Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.</li>
<li>Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.</li>
<li>We believe that now is a good time to invest in Silergy.</li>
</ul>


A recent news report speculates that Analog Devices (ADI US)  is planning to raise prices by ~20%.
Silergy Corp (6415 TT) is reportedly considering a price increase of over 15% in the Chinese market.
We believe that now is a good time to invest in Silergy.


Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. </li><li>I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.</li><li>We are now seeing the beginning of Industrial weakening.</li></ul>

This earnings season, Industrial semiconductor demand has been the biggest incremental softening in end market demand. That’s not surprising. I have been talking about the FIFO (First-In, First-Out) cycle, and the only two remaining segments that have not had a meaningful correction are Industrial and Automotive.We are now seeing the beginning of Industrial weakening.

<ul>
<li>Revenue was up 14.5% QoQ and down 31% YoY in 3Q23, but it could see an increase of about 17% QoQ and 3% YoY in 4Q23F. </li>
<li>
<a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a> needs to increase another place to its Foundry source out of China and Taiwan.</li>
<li>The Automotive segment is expected to show significant growth and is likely to reach double digits by the end of 2024F.</li>
</ul>


Revenue was up 14.5% QoQ and down 31% YoY in 3Q23, but it could see an increase of about 17% QoQ and 3% YoY in 4Q23F. 

Silergy Corp (6415 TT) needs to increase another place to its Foundry source out of China and Taiwan.
The Automotive segment is expected to show significant growth and is likely to reach double digits by the end of 2024F.


Silergy (6415.TT): The Revenue Could Be Upside Around 17% in 4Q23F.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Texas Instruments Incorporated delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.</li><li>Despite these challenges, Texas Instruments maintained its effective capital management, with substantial cash reserves and a resilient balance sheet.</li><li>While the company faced headwinds in revenue and profitability during the quarter, Texas Instruments' strategic focus on economic resilience and efficient capital management remains evident.</li></ul>

Texas Instruments Incorporated delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.Despite these challenges, Texas Instruments maintained its effective capital management, with substantial cash reserves and a resilient balance sheet.While the company faced headwinds in revenue and profitability during the quarter, Texas Instruments' strategic focus on economic resilience and efficient capital management remains evident.

Texas Instruments: Navigating Through Storms – Their Strategy Revealed! - Major Drivers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.</li>
<li>TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.</li>
<li>Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.</li>
</ul>


This week will see a wave of earnings releases for the industry including Intel, Microsofot, Mediatek, ASE, and UMC.
TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and mobile.
Taiwan AI names were some of the top losers across our Taiwan Tech universe last week.


Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

Semiconductor Cycles: Industrial and EVs

Plus my new taxonomy of cycles! Where I think each end market is in the cycle. This earnings season, Industrial semiconductor demand has been the...

Fabricated Knowledge

Silergy (6415.TT): The Revenue Could Be Upside Around 17% in 4Q23F.

Silergy could see an increase of about 17% QoQ and 3% YoY in 4Q23F. It needs to transfer its Foundry base from China to Taiwan and Singapore. The...

Patrick Liao

Texas Instruments: Navigating Through Storms – Their Strategy Revealed! - Major Drivers

Texas Instruments Incorporated delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of...

Baptista Research

Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and...

Vincent Fernando, CFA

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Silergy (6415.TT): Chinese Analog IC Could Raise up Prices by About 15%.

​Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.

Patrick Liao

Semiconductor Cycles: Industrial and EVs

Plus my new taxonomy of cycles! Where I think each end market is in the cycle. This earnings season, Industrial semiconductor demand has been the...

Fabricated Knowledge

Silergy (6415.TT): The Revenue Could Be Upside Around 17% in 4Q23F.

Silergy could see an increase of about 17% QoQ and 3% YoY in 4Q23F. It needs to transfer its Foundry base from China to Taiwan and Singapore. The...

Patrick Liao

Texas Instruments: Navigating Through Storms – Their Strategy Revealed! - Major Drivers

Texas Instruments Incorporated delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of...

Baptista Research

Taiwan Tech Weekly: Watch for Intel, Microsoft, Mediatek, ASE, UMC Results; AI Names Top Losers

TSMC results last week provided positive color on the 2024E onwards outlook for the company as well as comments regarding a turn around for PC and...

Vincent Fernando, CFA

Analog Devices may raise prices by 20% while Silergy Corp considers a 15% increase in China. Investing in Silergy seems favorable.