Asia and Global Semiconductor and Tech Research

Andrew Lu

Former Head of Asia ex-Japan Semiconductor and TFT-LCD/Touch Research at Barclays and Citi Bank, Former Head of Technology at 國金證券

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Top Foundries See Cut in Automotive Industry Wafer Sales, Implications

Vanguard (5347.TT): The Smartphone and Computing/NB/TV Sectors Have Turned to Normal.

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Shortage/Oversupply, price hike/cut, automotive/industrial demand and inventory corrections are still cyclical. Gross margin should double from 22-24% now once utilization returning to 100% and no more free wafer by 2025.</li>
<li>LCD driver foundry is facing a structural competition as China panel customers are building a local supply chain.</li>
<li>Attractive below NT$70 as: 1. inventory correction should be done by 2Q24; 2. global 8" foundry sales y/y improvement began 3Q23; 3. closing to cyclical low P/BV of 2.5x.</li>
</ul>


Shortage/Oversupply, price hike/cut, automotive/industrial demand and inventory corrections are still cyclical. Gross margin should double from 22-24% now once utilization returning to 100% and no more free wafer by 2025.
LCD driver foundry is facing a structural competition as China panel customers are building a local supply chain.
Attractive below NT$70 as: 1. inventory correction should be done by 2Q24; 2. global 8" foundry sales y/y improvement began 3Q23; 3. closing to cyclical low P/BV of 2.5x.


Fitipower Integrated Technology (4961 TT)

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

Why Is Vanguard Semi Becoming to a Bad Student, Cyclical or Structural?