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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Yuan / In Depth: Behind the yuan’s tumble against the dollar</li><li>Juvenile / China seeks to prevent sealed juvenile criminal records from being leaked</li><li>Carbon / China lays out fiscal tools to reach carbon neutrality by 2060</li></ul>

Yuan / In Depth: Behind the yuan’s tumble against the dollarJuvenile / China seeks to prevent sealed juvenile criminal records from being leakedCarbon / China lays out fiscal tools to reach carbon neutrality by 2060

CX Daily: Behind the Yuan’s Tumble Against the Dollar

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>MediaTek's revised downward forecast for 650-680nm smartphone delivery in 1Q22 earnings conference, but we think that number could be revised down again by the end of July.</li>
<li>MediaTek announced new WiFi products, Filogic 880 and 380, in COMPUTEX2022 on May 24-27. Besides, MediaTek invests in new opportunities for AI in the US.</li>
<li>The mainland China fights fiercely against COVID-19 and stays at the Zero Policy. </li>
</ul>


MediaTek's revised downward forecast for 650-680nm smartphone delivery in 1Q22 earnings conference, but we think that number could be revised down again by the end of July.
MediaTek announced new WiFi products, Filogic 880 and 380, in COMPUTEX2022 on May 24-27. Besides, MediaTek invests in new opportunities for AI in the US.
The mainland China fights fiercely against COVID-19 and stays at the Zero Policy. 


MediaTek (2454.TT): The Smartphone Demand Could Further Decrease in 2022.

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

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)

CX Daily: Behind the Yuan’s Tumble Against the Dollar

Yuan / In Depth: Behind the yuan’s tumble against the dollar. Juvenile / China seeks to prevent sealed juvenile criminal records from being leaked

Caixin Global

MediaTek (2454.TT): The Smartphone Demand Could Further Decrease in 2022.

MediaTek's revised downward smartphone delivery in 1Q22 earnings conference, but we think it could be revised down again by the end of July.

Patrick Liao

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

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