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    Bulk

    Senior Equity Research Analyst at New Street Research

    Rolf Bulk is a Senior Equity Research Analyst at New Street Research, specializing in technology infrastructure with specific coverage of companies such as ASML, Tokyo Electron, and Applied Materials. He has contributed investment analysis on these firms with published research illustrating nuanced perspectives on their quarterly performance and industry risks, demonstrating a track record for timely and relevant counsel to institutional investors. Bulk began his finance career at KAS BANK N.V. and Neonet Securities before joining the top-ranked Telecom Equipment and Semiconductors team at Bernstein, later transitioning to New Street Research in Singapore. He holds a Master of Science in Finance from the Stockholm School of Economics, a BA in Business from Rotterdam Business School, and brings deep sector expertise, though public records do not explicitly list securities licenses or formal industry rankings.

    Bulk's questions to TOELY leadership

    Bulk's questions to TOELY leadership • Q3 2024

    Question

    Asked why Tokyo Electron is guiding for sequential revenue growth in the March quarter while its peers forecast a decline, and whether 2024 revenue is expected to be front-end or back-end weighted.

    Answer

    The company expects a gradual increase in quarterly net sales into 2025, with more rapid growth in the second half of the next fiscal year. The difference in guidance compared to peers is attributed to different product lead times and lower backlog levels at Tokyo Electron, which affects the timing of revenue recognition.

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