Wafer Worries Weighing On Shin-Etsu
(WorldNews Japan)

When the stock of a well-run company that you´ve long admired gets to a point where the apparent annualized returns are in the double-digits, it´s a good time to refresh your due diligence. Such is the case with Shin-Etsu (OTCPK:SHECY) (4063.T), where management continues to execute at a high level and where the company´s core markets are healthy, but where recent fears relating to the semiconductor market seem to be having a disproportionate impact on the share price. The risk of a sudden drop in semiconductor demand is not trivial, as Shin-Etsu´s wafer business generates about 30% of total operating profits today, but I also don´t think it´s particularly likely given the tight current...