Title ESG Equity Note: Vanguard (5347 TT) Neutral - Diminished 2H20 outlook
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Title:ESG Equity Note: Vanguard (5347 TT) Neutral - Diminished 2H20 outlook
Download File:5347 TT Vanguard ESG note 200326--sinopac_.pdf 
Summary:Maintain Neutral: 1) We are cautious about power management IC (PMIC) demand (60% of sales) in 2H20 owing to the uninspiring outlook for 3C products, the destination for 50% of VISíŽs PMICs; 2) It will take time to improve the Singapore fabíŽs cost structure, and VISíŽs overall operations remain prone to systematic risk.
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