Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The sales in January 2024 were the lowest during the period of 2022-2024, indicating a likely downtrend for the first quarter of 2024.</li>
<li>Demand is expected to be flat or slightly increase in 2Q24F for GlobalWafers, which is encouraging.</li>
<li>The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.</li>
</ul>


The sales in January 2024 were the lowest during the period of 2022-2024, indicating a likely downtrend for the first quarter of 2024.
Demand is expected to be flat or slightly increase in 2Q24F for GlobalWafers, which is encouraging.
The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.


GlobalWafers (6488.TT): 1Q24F Is a Down Quarter; Anticipating a Much Better Growth Rate in 2025F.

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The supply chain received good news that <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> as successfully passed iPhone 16 OLED DRIVER IC (DDIC) qualification.</li>
<li>Novatek's recent alliance with ARM to develop Neoverse V2 is a noteworthy development.</li>
<li>Novatek's 1Q24F forecast remains unchanged, but the outlook for 2024F is likely to show positive growth.</li>
</ul>


The supply chain received good news that Novatek Microelectronics Corp (3034 TT) as successfully passed iPhone 16 OLED DRIVER IC (DDIC) qualification.
Novatek's recent alliance with ARM to develop Neoverse V2 is a noteworthy development.
Novatek's 1Q24F forecast remains unchanged, but the outlook for 2024F is likely to show positive growth.


Novatek (3034.TT): It Had Been Qualified by the IPhone 16 for OLED Driver IC.

<ul>
<li>Novatek's share price has surged by more than 15% in four days due to the news of Novatek's alliance with ARM to develop Neoverse V2.</li>
<li>While the decision on whether the iPhone 16 will feature OLED technology is still pending, the general sentiment is optimistic.</li>
<li>Novatek is set to leverage Intel Corp (INTC US)'s 12nm capacity through United Microelectron Sp Adr (UMC US) in the near future.</li>
</ul>


Novatek's share price has surged by more than 15% in four days due to the news of Novatek's alliance with ARM to develop Neoverse V2.
While the decision on whether the iPhone 16 will feature OLED technology is still pending, the general sentiment is optimistic.
Novatek is set to leverage Intel Corp (INTC US)'s 12nm capacity through United Microelectron Sp Adr (UMC US) in the near future.


Novatek (3034.TT): It's Said to Alliance with ARM to Build up Neoverse V2, Targeting AI Market.

<ul>
<li>The sales of Jan 2024F were the lowest during 2022-2024F, indicating a likely downtrend for 1Q24F.</li>
<li>Demand is expected to remain sluggish in 2Q24F, potentially resulting in decreased raw wafer demand for Logic and Memory in 2Q24F.</li>
<li>The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.</li>
</ul>


The sales of Jan 2024F were the lowest during 2022-2024F, indicating a likely downtrend for 1Q24F.
Demand is expected to remain sluggish in 2Q24F, potentially resulting in decreased raw wafer demand for Logic and Memory in 2Q24F.
The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.


Globalwafers (6488.TT): The Revenue Is Expected to Improve in 2H24F

<ul>
<li>MediaTek expects a reduced DOI level in 2024F while maintaining operating expenses and pricing discipline in 2023.</li>
<li>The upgrade cycle has begun for devices equipped with AI functions. The Dimensity 9300 is just the first edge AI product for smartphones. </li>
<li>MediaTek does not predict a significant increase in demand and expects a steady demand for smartphones. </li>
</ul>


MediaTek expects a reduced DOI level in 2024F while maintaining operating expenses and pricing discipline in 2023.
The upgrade cycle has begun for devices equipped with AI functions. The Dimensity 9300 is just the first edge AI product for smartphones. 
MediaTek does not predict a significant increase in demand and expects a steady demand for smartphones. 


MediaTek (2454.TT): 2024F Indicating a Complete Recovery from the Previous Downturn Situation.

Taiwan

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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.

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.

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.

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

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.

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

ASPEED Technology Inc. is a fabless IC-design house that specializes in server management, PC/AV extensions solution, desktop virtualization and security enhancement. The Company's products range from silicon chips, IPs to software products that enable sophisticated SOC- centric multimedia, praphics and new work applications.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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.

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.

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

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.

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.

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.

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.

Entegris Inc. provides materials management products and services to the microelectronics industry on a worldwide basis.  The Company provides products such as wafer shippers, wafer transport and process carriers, pods, and work-in-process boxes.  Entegris also provides chemical delivery products such as valves, fittings, tubing, pipe, and containers.

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United Microelectron Sp Adr (UMC US)

GlobalWafers (6488.TT): 1Q24F Is a Down Quarter; Anticipating a Much Better Growth Rate in 2025F.

Sales in Jan 2024 hit a low, hinting at a downward trend for 1Q24. GlobalWafers may see flat or slightly increased demand in 2Q24, with 12" wafers...

Patrick Liao

Novatek (3034.TT): It Had Been Qualified by the IPhone 16 for OLED Driver IC.

Novatek's successful qualification for iPhone 16 OLED DDIC and partnership with ARM for Neoverse V2 development signal positive growth in 2024.

Patrick Liao

Novatek (3034.TT): It's Said to Alliance with ARM to Build up Neoverse V2, Targeting AI Market.

Novatek's stock soars on partnership with ARM for Neoverse V2, potential collaboration with Intel for 12nm capacity. Optimism surrounds iPhone...

Patrick Liao

Globalwafers (6488.TT): The Revenue Is Expected to Improve in 2H24F

Sales of Jan 2024F hit a low, signaling a potential downtrend for 1Q24F. Demand in 2Q24F may decrease raw wafer demand for Logic and Memory. 12"...

Patrick Liao

MediaTek (2454.TT): 2024F Indicating a Complete Recovery from the Previous Downturn Situation.

MediaTek anticipates lower DOI in 2024 but maintains pricing discipline and operating expenses. The D9300 marks the start of the AI upgrade cycle...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GlobalWafers (6488.TT): 1Q24F Is a Down Quarter; Anticipating a Much Better Growth Rate in 2025F.

​Sales in Jan 2024 hit a low, hinting at a downward trend for 1Q24. GlobalWafers may see flat or slightly increased demand in 2Q24, with 12" wafers...

Patrick Liao

Novatek (3034.TT): It Had Been Qualified by the IPhone 16 for OLED Driver IC.

​Novatek's successful qualification for iPhone 16 OLED DDIC and partnership with ARM for Neoverse V2 development signal positive growth in 2024.

Patrick Liao

Novatek (3034.TT): It's Said to Alliance with ARM to Build up Neoverse V2, Targeting AI Market.

​Novatek's stock soars on partnership with ARM for Neoverse V2, potential collaboration with Intel for 12nm capacity. Optimism surrounds iPhone...

Patrick Liao

Globalwafers (6488.TT): The Revenue Is Expected to Improve in 2H24F

​Sales of Jan 2024F hit a low, signaling a potential downtrend for 1Q24F. Demand in 2Q24F may decrease raw wafer demand for Logic and Memory. 12"...

Patrick Liao

MediaTek (2454.TT): 2024F Indicating a Complete Recovery from the Previous Downturn Situation.

​MediaTek anticipates lower DOI in 2024 but maintains pricing discipline and operating expenses. The D9300 marks the start of the AI upgrade cycle...

Patrick Liao

Sales in Jan 2024 hit a low, hinting at a downward trend for 1Q24. GlobalWafers may see flat or slightly increased demand in 2Q24, with 12" wafers...

Novatek's successful qualification for iPhone 16 OLED DDIC and partnership with ARM for Neoverse V2 development signal positive growth in 2024.

Novatek's stock soars on partnership with ARM for Neoverse V2, potential collaboration with Intel for 12nm capacity. Optimism surrounds iPhone...

Sales of Jan 2024F hit a low, signaling a potential downtrend for 1Q24F. Demand in 2Q24F may decrease raw wafer demand for Logic and Memory. 12"...

MediaTek anticipates lower DOI in 2024 but maintains pricing discipline and operating expenses. The D9300 marks the start of the AI upgrade cycle...