汇丰银行-半导体电气设备-asia technology sector：sghk marketing feedback-20170717-hsbc

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1、17July2017AsiaTechnologySectorEQUITIESSEMICONDUCTOR/ELECTRICALEQUIPMENTSG/HKmarketingfeedbackTaiwanSearchforrotationalideasisonasinvestorsponderwhattoBruceLu*buygivenalreadywellpositionedinlarge-capnamesAnalyst,TechnologyHSBCSecurities(Taiwan)CorporationLimitedbruce.kl.lu@hsbc

2、.com.twQuestionsonMediatekremainoncompetitionwithQualcomm+886266312861ThurstonLee*Applesupplychain–shiftingfocustothelaggardsResearchAssociate,TechnologyHSBCSecurities(Taiwan)CorporationLimitedthurston.jc.lee@hsbc.com.twSearchingforrotationalideas:Wemetwithover40institutionalinve

3、storsduring+886266312862ourfive-dayTaiwanhandsetcomponentmarketingtripinSingaporeandHongKongon10-14July.Ingeneral,withTAIEXhoveringabove10,000andstokedbyalarge-*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationscaptechrally,wef

4、eelthatwhilemostinvestorsstillfavourlarge-captechnameswithhighearningsvisibilityasweheadintothetraditional2Htechpeakseason,smallerlaggardswithlessdemandingvaluationcouldbegoodrotationalideas.Mediatek(2454TW;TWD355.00;Buy)ourfavouredplay:Duringourtrip,wefacedlimitedpushbackinournomi

5、nationofMediatekasourtoppick.ForMediatek,wefeelmanyinvestorsarestillnotfullyawareofthecompany’sstructuralimprovementsthatwediscussedinourrecentupgradenote(here).Forinvestorsthathavebeenfollowingthestory,keyquestionsthatwereceivedmainlyfocusedonthetimingofMediatek’snewchipsetsandthe

6、potentialriskofseeingincreasedcompetitionfromQualcomm(QCOM.US;NotRated).Aswehavestatedbefore,weareoftheviewthatitisverydifficultforQualcommtobecomeaggressiveonpricinggivenitslargerAndroidmarketshareandrecentissueswithitsroyaltyfees.UnlessQualcommcancompletelyremoveMediatekfromtheco

7、mpetition,whichwebelieveisveryunlikely,Qualcommwilltakethebiggerimpactinanyaggressivepricescuts.WealsoseelimitedcompetitionfromQualcomm’scooperationwithLeadcore(NotListed)giventhepotentialconflictsbetweenthebusinessmodelandenddemand.Applesupplychain-shiftingfocustothelaggards:Looki

8、ngintotheApplesupplychain,