Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways suggest strengths in foundry, fabless, and display vendors to drive Taiwan semi sales recovery of 17% y/y in June and 8 out 12 vendors reported a beat on 2Q16 sales guidance. Despite the strengths, we saw weaknesses in power amplifier, touch panel, and solar vendors and our semi leading indicator fell to 8% in June 2016 from this year peak of 31% in…

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Official Announcement:Taiwan, Hsinchu &ndash; September 7, 2015 &ndash; MediaTek Inc. (TSE: 2454) announced its Board of Directors had approved a Letter of Intent (&ldquo;LOI&rdquo;) with Richtek Technology Corporation (TSE: 6286; hereinafter &ldquo;Richtek&rdquo;) today. Per the LOI, MediaTek and/or its subsidiaries and affiliates (collectively and individually, hereinafter, &ldquo;MediaTek&rdquo;) shall launch a tender offer for Richtek common stock.This offer has two-stages:Stage 1 - Partial Tender offer at TWD 195/share for 51% of shares outstanding with 35% minimum acceptance condition.&nbsp;If Stage one goes through;Stage 2 - Tender Offer or Scheme for remaining shares outstanding at TWD 195/share.

Official Announcement:Taiwan, Hsinchu &ndash; September 7, 2015 &ndash; MediaTek Inc. (TSE: 2454) announced its Board of Directors had approved a Letter of Intent (&ldquo;LOI&rdquo;) with Richtek Technology Corporation (TSE: 6286; hereinafter &ldquo;Richtek&rdquo;) today. Per the LOI, MediaTek and/or its subsidiaries and affiliates (collectively and individually, hereinafter, &ldquo;MediaTek&rdquo;) shall launch a tender offer for Richtek common stock.This offer has two-stages:Stage 1 - Partial Tender offer at TWD 195/share for 51% of shares outstanding with 35% minimum acceptance condition.&nbsp;If Stage one goes through;Stage 2 - Tender Offer or Scheme for remaining shares outstanding at TWD 195/share.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Formosa Sumco Technology / Equity Bottom-Up

<ul>
<li>The company recently announced poor earnings down 56% YoY in 1Q24</li>
<li>Dwindling cash is another major concern especially with higher debt/ebitda</li>
<li>At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm </li>
</ul>


The company recently announced poor earnings down 56% YoY in 1Q24
Dwindling cash is another major concern especially with higher debt/ebitda
At 15-25% ROE is sensible but now back toward 5% there is less enthusiasm 


Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

Taiwan

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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Mediatek Inc (2454 TT)

Points from Taiwan Semi/Tech 2Q Sales

Starting July 14, 2016, TSMC will first report 2Q16 results and provide 3Q16 guidance to kick off semi/tech earnings season. Our report takeaways...

Andrew Lu

Two-Stage Taiwanese Deal

Official Announcement:Taiwan, Hsinchu – September 7, 2015 – MediaTek Inc. (TSE: 2454) announced its Board of Directors had approved a Letter of...

Crispin Francis

Formosa Sumco Technology - Earnings, Returns, Financial Position, Worsening Dramatically

Company is seeing far lower net profit, with the just-announced quarter one of the worst on record in recent years. Debt is now a factor and SG&A...

Daniel Tabbush

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