Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

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Equity Bottom-Up

<ul>
<li>We believe Elan Microelectronics has capacity for share buybacks in 2023E, and that it could be in shareholder interests.</li>
<li>Even in the coming 2023E down-year, we believe the company could generate over NT$1.7bn in EBITDA. Its balance sheet will remain net-cash.</li>
<li>The company is in a strong position as a leader in touch screens, touch pads, and fingerprint sensors. Intel's upcoming January webinar could provide clarity on the industry cycle.</li>
</ul>


We believe Elan Microelectronics has capacity for share buybacks in 2023E, and that it could be in shareholder interests.
Even in the coming 2023E down-year, we believe the company could generate over NT$1.7bn in EBITDA. Its balance sheet will remain net-cash.
The company is in a strong position as a leader in touch screens, touch pads, and fingerprint sensors. Intel's upcoming January webinar could provide clarity on the industry cycle.


Elan Microelectronics: Capacity for Share Buybacks in 2023E, Intel Event Could Provide Cycle Clarity