Title Foundry: 1Q17 lull as Chinese handset brands digest inventory
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Title:Foundry: 1Q17 lull as Chinese handset brands digest inventory
Download File:Foundry industry note 170117--sinopac (2).pdf 
Summary:Foundry sector sales up 31% YoY in DEC: Taiwans foundry companies reported aggregate DEC sales at NT$92.85bn (-14.1% MoM, +31.1% YoY). The result exceeded our expectation thanks to sustained high UTR for mature process and expanding demand for high-end ICs. 4Q16 was slightly better than 3Q16. 5-10% QoQ sales decline likely in 1Q17: Looking into 1Q17, inventory stocking for gaming-related ICs will continue to trend up, but communication-related IC demand will slide as iPhone stocking enters a slow period and Chinese handset brands adjust their inventories amid weakening demand for handsets from emerging markets. We expect foundry sector sales to ease 5-10% QoQ in 1Q17.
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