Title Optical Communication Industry: 5G development largely immune to coronavirus
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Title:2020 Semiconductor Industry Outlook
Download File:Semiconductor industry note_200106-- sinopac.pdf 
Summary:1) Semiconductor industry analysis: Industry will spread its wings in 2020, page 3
- 5G application will drive cyclical recovery for semi industry
- Leaner semi inventories from 3Q19; communication IC stocking to begin for 5G
- Semiconductor capex cutting will continue in 2020
- Semiconductor foundry UTR will sustain above 80%

2) Sub-industry updates: Focus on memory, packaging/testing, page 7
- Wafer fabrication/Foundry: demand for advanced nodes to cement TSMC¡¯s lead
- Memory: Nanya Tech, Powertech to benefit from demand and price uptrends
- Packaging/testing: ASE is our top pick on the SiP theme; consolidation for better capital efficiency

3) Top beneficiaries under the 5G handset theme, page 15
- TSMC (2330 TT): Buy, TP at NT$377 (4.5x 2021F P/B)
- Nanya Tech (2408 TT): Buy, NT$91 (1.75x 2020F P/B)
- ASE (3711 TT): Buy, TP at NT$88 (1.7x 2020F P/B)
- Powertech (6239 TT): Buy, TP at NT$114 (1.9x 2020F P/B)
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