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Electronic information

Analysts: packaging and testing than foundry

In Electronic Infomation Category: R | on December   1, 2010

Semiconductor analyst at Macquarie Capital Securities Liuming Long yesterday (29) pointed out that the trend in the semiconductor industry in 2011 will be similar to 2005, showing a "high risk of excess supply, increasing competitive pressure" situation, where production capacity less flexible than IC packaging and BU508A datasheet and testing a large population, the share price performance will be better than the foundry group.

Therefore, Liu Minglong recommended 2 sets of matching its customers operational transactions (pair trade): "ASE and BU508A price and Siliconware buy, sell UMC" or "buy TSMC, UMC sold" to attract international capital yesterday buying massive influx of ASE, TSMC, SPIL and BU508A suppliers and other 3 files stocks were overbought 3.5,3,1.7 million.

Liuming Long believes that the semiconductor industry, although the increase in inventories, but not serious, therefore, revenue and capacity utilization will be on the bottom of the first quarter of 2011, capacity utilization in the first half of 2011, only retreated 80% to 90 % to 70% less likely to 75%.

In addition, Bank of America Merrill Lynchs chief Asia-Pacific semiconductor analyst He Haoming (Dan Heyler) yesterday raised its full TSMC, UMC, SPIL, ASE, Southern Electric, SMIC shares, including 6-speed semiconductor investment rating, because he used four indicators have been directed at risk and reward factors of semiconductor group has been positive.

He Haoming that the semiconductor industry during the first half and second half of 2010 were 7% and 9% of the capacity growth rate, to the first half of 2011 will be reduced to 1-2 percent, which should be good news for share prices , the proportion of capital expenditure to revenue (capex-to-sales) point of view, IC packaging and test foundry and estimated population will be from 45% and 20% to 38% and 17%.

To neutral view Liuming Long, for example, he thought the trend of the semiconductor industry in 2011 will be very similar to 2005 in 2004 after a wave of recovery, the growth rate in 2005 significantly expanded production capacity to 24%, but demand growth rate fell to 7% in 2011 and 2005, almost exactly the same situation, but a positive expansion of the companies licensed by SMIC and Samsung replaced with the global wafer.

Liu Minglong that since the 28 nm process will take at least the end of 2011 will carve out a significant production, therefore, be defined as TSMC foundry industry or investment value is the Zoudie (de- rating), is obviously still too early to say, that is, to eat smart phones and tablet PCs opportunities TSMC, still continued to hold leadership position, the subject can be regarded as defensive.

Contrast, Liu Minglong IC packaging and testing groups that the investment value of more than foundry group, the former 2011 stock will outperform the latter (the average price before 2005 were better than the latter 50 %), mainly due to IC packaging and testing industry, with less risk of excess capacity, capacity on the more flexible control, which is relatively optimistic about the high-end mobile phones with a high proportion of ASE.

Tagged as: BU508A datasheet IC BU508A suppliers BU508A Price

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