Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Revenue declined by a single-digit percentage quarter over quarter. However, it is expected to improve in the following quarters. </li>
<li>Automotive applications are currently undergoing inventory adjustments, while consumer applications are entering the low season. Electric Vehicle components are expected to continue growing.</li>
<li>It will still maintain the previous payout level of NTD$4.5.</li>
</ul>


Revenue declined by a single-digit percentage quarter over quarter. However, it is expected to improve in the following quarters. 
Automotive applications are currently undergoing inventory adjustments, while consumer applications are entering the low season. Electric Vehicle components are expected to continue growing.
It will still maintain the previous payout level of NTD$4.5.


Vanguard (5347.TT): 1Q24F In-Line with Our Expectation, Following a Upside Quarter over Quarter.

<ul>
<li>The current market outlook is expected to improve, although the demand is still down in 1Q24F.</li>
<li>The 2Q24F revenue could potentially increase by a high single digits QoQ at least.</li>
<li>The demand is expected to grow by around 10% YoY in 2024F. This indicates a rebound, although not a strong one.</li>
</ul>


The current market outlook is expected to improve, although the demand is still down in 1Q24F.
The 2Q24F revenue could potentially increase by a high single digits QoQ at least.
The demand is expected to grow by around 10% YoY in 2024F. This indicates a rebound, although not a strong one.


Vanguard (5347.TT): 1Q24F Revenue Outlook Is Down QoQ; 2024F Demand to Grow by Around 10% YoY.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vanguard-international-semi" target="_blank" data-smartkarma-citation="entities:16011:1" rel="noopener">Vanguard Intl Semiconductor (5347 TT)</a> is likely to see that there could be a decline of around 10% QoQ in 1Q24F.</li>
<li>In terms of revenue contribution, Taiwan, US, China, Europe, and Japan account for approximately 40%, 20%, 15%, 15%, and 10% respectively.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> may give up technology development at 40nm and above and transfer them to Vanguard.</li>
</ul>



Vanguard Intl Semiconductor (5347 TT) is likely to see that there could be a decline of around 10% QoQ in 1Q24F.
In terms of revenue contribution, Taiwan, US, China, Europe, and Japan account for approximately 40%, 20%, 15%, 15%, and 10% respectively.

Taiwan Semiconductor (TSMC) (2330 TT) may give up technology development at 40nm and above and transfer them to Vanguard.


Vanguard (5347.TT): 1Q24F Revenue Might Decline ~10% QoQ.

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>Novatek reached NT$36.5bn, 50.7% and NT$18.3 for revenue, GM and ESP respectively. </li>
<li>Its revenue and GM would be NT$34.5~35.8bn and 46~49% range in 2Q22, which revenue was declined 2~5.5% QoQ and increase 1.2~4.7% YoY.</li>
<li>There are hopes for China 618-shopping Festival, US back-to-school and China double 11 shopping Festival, etc.</li>
</ul>


Novatek reached NT$36.5bn, 50.7% and NT$18.3 for revenue, GM and ESP respectively. 
Its revenue and GM would be NT$34.5~35.8bn and 46~49% range in 2Q22, which revenue was declined 2~5.5% QoQ and increase 1.2~4.7% YoY.
There are hopes for China 618-shopping Festival, US back-to-school and China double 11 shopping Festival, etc.


Novatek (3034.TT): 2Q22 Revenue Declined 2~5.5% QoQ, but the Stock Price Could Be Reacted Earlier.

<ul>
<li>Vanguard's revenue is NTD$13.49bn, which is falling at the high-end of guidance NTD$13.2~13.6 in 1Q22. </li>
<li>Vanguard is likely to further raise price in 2Q22, and we expect revenue/GM could be NT$14.67bn/49.2% in 2Q22.</li>
<li>Further price increase could hold in 2H22 because 1) the smartphone growth expectation is reducing in 2Q22, and 2) the US Federal Reserve increased interest rate to control the inflation.</li>
</ul>


Vanguard's revenue is NTD$13.49bn, which is falling at the high-end of guidance NTD$13.2~13.6 in 1Q22. 
Vanguard is likely to further raise price in 2Q22, and we expect revenue/GM could be NT$14.67bn/49.2% in 2Q22.
Further price increase could hold in 2H22 because 1) the smartphone growth expectation is reducing in 2Q22, and 2) the US Federal Reserve increased interest rate to control the inflation.


Vanguard (5347.TT): 1Q22 Results/ 2Q22 Preview- Further Price Increase Could Hold in 2H22

Taiwan

Vanguard International Semiconductor Corporation offers integrated circuit foundry services.  The Company manufactures 0.18um logic, mixed-signal, analog, high voltage, low power, CMOS RF, flash, embedded memory, and bipolar CMOS DMOS semiconductors.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vanguard Intl Semiconductor (5347 TT)

Vanguard (5347.TT): 1Q24F In-Line with Our Expectation, Following a Upside Quarter over Quarter.

Quarterly sales declined but is expected to improve. Auto application are adjusting inventory, while consumer applications are entering a low...

Patrick Liao

Vanguard (5347.TT): 1Q24F Revenue Outlook Is Down QoQ; 2024F Demand to Grow by Around 10% YoY.

Despite a decline in demand in 1Q24F, the market outlook is predicted to improve with potential revenue growth of high single digits in 2Q24F and...

Patrick Liao

Vanguard (5347.TT): 1Q24F Revenue Might Decline ~10% QoQ.

TSMC may see a 10% decline in 1Q24F, with Taiwan, US, China, Europe, and Japan being major revenue contributors. TSMC might also transfer 40nm and...

Patrick Liao

Novatek (3034.TT): 2Q22 Revenue Declined 2~5.5% QoQ, but the Stock Price Could Be Reacted Earlier.

Novatek's revenue declined 2~5.5% QoQ . There are hopes for China 618-shopping Festival, US back-to-school and China double 11 shopping Festival...

Patrick Liao

Vanguard (5347.TT): 1Q22 Results/ 2Q22 Preview- Further Price Increase Could Hold in 2H22

Vanguard's revenue is NTD$13.49bn, which is at the high-end of guidance NTD$13.2~13.6 in 1Q22. Vanguard is likely to further raise price in 2Q22,...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vanguard (5347.TT): 1Q24F In-Line with Our Expectation, Following a Upside Quarter over Quarter.

​Quarterly sales declined but is expected to improve. Auto application are adjusting inventory, while consumer applications are entering a low...

Patrick Liao

Vanguard (5347.TT): 1Q24F Revenue Outlook Is Down QoQ; 2024F Demand to Grow by Around 10% YoY.

​Despite a decline in demand in 1Q24F, the market outlook is predicted to improve with potential revenue growth of high single digits in 2Q24F and...

Patrick Liao

Vanguard (5347.TT): 1Q24F Revenue Might Decline ~10% QoQ.

​TSMC may see a 10% decline in 1Q24F, with Taiwan, US, China, Europe, and Japan being major revenue contributors. TSMC might also transfer 40nm and...

Patrick Liao

Novatek (3034.TT): 2Q22 Revenue Declined 2~5.5% QoQ, but the Stock Price Could Be Reacted Earlier.

Novatek's revenue declined 2~5.5% QoQ . There are hopes for China 618-shopping Festival, US back-to-school and China double 11 shopping Festival...

Patrick Liao

Vanguard (5347.TT): 1Q22 Results/ 2Q22 Preview- Further Price Increase Could Hold in 2H22

Vanguard's revenue is NTD$13.49bn, which is at the high-end of guidance NTD$13.2~13.6 in 1Q22. Vanguard is likely to further raise price in 2Q22,...

Patrick Liao

Quarterly sales declined but is expected to improve. Auto application are adjusting inventory, while consumer applications are entering a low...

Despite a decline in demand in 1Q24F, the market outlook is predicted to improve with potential revenue growth of high single digits in 2Q24F and...

TSMC may see a 10% decline in 1Q24F, with Taiwan, US, China, Europe, and Japan being major revenue contributors. TSMC might also transfer 40nm and...