The hottest topic for Taiwan stocks in the first half of this year is the shortage of materials and price increase from silicon wafer to MLCC (passive components). In addition to the effect of Japanese factory transfer, it is mainly due to the strong demand for smart phones, electric vehicles and automotive electronics, which drives the application of passive components to expand.
Fubon securities held yesterday (12) "blow crazy sand to start gold, look for the benefit opportunity that demand turns good" investment lecture invites heavyweight star analyst and domestic professional orgnaization investor to talk face to face, undertake analysis to at present greater China semiconductor investment opportunity.
Fubon securities pointed out that the recent fallout from the global trade war triggered by the United States has been rippling. However, the operation of the apple supply chain in Taiwan is not weakened in the second half of the year when the three new iPhone models will be released.
In addition, it is expected that all new mobile phones will be added with 3D sensing function, and the capacity utilization rate of various factories of the three and five ethnic groups will be significantly improved. Besides, with the increase of 5G and automotive products, the operation of the three and five ethnic groups will be greatly enhanced.
On semiconductor part, China is now in the construction of 22 12 inches fabs in about 17 production line will be falls at the end of 2017 to 2017, new investment estimate of 600 billion yuan of above, the sino-us trade war deepen China no core, read Chinese fabs expansion will continue, and bring long-term machine factory of growth opportunities.
After the shortage of passive components, thanks to the continuous shortage and fading out of the market of MOSFET, the Taiwan MOSFET manufacturer 2Q18 ~ 3Q18 will continue to increase the gross profit rate due to price increase and product portfolio adjustment, and its profits are expected to jump significantly in 2018.
In view of the current situation, fubon securities believes that with the easing of psychological factors of trade war, the launch of new apple products and the expected slowdown of foreign sales, Taiwan stocks still have the opportunity to perform in the second half as the global economy grows steadily.