08.06.2001
Foundry July revenues preview

• Development: Industry sources indicate that TSMC's July revenue will likely be posted at NT$8.2bn, a 4% MoM decline. UMC is expected to see a much larger sequential decline for the July revenue figure, between 10-15%.

• Analysis: We believe TSMC's Aug. and Sep. revenues will sequentially trend upwards by 10%, driven by seasonal recovery in PC segment and NVidia's upcoming GPU shipments for XBOX. UMC may see a flattish Aug. and slightly up Sep.

• Primasia View: We believe TSMC holds the most positive outlook for 2H01. We maintain our Outperform and Core Holding recommendations on TSMC.