乐博现金网登录66866Asia Technology Sector:Key takeaways from 2017SEMICON Taiwan

乐博现金网登录66866Asia Technology Sector:Key takeaways from 2017SEMICON Taiwan

    Beneficiaries within the Taiwan tech universe: Within HSBC’s Taiwan
techuniverse, key beneficiaries of the AI and HPC themes include TSMC
(2330.TW;TWD219.5; Hold), Mediatek (2454.TW; TWD292.5; Buy), and Kinsus
(3189.TW;TWD78.6; Buy). Key beneficiaries of the Power and 5G themes
include Kinsus,Vanguard (5347.TW; TWD54.4; Reduce), Mediatek, Landmark
(3081.TW;TWD410.5; Buy), and Win Semi (3105.TW; TWD194.5; Hold).

    Other Taiwan names with exposures to these themes, which are not
rated by HSBC,include AWSC (8086.TW; TWD56.7), RichWave (4968.TW;
TWD114.0), VPEC(2455.TW; TP59.2), EMC (2383.TW; TWD140.5), TUC (6274.TW;
TWD83.5), eLaser(3450.TW; TWD112.5), PCL (4977.TW; TWD138.0), GCL
(4991.TW; TWD67.9), andWavetek (3550.TW; TWD16.25).

    Power and compound semis: Given consolidation within pure Silicon is
quite clear,we were more attracted by Power and Compound Semi’s given
this segment’spositive outlook, given potential demand from
5G/VCSEL/Power/Automotive/IoT,despite the still-evolving industry
dynamics. During the forum, speakers focused onthe current developments
of GaAs, GaN, and Silicon-based compounds and uses invarious
applications. While there were some debates as to whether
Silicon-basedcompounds could be a good substitute for III-V compounds in
specific applications,consensus remains positive given a growing need
for high power density andoperation efficiency systems. Speakers also
highlighted key trends they expect tosee as we head closer to 5G,
including: (1) pre-standard in 2018, commercial launchin 2019/2020, and
mass adoption by 2025; (2) adoption of MIMO (Multi-in/Multi-out)to boost
capacity/switching and temperature capabilities, reduce interference,
andfacilitate more machine communication among IoT devices; and (3)
deployment ofbase stations/small cells in enabling millimetre radio
waves.

Search for next growth driver is ongoing: We attended the 2017
SEMICONTaiwan hosted by global industry association SEMI last week.
Speakers at theMarket Trends forum mainly focused on the near-term
prospects of the global techindustry and their expectations for the next
growth driver. In the near term, speakersexpected the focus to remain on
smartphones, while investment focuses on theespecially strong memory
demand and ongoing expansion of auto electronics anddata centre. Looking
into the longer term, speakered highlighted growth in AI,
highperformance computing (HPC), and robotics as the major drivers of
semi content.

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