Table of Contents
Executive summary ........................................................................... 3
Theme #1 – Foundry growth recovery from 2010........................... 6
Theme #2 – Winner takes all........................................................... 12
Theme # 3 – New addressable markets......................................... 37
Valuation .......................................................................................... 48
Risks.................................................................................................. 51
Appendix A....................................................................................... 54
TSMC................................................................................................ 70
UMC.................................................................................................. 90
Chartered Semi................................................................................ 96
Vanguard........................................................................................ 102