Intel, Taiwan Semi, Samsung spending plans to get focus with results, Citi says
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With Taiwan Semiconductor (NYSE:TSM), Intel (NASDAQ:INTC) and Samsung (OTCPK:SSNLF) slated to provide quarterly results over the next few days, their respective spending plans will also be of interest, investment firm Citi said. 
"Overall we see early signs of equipment bookings pickup and maintain our view that the group remains in cyclical recovery phase 2," analyst Atif Malik wrote in an investor note. 
"We expect the group to make new highs through the year given upward estimate revisions as a % of total estimate revisions are still ~30% below prior peaks."
For Taiwan Semiconductor (TSM), which is slated to report tomorrow, Citi noted the company reaffirmed its spending guidance for 2023 ($32B to $36B) at its June 6 shareholders meeting, but it was "biased" towards the low end of the range.
Citi expects roughly $31B in spending on wafer fab equipment for Taiwan Semiconductor (TSM), in-line with Wall Street's estimates.
Intel (INTC) is set to report on July 27 and though it has not provided guidance on 2023 spending, it did discuss capital allocation in February, lowering its capex/sales model to the low 30% range from 35% to "better align with the challenging business environment."
The firm expects Intel (INTC) to spend roughly $20B on wafer fab equipment, slightly above the $19.6B that Wall Street is expecting.
Samsung (OTCPK:SSNLF) is slated to report results on July 26 and the company recently raised its 2023 and 2024 earnings estimates due to expectations of a "solid" recovery in the memory market in the second-half and "resilient" smartphone and display businesses. 
In April, Samsung (OTCPK:SSNLF) said it would keep capital expenditures roughly the same year-over-year (2022 was around $42B), despite announcing a "meaningful" production cut for memory chips.
Citi is looking for roughly $42B in capital expenditures on wafer fab equipment and the production cut was estimated to be 20% for dynamic random access memory and 15% for NAND.
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