Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Driven by smartphone ASP increase of 5-10% q/q on mix change to Helio 4G products (&gt;15% of shipment in 2Q16 and &gt;20% in 2H16), <a href="https://www.smartkarma.com/entities/772" target="_blank" data-smartkarma-citation="entities:772:1">Mediatek Inc (2454 TT)</a> guides stronger 3Q16 sales growth of 8-16% q/q (beating Bloomberg consensus' -1% q/q) and comments shortage on new products demand throughout 2H16. We believe 28nm HKMG process shortage in 2H16 and 16nm Helio P20/10nm Helio X30 ramp starting 4Q16/1Q17 to benefit <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)</a>'s utilization during seasonal slow…

Driven by smartphone ASP increase of 5-10% q/q on mix change to Helio 4G products (&gt;15% of shipment in 2Q16 and &gt;20% in 2H16), Mediatek Inc (2454 TT) guides stronger 3Q16 sales growth of 8-16% q/q (beating Bloomberg consensus' -1% q/q) and comments shortage on new products demand throughout 2H16. We believe 28nm HKMG process shortage in 2H16 and 16nm Helio P20/10nm Helio X30 ramp starting 4Q16/1Q17 to benefit Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)'s utilization during seasonal slow…

MediaTek Guides Stronger 2H16 and Comments IC Shortage

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More than Just Moore’s Law<ul><li class="p1">Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”</li><li class="p1">We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.</li><li class="p1">This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.</li><li class="p1">In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.</li></ul>Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

More than Just Moore’s LawBuilding semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

Taiwan

Taiwan Semiconductor Co., Ltd. designs, manufactures, and distributes rectifiers, thermal bar code printers, and color photo printers.

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Taiwan Semiconductor Co. (5425 TT)

MediaTek Guides Stronger 2H16 and Comments IC Shortage

Driven by smartphone ASP increase of 5-10% q/q on mix change to Helio 4G products (>15% of shipment in 2Q16 and >20% in 2H16), Mediatek Inc...

Andrew Lu

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

More than Just Moore’s Law Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out...

Morningstar, Inc.

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