Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>We are surprised that <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a> is using <a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> to trial-run products.</li>
<li>The outlook for 2024 remains unchanged at over 20% YoY, and we still see a path to recovery ahead.</li>
<li>We consider the recent drop from NTD$526 on June 14th to NTD$429 on July 5th as an opportunity to consider entering the stock.</li>
</ul>


We are surprised that Silergy Corp (6415 TT) is using Vanguard Intl Semiconductor (5347 TT) to trial-run products.
The outlook for 2024 remains unchanged at over 20% YoY, and we still see a path to recovery ahead.
We consider the recent drop from NTD$526 on June 14th to NTD$429 on July 5th as an opportunity to consider entering the stock.


Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity.

<ul>
<li>We presume Silergy is likely to see demand recovery or inventory rebuilding starting from 2Q24.</li>
<li>Silergy's wafer demand is projected to increase by 30-40% QoQ from 2Q24 onwards.  </li>
<li>Silergy's primary focus remains on China, Taiwan, and Korea, but the US market is promising for potential growth.  </li>
</ul>


We presume Silergy is likely to see demand recovery or inventory rebuilding starting from 2Q24.
Silergy's wafer demand is projected to increase by 30-40% QoQ from 2Q24 onwards.  
Silergy's primary focus remains on China, Taiwan, and Korea, but the US market is promising for potential growth.  


Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

<ul>
<li>Inventory levels were at 90 days by the end of 1Q24, returning to a normal level.   </li>
<li>It is expected to see consecutive QoQ growth throughout 2024, with normal orders observed since 2Q24. </li>
<li>Although Chinese mature technology is advancing, current analog capacity still falls short of local demand in China.</li>
</ul>


Inventory levels were at 90 days by the end of 1Q24, returning to a normal level.   
It is expected to see consecutive QoQ growth throughout 2024, with normal orders observed since 2Q24. 
Although Chinese mature technology is advancing, current analog capacity still falls short of local demand in China.


Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

<ul>
<li>The short-term recovery momentum observed in China and consumer markets.</li>
<li>The Gen 3 in 4Q23 accounts for about 50% of the production, expected to increase to around 60-70% in 4Q24F.</li>
<li>Expecting to improve quarter by quarter after reaching the bottom in 1Q24F, and the growth is expected to recover to around 20%+ YoY in 2024F.</li>
</ul>


The short-term recovery momentum observed in China and consumer markets.
The Gen 3 in 4Q23 accounts for about 50% of the production, expected to increase to around 60-70% in 4Q24F.
Expecting to improve quarter by quarter after reaching the bottom in 1Q24F, and the growth is expected to recover to around 20%+ YoY in 2024F.


Silergy (6415.TT): Expecting a Seasonal Decline In 1Q24F, and Likely Another Growth Year in 2024F.

<ul>
<li>Silergy foresees the demand will be larger than capacity in 2022. Silergy expects Auto, Sever Mother-board, SSD and others should be showing a strong demand in 2022.</li>
<li>The shipment lead-time is controlled around 5~6 months, which indicated that the demand is strong for 2022~23.</li>
<li>The generation 3rd will be optimized until 2026. Silergy will need some new suppliers for generation 4th in 2023. In 2026, generation 3rd &amp; 4th will dominate Silergy’s revenue. </li>
</ul>


Silergy foresees the demand will be larger than capacity in 2022. Silergy expects Auto, Sever Mother-board, SSD and others should be showing a strong demand in 2022.
The shipment lead-time is controlled around 5~6 months, which indicated that the demand is strong for 2022~23.
The generation 3rd will be optimized until 2026. Silergy will need some new suppliers for generation 4th in 2023. In 2026, generation 3rd &amp; 4th will dominate Silergy’s revenue. 


Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.

China

Flat Glass Group Co., Ltd is a PV glass manufacturer. The Company also markets float glass, household glass and architectural glass.

Tianjin Zhonghuan Semiconductor Co., Ltd. manufactures discrete semiconductor devices. The Company's main products are High Voltage Diode, Silicon Rectifier Diode, Silicon Bridge Rectifier, MWO High Voltage Silicon Diode and special High Voltage Silicon Diode .

Tianjin Zhonghuan Semiconductor (002129 CH)

Hua Hong Semiconductor Limited manufactures semiconductors on 200mm wafers for specialty applications. The Company's products are used in the consumer electronic, communication, computing and industrial, and automotive industries.

TongFu Microelectronics Co., Ltd. manufactures integrated chips. The Company provides assembling and testing service for memory, microprocessor, micro-controller, hybrid circuit, analog circuit, and other related services throughout China.

Hangzhou Silan Microelectronics Co., Ltd develops, researches, tests, and sells integrated circuits.

Hangzhou Silan Microelectronics Co., Ltd (600460 CH)

Ingenic Semiconductor Company Limited develops and sells  32-bit embedded central processing unit and supporting software platforms. The Company's main product is central processing units.

Zhejiang Jingsheng Mechanical & Electrical Company Limited develops, manufactures and sells crystalline silicon growth devices and its control systems. The Company's main products include fully automatic monocrystalline silicon growth furnaces, polysilicon ingot furnaces, monocrystalline silicon growth furnace control systems.

Zhejiang Jingsheng Mechanical & Electr (300316 CH)

Tianshui Huatian Technology Co.,Ltd. specializes in IC testing and packaging for the semiconductor ICs, devices and components.

Tianshui Huatian Technology Co, Ltd. (002185 CH)

Shenzhen Goodix Technology Co., Ltd. manufactures semiconductor components. The Company develops, produces, and distributes fingerprint identification chips, capacitive touch controller chips, and more. Shenzhen Goodix Technology also provides technology training and hardware testing services worldwide.

Changsha Jingjia Microelectronics Co., Ltd. designs and manufactures electronic components.  The Company manufactures components for graphics processing, displays, IC products, and more.

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.

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.

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.

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.

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

Sino-American Silicon Products Inc. supplies silicon-based products, including silicon lapped wafer, silicon diffusion wafer, silicon ingot, silicon diffused diode chip, and automobile rectifier.  The Company sells its products worldwide.

GCL-Poly Energy Holdings Ltd is a Chinese power company that produces solar grade polysilicon and operates cogeneration plants and in China.

Gcl Poly Energy Holdings Limited (3800 HK)

King Yuan Electronics Co., Ltd. provides integrated circuit (IC) testing services to semiconductor manufacturers.  The Company tests the logic, memory, and burn-in functions of ICs.  King Yuan also specializes in IC reeling, packaging, and wafer grinding.

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.

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

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Silergy Corp (6415 TT)

Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity.

Silergy Corp surprises by using Vanguard Intl Semiconductor for product trial-runs, with a positive outlook for 2024 and a potential entry...

Patrick Liao

Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...

Patrick Liao

Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Patrick Liao

Silergy (6415.TT): Expecting a Seasonal Decline In 1Q24F, and Likely Another Growth Year in 2024F.

The first annual profit was turnaround in 4Q23. It's recovery momentum in China and consumer markets now. The growth is expected to recover to 20%+...

Patrick Liao

Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.

Silergy expects Auto, Sever Mother-board, SSD should be showing a strong demand in 2022. The shipment lead-time is controlled at around 5~6 months,...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity.

​Silergy Corp surprises by using Vanguard Intl Semiconductor for product trial-runs, with a positive outlook for 2024 and a potential entry...

Patrick Liao

Silergy (6147.TT): The Wafer Demand Is Projected to Increase by 30-40% QoQ from 2Q24 Onwards.

​Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...

Patrick Liao

Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

​General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Patrick Liao

Silergy (6415.TT): Expecting a Seasonal Decline In 1Q24F, and Likely Another Growth Year in 2024F.

The first annual profit was turnaround in 4Q23. It's recovery momentum in China and consumer markets now. The growth is expected to recover to 20%+...

Patrick Liao

Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.

Silergy expects Auto, Sever Mother-board, SSD should be showing a strong demand in 2022. The shipment lead-time is controlled at around 5~6 months,...

Patrick Liao

Silergy Corp surprises by using Vanguard Intl Semiconductor for product trial-runs, with a positive outlook for 2024 and a potential entry...

Silergy anticipates demand recovery in 2Q24 with a projected 30-40% increase in wafer demand, focusing on China, Taiwan, Korea, and potential...

General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...