong for vishay in midterm due to increasing share of electronic vehicles in overall market & general increase of electronics in vehicles.
- Significant investment is still to be made in charging infra (opportunity size is large for shivaliks shunts)
- Vishay enjoys a very strong position in resistor segment in autos, industrials.
- Guide for Q3 is 880M$ which is roughly 2% QoQ growth. Historically resistors have been one segment driving growth for vishay. This might continue. At least that is what shivalik investors hope for.
- On the question of slowdown & recession: essentially they said : what recession? Our orders & backlogs are at historic highs. We are able to pass on the price increases. We do not see any signs of weakness from any of our customers (realistically vishay is automotive + industrials)
- On management changes: will lay even more emphasis on growth
Disclaimer: invested, biased.
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