Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> drives <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> stock price, but their growth is still limited in 2023F.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> acts as a buffer for <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> end demand during 2023F.</li>
<li>Although it is not yet the time to reverse the downturn in 2023F, <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> is expected to continue its upward trend throughout 2H23F.</li>
</ul>



NVIDIA Corp (NVDA US) drives King Yuan Electronics Co, Ltd. (2449 TT) stock price, but their growth is still limited in 2023F.

King Yuan Electronics Co, Ltd. (2449 TT) acts as a buffer for Mediatek Inc (2454 TT) end demand during 2023F.
Although it is not yet the time to reverse the downturn in 2023F, King Yuan Electronics Co, Ltd. (2449 TT) is expected to continue its upward trend throughout 2H23F.


KYEC (2449.TT): Beneficiary of AI with Contribution of CoWoS Testing

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Amkor Technology delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.</li><li>Despite the decline in revenue, the company's diversified end-market exposure provided stability and resilience.</li><li>Amkor's technology leadership in advanced packaging allowed them to win new programs in the communications market, offsetting the softening of the consumer and computing markets.</li></ul>

Amkor Technology delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.Despite the decline in revenue, the company's diversified end-market exposure provided stability and resilience.Amkor's technology leadership in advanced packaging allowed them to win new programs in the communications market, offsetting the softening of the consumer and computing markets.

Amkor Technology: 4 Key Factors That Will Help Offset The Revenue Decline – Financial Forecasts

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>ASE, the global #1 OSAT company, reported Q1’23 revenues of NT$130,891 million, in line with expectations, down 26% sequentially and 9% YoY</li>
<li>Overall equipment utilisation rate fell to 60% during the first quarter</li>
<li>Q1 was the trough, but so too will be Q2</li>
</ul>


ASE, the global #1 OSAT company, reported Q1’23 revenues of NT$130,891 million, in line with expectations, down 26% sequentially and 9% YoY
Overall equipment utilisation rate fell to 60% during the first quarter
Q1 was the trough, but so too will be Q2


ASE Q1'23 Revenues Decline 26% QoQ, Q2'23 Outlook Flat Sequentially

Equity Capital Markets

Amkor Technology / Equity Capital Markets

<ul><li>Amkor produced a mixed set of results for the fourth-quarter with revenues of $1.9 billion that were above analyst expectations.</li><li>Demand for premium-tier smartphones was stronger than anticipated, while the automotive and industrial markets outperformed other markets where demand was weaker.</li><li>The demand for innovative packaging and infotainment systems helped the company was strong in the automotive and industrial sectors.</li></ul>

Amkor produced a mixed set of results for the fourth-quarter with revenues of $1.9 billion that were above analyst expectations.Demand for premium-tier smartphones was stronger than anticipated, while the automotive and industrial markets outperformed other markets where demand was weaker.The demand for innovative packaging and infotainment systems helped the company was strong in the automotive and industrial sectors.

Amkor Technology Inc.: Expansion of European Supply Chain & Other Drivers

<ul><li>Amkor Technology delivered excellent results in the last quarter and managed an all-around beat as its end markets showed a very strong demand.</li><li>Whereas market forecasts are weakened in some areas and the industry has been facing near-term macroeconomic headwinds, demand for the company’s advanced packaging technology stays strong, and the momentum strengthened in this quarter.</li><li>Revenue from computing end markets increased, and the test business of the company grew.</li></ul>

Amkor Technology delivered excellent results in the last quarter and managed an all-around beat as its end markets showed a very strong demand.Whereas market forecasts are weakened in some areas and the industry has been facing near-term macroeconomic headwinds, demand for the company’s advanced packaging technology stays strong, and the momentum strengthened in this quarter.Revenue from computing end markets increased, and the test business of the company grew.

Amkor Technology: Entry Into TSMC’s OIP 3DFabric Alliance & Other Developments

United States

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

MKS Instruments, Inc. develops, manufactures, and supplies instruments and components used to control and analyze gases in semiconductor manufacturing and similar industrial manufacturing processes. The Company's products are used to manufacture flat panel displays, magnetic and optical storage devices and media, solar cells, fiber optic cables, and diamond thin films.

Rambus Inc. designs, develops, licenses, and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems, and other electronic systems.  The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating Rambus interface technology.

Lattice Semiconductor Corporation designs, develops, and markets high speed programmable logic devices.  The Company's products provide electronic systems customers with quickly designed, easily configured components.  Lattice markets its products to original equipment manufacturers of communication, computing, industrial, and military systems.

Onto Innovation Inc. provides process control solutions and inspection systems. The Company offers solutions which primarily used in the fabrication of semiconductors and other solid-state devices, as well as industrial and scientific applications. Onto Innovation serves customers in the United States.

Cirrus Logic, Inc. is a fabless semiconductor company that develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

Qorvo Inc, designs, develops, manufactures, and markets a variety of high performance analog and mixed signal integrated circuits for the communications markets. The Company's products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security and remote meter reading.

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

Diodes Incorporated manufactures and supplies discrete, logic, and analog semiconductor devices to consumers in the electronics, computing, industrial, communications, and automotive markets. The Company's products include diodes, transistors, MOSFETs, single gate logic, LED drivers, and USB switches.

Advanced Energy Industries, Inc. manufactures power conversion, solar inverters and control systems used in plasma-based thin film production equipment. The Company's systems are integrated in semiconductor, data storage, flat panel display, and other industrial manufacturing equipment that use gaseous  plasmas to depositor etch thin film layers on materials such as silicon and glass.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

eMemory Technology, Inc. develops and provides logic non-volatile memory (LogicNVM) technology. The company licenses its intellectual property to semiconductor foundries, integrated devices manufacturers (IDMs), and fabless design houses around the world.

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

Sanan Optoelectronics Co., Ltd. operates in the business of researching, producing and selling of LED epitaxial wafers and wafers.

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

JCET Group Co., Ltd. operates in the semiconductor industry.  The Company's products include discrete devices and integrated circuits.  Through its subsidiaries, Jiangsu Changjiang also manufactures signal lamps used in industrial equipment and anti-theft door systems for consumer use.

Global Unichip Corporation designs and produces a wide variety of silicon chips.

Novatek Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs).  The Company's products are used in telecommunication, computer peripherals, and LCD (liquid crystal display) drivers.

Amkor Technology, Inc. provides semiconductor packaging and test services.  The Company offers deep submicron wafer fabrication, wafer probe testing, integrated circuit packaging assembly and design, final testing, reliability testing, burn-in, and electrical characterization.

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Amkor Technology (AMKR US)

KYEC (2449.TT): Beneficiary of AI with Contribution of CoWoS Testing

It is not yet the time to judge, the upturn in 2023F, KYEC is expected to continue its upward trend throughout 2H23F. Nvidia is the driver of...

Patrick Liao

Amkor Technology: 4 Key Factors That Will Help Offset The Revenue Decline – Financial Forecasts

Amkor Technology delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings...

Baptista Research

ASE Q1'23 Revenues Decline 26% QoQ, Q2'23 Outlook Flat Sequentially

ASE Q1 revenue down 26% QoQ, 9% YoY. Equipment utilisation fell to 60% during the quarter. Q1 was the trough, Q2 will be the same. Modest return to...

William Keating

Amkor Technology Inc.: Expansion of European Supply Chain & Other Drivers

Amkor produced a mixed set of results for the fourth-quarter with revenues of $1.9 billion that were above analyst expectations. Demand for...

Baptista Research

Amkor Technology: Entry Into TSMC’s OIP 3DFabric Alliance & Other Developments

Amkor Technology delivered excellent results in the last quarter and managed an all-around beat as its end markets showed a very strong...

Baptista Research

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