Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  </li>
<li>Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  </li>
<li>In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.</li>
</ul>


Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.  
Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.  
In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.


Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

<ul>
<li>2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  </li>
<li>Silergy targets for auto sales contributed to reach 15% in 2025.  </li>
<li>Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  </li>
</ul>


2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  
Silergy targets for auto sales contributed to reach 15% in 2025.  
Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  


Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

<ul>
<li>In the 3rd quarter of 2024, revenue was NT$4,284 million, the gross margin (GM) was 55%, the operating profit margin (OPM) was 24%, and the net margin was 15%.  </li>
<li>The Gen-4 product line is ramping up and is expected to contribute around 4% of total revenue by the end of 2025. </li>
<li>Chinese current economic stimulus programs may impact demand in the Consumer segment.  </li>
</ul>


In the 3rd quarter of 2024, revenue was NT$4,284 million, the gross margin (GM) was 55%, the operating profit margin (OPM) was 24%, and the net margin was 15%.  
The Gen-4 product line is ramping up and is expected to contribute around 4% of total revenue by the end of 2025. 
Chinese current economic stimulus programs may impact demand in the Consumer segment.  


Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.</li>
<li>The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.</li>
<li>There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.</li>
</ul>


The WisdomTree Emerging Markets ex-State-Owned Enterprises Index measures the performance of emerging markets stocks that are not state-owned enterprises.
The changes at the October rebalance were announced after market close on 4 October with implementation scheduled at the close on 16 October.
There are 154 adds and 80 deletes for the index with an estimated round-trip trade of US$300m.


WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 4th which has an aggregated holding worth USD976.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,371mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Via Technologies, TSMC, United Microelectronics, Evergreen Marine Corp Taiwan, Mediatek, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 4th which has an aggregated holding worth USD976.1bn.
We estimate that foreign flows to be outflows of USD2,371mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Via Technologies, TSMC, United Microelectronics, Evergreen Marine Corp Taiwan, Mediatek, Quanta Computer.


TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

China

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

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Silergy Corp (6415 TT)

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

3Q24 revenue at NT$4,284mn with GM at 55%, OPM at 24%, and NM at 15%. Gen-4 products to contribute 4% of total revenue by end of 2025. Chinese...

Patrick Liao

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Via Technologies, TSMC, United Microelectronics,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

​Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

Patrick Liao

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

​2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...

Patrick Liao

Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

3Q24 revenue at NT$4,284mn with GM at 55%, OPM at 24%, and NM at 15%. Gen-4 products to contribute 4% of total revenue by end of 2025. Chinese...

Patrick Liao

WisdomTree Emerging Markets Ex-State-Owned Enterprises Index Rebalance: US$300m Round-Trip Trade

There are 154 adds/80 deletes for the WisdomTree Emerging Markets ex-State-Owned Enterprises Index. Round-trip trade is US$300m. There have been...

Brian Freitas

TWSE Foreign Holding Weekly (Oct 4th): Via Technologies, TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Via Technologies, TSMC, United Microelectronics,...

Ke Yan, CFA, FRM

Silergy Corp (6415 TT) anticipates growth in 2025 despite uncertainty in customers' chip production decisions and expects supply chain tightness...

2025 sales outlook strong with 20-30% YoY growth, focusing on China demand recovery. Silergy targets 15% auto sales by 2025, expecting rebound in...