Contents
Inventories should remain low through 4Q 3
Global supply chain inventory data for the technology sector suggests to us that the
street is underestimating the earnings potential for Asia semiconductor stocks. This
creates a backdrop for positive surprises in 4Q09-1Q10, in our view.
3
Positioned for 4Q09 restocking demand 3
Where we differ from the consensus 5
Consensus forecasts for the leading Taiwan foundries and OSAT reflect a normal
seasonal decline in 1Q10. We believe there will be an upside surprise to 1Q10
earnings, given low inventories and customer caution on end demand in 4Q.
5
Risks to our thesis 6
Company outlook 7
Monthly revenue trends 8
Company profiles 10
Advanced Semiconductor 10
Siliconware Precision 18
TSMC 26
UMC 34