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%.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>As we finished week 1-4 of 3Q earnings season for major global fabless/IDM semi companies (AMD/Intel/Qualcomm/TI/Infineon/STM/MTK/OnSemi), results/ guidance have been mixed on inventory level and demand recovery.</li><li>Overall, SP/PC/NB (QCOM/MTK/Intel/AMD) started restocking given seasonal demand on new product launches, and server market (Intel/AMD) has shown signs of normalised inventory and mild recovery into 4Q.</li><li>Auto segment (TI/STM/ON) in general began to show cyclical weakness and guided cautious outlook into 4Q. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

As we finished week 1-4 of 3Q earnings season for major global fabless/IDM semi companies (AMD/Intel/Qualcomm/TI/Infineon/STM/MTK/OnSemi), results/ guidance have been mixed on inventory level and demand recovery.Overall, SP/PC/NB (QCOM/MTK/Intel/AMD) started restocking given seasonal demand on new product launches, and server market (Intel/AMD) has shown signs of normalised inventory and mild recovery into 4Q.Auto segment (TI/STM/ON) in general began to show cyclical weakness and guided cautious outlook into 4Q. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Technology – Global Fabless/IDM 3Q23 Wrap: PC/SP Recovery, Auto/ Industrial Mixed

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.

<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

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

China Technology – Global Fabless/IDM 3Q23 Wrap: PC/SP Recovery, Auto/ Industrial Mixed

Overall, SP/PC/NB (QCOM/MTK/Intel/AMD) started restocking given seasonal demand on new product launches, and server market (Intel/AMD) has shown...

CMB International

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

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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

China Technology – Global Fabless/IDM 3Q23 Wrap: PC/SP Recovery, Auto/ Industrial Mixed

Overall, SP/PC/NB (QCOM/MTK/Intel/AMD) started restocking given seasonal demand on new product launches, and server market (Intel/AMD) has shown...

CMB International

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

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