13 April 2017 Asia Pacific Equity Research Semiconductor Devices Asia Semiconductor Sector Research Analysts SECTOR FORECAST Randy Abrams, CFA 886 2 2715 6366 1Q17 preview: Choppy results season looms
[email protected] Haas Liu Figure 1: Semiconductor revisions ahead of the 1Q17 results season: 886 2 2715 6365 TSMC, UMC, SMIC, Vanguard, Powertech, Mediatek, Realtek and WPG
[email protected] 2017 EPS Target Price Price Target Inv'ment Target P/E P/B ROE Div Yld Change Change 12-Apr Local Curcy Rating upside 2017 2018 2017 2018 2017 2018 Foundry TSMC -2% Maintain at NT$205 191.0 205.0 OPFM 7.3% 14.3 13.0 3.2 2.9 23.9% 23.5% UMC 0% Maintain at NT$12 12.0 12.0 NTRL 0.0% 22.2 20.5 0.7 0.6 3.0% 3.2% SMIC 0% Maintain at HK$10.8 9.36 10.80 NTRL 15.4% 18.1 14.1 1.1 1.0 6.5% 7.7% Vanguard -6% Lower to NT$53 58.8 53.0 NTRL -9.9% 17.8 15.5 3.3 3.2 18.7% 20.9% Hua Hong 0% Maintain at HK$11 10.42 11.00 OPFM 5.6% 12.0 11.7 0.9 0.9 7.7% 7.5% Packaging & testing ASE 0% Restricted 38.3 RSTR RSTR NA 12.5 12.0 1.8 1.7 14.5% 14.4% Powertech 0% Maintain at NT$102 86.5 102.0 OPFM 17.9% 11.8 10.8 1.8 1.7 15.4% 16.1% Amkor 0% Maintain at US$9.5 11.2 9.5 NTRL -15.2% 14.9 13.2 1.7 1.5 12.2% 12.2% IC design MediaTek -8% Lower to NT$200 214.0 200.0 NTRL -6.5% 16.1 13.0 1.3 1.2 8.5% 9.9% Realtek -3% Lower to NT$130 107.5 130.0 OPFM 20.9% 13.2 12.0 2.3 3.8 17.7% 23.9% WPG -5% Lower to NT$38 38.2 38.0 NTRL -0.5% 10.1 9.1 1.2 1.1 12.5% 12.9% Source: Company data, Credit Suisse research.