摩根士丹利-亚太地区-半导体行业-大中华区半导体业：中国TMT会议-2019.8.28-28页.pdf

Charlie.CDaniel.YEric.CJeff.HCautiousMORGAN STANLEY TAIWAN LIMITED+Charlie ChanEQUITY ANALYST+886 2 2730-1725Daniel Yen,CFAEQUITY ANALYST+886 2 2730-2863Eric ChaoEQUITY ANALYST+886 2 2730-1723Jeff HsuRESEARCH ASSOCIATE+886 2 2730-2864Greater China Technology SemiconductorsAsia PacificIndustryViewInvestor PresentationInvestor Presentation|Asia Pacific Asia PacificGreater China Semiconductors:China TMTConferenceMorgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research.As aresult,investors should be aware that the firm may have aconflict of interest that could affect the objectivity ofMorgan Stanley Research.Investors should considerMorgan Stanley Research as only a single factor in makingtheir investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of thisreport.+=Analysts employed by non-U.S.affiliates are not registered withFINRA,may not be associated persons of the member and may notbe subject to NASD/NYSE restrictions on communications with asubject company,public appearances and trading securities held bya research analyst account.1August 28,2019 01:31 AM GMT2345678910111213Top 8 AlphaWise Findings on the Impact of Trade Tensions on Semi Component Adoption in China1415161718192021222324Disclosure SectionThe information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited(which accepts the responsibility for its contents)and/or Morgan Stanley Asia(Singapore)Pte.(Registration number 199206298Z)and/or Morgan Stanley Asia(Singapore)Securities Pte Ltd(Registration number 200008434H),regulated by the Monetary Authority of Singapore(which accepts legal responsibility for its contentsand should be contacted with respect to any matters arising from,or in connection with,Morgan Stanley Research),and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley&Co International plc,Seoul Branch,and/or MorganStanley 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requirements),we include the category headings of Buy,Hold,and Sell alongside our ratings of Overweight,Equal-weight,Not-Rated and Underweight.MorganStanley does not assign ratings of Buy,Hold or Sell to the stocks we cover.Overweight,Equal-weight,Not-Rated and Underweight are not the equivalent of buy,hold,and sell but represent recommended relative weightings(seedefinitions below).To satisfy regulatory requirements,we correspond Overweight,our most positive stock rating,with a buy recommendation;we correspond Equal-weight and Not-Rated to hold and Underweight to sellrecommendations,respectively.25COVERAGE UNIVERSEINVESTMENT BANKING CLIENTS(IBC)OTHER MATERIAL INVESTMENTSERVICES CLIENTS(MISC)STOCK RATING CATEGORYCOUNT%OF TOTALCOUNT%OF TOTAL IBC%OF RATINGCATEGORYCOUNT%OF TOTALOTHER MISCOverweight/Buy112436%28142%25%51637%Equal-weight/Hold140545%30946%22%66347%Not-Rated/Hold10%00%0%10%Underweight/Sell57719%7712%13%23316%TOTAL3,1076671413Data include common stock and ADRs currently assigned ratings.Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the last 12 months.Due to rounding off ofdecimals,the percentages provided in the%of total column may not add up to exactly 100 percent.Analyst Stock RatingsOverweight(O).The stocks total return is expected to exceed the average total return of the analysts industry(or industry teams)coverage universe,on a risk-adjusted basis,over the next 12-18 months.Equal-weight(E).The stocks total return is expected to be in line with the average total return of the analysts industry(or industry teams)coverage universe,on a risk-adjusted basis,over the next 12-18 months.Not-Rated(NR).Currently the analyst does not have adequate conviction about the stocks total return relative to the average total return of the analysts industry(or industry teams)coverage universe,on a risk-adjusted basis,over thenext 12-18 months.Underweight(U).The stocks total return is expected to be 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