Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ.</li>
<li>Asian clients are turning weak, and US clients are getting stronger.</li>
<li>The mainland China demand could be making an impact because of the COVID-19 pandemic.</li>
</ul>


We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ.
Asian clients are turning weak, and US clients are getting stronger.
The mainland China demand could be making an impact because of the COVID-19 pandemic.


UMC (UMC.US; 2303.TT): 3Q22 Order Is Full- The Demand from Asia Is Turning Weak, but US Is Stronger

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>SMIC reported revenue/GM were US$1,869/40% for revenue/GM in 1Q22 respectively. The revenue matched to our expectation, but the GM was exceeding ~8% versus guidance.</li>
<li>The outlook is a little bit lower than our expectation for revenue/GM to be US$1860-1,897/37-39% in 2Q22 guidance.</li>
<li>The overall demand situation is growing up although inflation, Russia-Ukraine war, and other factors may affect. </li>
</ul>


SMIC reported revenue/GM were US$1,869/40% for revenue/GM in 1Q22 respectively. The revenue matched to our expectation, but the GM was exceeding ~8% versus guidance.
The outlook is a little bit lower than our expectation for revenue/GM to be US$1860-1,897/37-39% in 2Q22 guidance.
The overall demand situation is growing up although inflation, Russia-Ukraine war, and other factors may affect. 


SMIC (981.HK): The Overall Demand Situation Is Growing Up in 2022.

<ul>
<li>
We think SMIC is likely to reach the high-end of 1Q22 guidance, which was US$1,817~1,849mn/36~38% respectively.
</li>
<li>
We think SMIC is likely to reach ~US$1,926mn/39% for revenue/GM respectively in 2Q22.
</li>
<li>SMIC cannot have the EUV machine because of the Wassenaar Arrangement. Therefore, SMIC has to optimize its operation and to expand 28nm and above technologies.</li>
</ul>



We think SMIC is likely to reach the high-end of 1Q22 guidance, which was US$1,817~1,849mn/36~38% respectively.


We think SMIC is likely to reach ~US$1,926mn/39% for revenue/GM respectively in 2Q22.

SMIC cannot have the EUV machine because of the Wassenaar Arrangement. Therefore, SMIC has to optimize its operation and to expand 28nm and above technologies.


SMIC (981.HK): 2Q22 Preview- We Estimate Around 5% Growth Could Be the Case

<ul>
<li>JCET reported revenue/GM RMB$8,138mn/10.7% in 1Q22, which grew 21.2% YoY and 0.5% QoQ.</li>
<li>We expect that its growth would continue and likely reach to revenue/GM for about RMB$8,234.5mn/10.8% in 2Q22.</li>
<li>Although the mainland China insists in the Zero Policy against COVID-19, the GDP growth was targeting at ~5.5% in 2022. </li>
</ul>


JCET reported revenue/GM RMB$8,138mn/10.7% in 1Q22, which grew 21.2% YoY and 0.5% QoQ.
We expect that its growth would continue and likely reach to revenue/GM for about RMB$8,234.5mn/10.8% in 2Q22.
Although the mainland China insists in the Zero Policy against COVID-19, the GDP growth was targeting at ~5.5% in 2022. 


JCET (600584.CH): 2022 Outlook Should Be Better than Fear

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)'s</a> underperformance to <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> just part of the cycle or company specific?</li>
<li>Does the supply constraint issue help or hurt Samsung?  Who is better off? </li>
<li>Key points to focus on to see where Samsung is vs. their blueprint of technology roadmap</li>
</ul>



Samsung Electronics (005930 KS)'s underperformance to SK Hynix (000660 KS) just part of the cycle or company specific?
Does the supply constraint issue help or hurt Samsung?  Who is better off? 
Key points to focus on to see where Samsung is vs. their blueprint of technology roadmap


Is Samsung in Trouble or Just in Another Downcycle?

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

UMC (UMC.US; 2303.TT): 3Q22 Order Is Full- The Demand from Asia Is Turning Weak, but US Is Stronger

We believe UMC's 3Q22 order is full, but the growth could be within 3% QoQ. Asian clients are turning weak, and US clients are getting stronger.

Patrick Liao

SMIC (981.HK): The Overall Demand Situation Is Growing Up in 2022.

The outlook is a little bit lower than our expectation for revenue/GM to be US$1860-1,897/37-39% in 2Q22 guidance, but the overall demand situation...

Patrick Liao

SMIC (981.HK): 2Q22 Preview- We Estimate Around 5% Growth Could Be the Case

We thick SMIC is likely to reach ~US$6,680mn/39% for revenue/GM respectively in 2Q22. SMIC cannot but to optimize its operation and to expand 28nm...

Patrick Liao

JCET (600584.CH): 2022 Outlook Should Be Better than Fear

We expect JCET's growth would continue and likely reach to revenue/GM for ~RMB$8,234.5mn/10.8% in 2Q22. Although China insisting in Zero Policy,...

Patrick Liao

Is Samsung in Trouble or Just in Another Downcycle?

Samsung will need to really show that they are not falling behind in terms of technology leadership seems to be the focal point of the remainder of...

Ken S. Kim

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