Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>It is continuing to raise wafer price, and revenue/GM to reach ~NT$58billion/~39% and NT$60billion/~41.5% in 4Q21/1Q22 respectively. </li>
<li>It will plan to add 5-8k 28nm production capacity in 12A Tainan during 2H22, and we consider it is to secure customers’ demands.</li>
<li>We do not see any sign to deteriorate for the 2nd half at this moment. </li>
</ul>


It is continuing to raise wafer price, and revenue/GM to reach ~NT$58billion/~39% and NT$60billion/~41.5% in 4Q21/1Q22 respectively. 
It will plan to add 5-8k 28nm production capacity in 12A Tainan during 2H22, and we consider it is to secure customers’ demands.
We do not see any sign to deteriorate for the 2nd half at this moment. 


UMC (UMC.US, 2303.TT): 1Q22 Earnings Preview- Continuous Growth

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>CEO Hashimoto told the <em>Nikkei</em> newspaper that customers are ordering silicon wafers at higher prices before they are made, even as production capacity is being increased.</li>
<li>SEMI and TSMC announcements point to rising wafer demand for at least another two years. SUMCO's expansion plans suggest at least three years.</li>
<li>We continue to recommend buying into the current weakness for the medium to long term.</li>
</ul>


CEO Hashimoto told the Nikkei newspaper that customers are ordering silicon wafers at higher prices before they are made, even as production capacity is being increased.
SEMI and TSMC announcements point to rising wafer demand for at least another two years. SUMCO's expansion plans suggest at least three years.
We continue to recommend buying into the current weakness for the medium to long term.


SUMCO (3436 JP): CEO Describes Tight Supply, Rising Prices

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. </li>
<li>Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. </li>
<li>We still suspect however that momentum could actually accelerate through the year.</li>
</ul>


TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. 
Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. 
We still suspect however that momentum could actually accelerate through the year.


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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC's 2022 outlook is bright, but new drama around Intel's possible orders could define the foundry in 2023</li>
<li>IPhone's 2022 modem is currently equipped with Qualcomm’s design but 2023's will be designed by Apple</li>
<li>TSMC's continuously updated technology roadmap shows it as a tech-leader in the foundry space</li>
</ul>


TSMC's 2022 outlook is bright, but new drama around Intel's possible orders could define the foundry in 2023
IPhone's 2022 modem is currently equipped with Qualcomm’s design but 2023's will be designed by Apple
TSMC's continuously updated technology roadmap shows it as a tech-leader in the foundry space


TSMC (TSM.US, 2330.TT): Bright Outlook in 2022

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>November semiconductor revenues set a record for the highest shipment month in the history of the industry</li>
<li>Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history</li>
<li>There is plenty of room for this to continue, barring a global economic meltdown</li>
</ul>


November semiconductor revenues set a record for the highest shipment month in the history of the industry
Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history
There is plenty of room for this to continue, barring a global economic meltdown


November Semiconductors Once Again Set Records

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

UMC (UMC.US, 2303.TT): 1Q22 Earnings Preview- Continuous Growth

UMC’s sales/GM would reach to ~NT$58billion/~39% and NT$60billion/~41.5% in 4Q21/1Q22 respectively, a bit higher than Bloomberg consensus of...

Patrick Liao

SUMCO (3436 JP): CEO Describes Tight Supply, Rising Prices

Tight supply and rising prices for silicon wafers points to sales growth and margin expansion for at least 2-3 years. Capacity expansion lagging...

Scott Foster

TSMC – Exceptional as Usual

TSMC guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for...

Mio Kato

TSMC (TSM.US, 2330.TT): Bright Outlook in 2022

2022 outlook being bright. Intel’s possible orders in 2023. iPhone 2023 will be designed by Apple. TSMC's continuing updated technology roadmap.

Patrick Liao

November Semiconductors Once Again Set Records

The semiconductor market once again set records in November, with 2021 revenues and unit shipments out-stripping all prior record years in its...

Jim Handy

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