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    Chia Yi Chen • Citigroup

    Chia Yi Chen's questions to 3711.TW leadership

    Chia Yi Chen's questions to 3711.TW leadership • Q1 2025

    Question

    Chia Yi Chen (Laura Chen) requested an update on the progress towards the leading-edge advanced packaging revenue target for the year and whether technology migrations like CoWoS-S to CoWoS-R would affect the ramp. She also asked if the upside in the testing business would primarily come from AI and GPU clients.

    Answer

    Joseph Tung, CFO, confirmed there is no change to the original plan for leading-edge advanced packaging revenue or CapEx for the year, and capacity will be aligned for different CoWoS types as needed. Regarding testing, he described it as an "all-out effort" to gain share across the entire test market, including pursuing pure-play test business, with a special focus on AI and leading-edge applications.

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    Chia Yi Chen's questions to ASE Technology Holding Co Ltd (ASX) leadership

    Chia Yi Chen's questions to ASE Technology Holding Co Ltd (ASX) leadership • Q1 2025

    Question

    Chia Yi Chen (Laura Chen) requested an update on the revenue ramp for leading-edge advanced packaging, referencing a prior target, and asked if technology migrations like CoWos-S to CoWos-R would affect the ramp. She also questioned if the anticipated growth in the testing business would come primarily from AI and GPU accelerators or also from other areas like smartphones.

    Answer

    Joseph Tung, CFO, confirmed there is no change to the original plans for leading-edge packaging revenue or CapEx for the year, and the company is prepared for various CoWoS technology types. Regarding the testing business, he described an "all-out effort" to gain market share across the entire test landscape, including a strong focus on AI and leading-edge applications, by leveraging both turnkey capabilities and pursuing pure-play test opportunities.

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    Chia Yi Chen's questions to ASE Technology Holding Co Ltd (ASX) leadership • Q4 2024

    Question

    Chia Yi Chen asked for clarification on the 2025 leading-edge revenue forecast, questioning if the projected $1 billion was an additional contribution or a total figure. She also inquired about a potential breakdown of this revenue by application (GPU, AI ASIC, edge AI) and the business impact from U.S. BIS restrictions on Chinese clients.

    Answer

    CFO Joseph Tung confirmed the $1 billion is an additional revenue stream on top of the $600 million achieved in 2024. COO Tien Wu stated that a detailed breakdown by application would not be provided. Regarding BIS rules, Dr. Wu acknowledged it as a potential upside not yet factored into forecasts, as the company is still clarifying execution details with partners.

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    Chia Yi Chen's questions to ASE Technology Holding Co Ltd (ASX) leadership • Q4 2024

    Question

    Chia Yi Chen of Citigroup asked for clarification on the $1 billion leading-edge revenue forecast, questioning if it was an additional amount. She also inquired about a potential breakdown by application (GPU, AI ASIC, edge AI) and the business impact from new U.S. BIS restrictions on Chinese clients.

    Answer

    CFO Joseph Tung confirmed the $1 billion in leading-edge revenue for 2025 is an additional amount on top of the over $600 million achieved in 2024. COO Dr. Tien Wu declined to provide a specific application breakdown but stated that ASE is actively working with partners and customers to understand the new BIS rules, viewing the situation as a potential upside not yet included in current financial projections.

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    Chia Yi Chen's questions to ASE Technology Holding Co Ltd (ASX) leadership • Q2 2024

    Question

    Chia Yi Chen of Citigroup asked about the expected timeline for advanced packaging investments to become profitable and the potential normalized gross margin for that business. She also questioned if the EMS business's early Q2 ramp would lead to continued strength or an even stronger Q4, per historical patterns.

    Answer

    CFO Joseph Tung confirmed that investments in leading-edge packaging and test are margin-accretive and will contribute at a rate higher than the corporate average ATM margin, helping lift overall profitability as volume grows. For the EMS business, he indicated that the typical first-half versus second-half seasonality pattern is expected to hold, suggesting a predictable seasonal ramp.

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    Chia Yi Chen's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership

    Chia Yi Chen's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q1 2025

    Question

    Chia Yi Chen asked about future AI chip design trends, including chiplets, co-packaged optics (CPO), and panel-level packaging, and whether these technologies would be developed in Taiwan first. She also sought clarity on the capacity allocation between Taiwan and Arizona, specifically the timeline for the 30% N2 capacity in the U.S.

    Answer

    CEO C. C. Wei confirmed customers are increasingly adopting advanced packaging like CoWoS and SoIC. He noted that newer technologies like panel-level packaging are in development and would likely ramp in Taiwan first. Regarding capacity, Wei clarified the 30% N2 figure for Arizona is based on the current six-fab plan, but plans for future nodes beyond N2 have not been determined.

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    Chia Yi Chen's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q3 2024

    Question

    Chia Yi Chen asked about the potential for a cash dividend increase given strong free cash flow and how TSMC balances shareholder returns with capital investments. She also requested more detail on the implementation of the Foundry 2.0 model and the growth outlook for its various segments.

    Answer

    CFO Mr. Wendell Huang reiterated that TSMC's dividend policy is "sustainable and steadily increasing" as free cash flow grows, but the primary use of cash remains organic growth to maximize shareholder value. CEO Dr. C. C. Wei clarified that within the Foundry 2.0 model, leading-edge nodes and advanced packaging have much stronger growth prospects compared to mature nodes and conventional packaging.

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    Chia Yi Chen's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q2 2024

    Question

    Laura Chen of Citigroup asked if the N2 node is expected to have a larger initial revenue contribution and a shorter margin dilution period compared to N3, given strong customer engagement. She also inquired about the timeline for edge AI and smartphone clients adopting advanced packaging solutions like SoIC or 3DIC.

    Answer

    CFO Wendell Huang confirmed that N2's revenue contribution is expected to be bigger than N3's and that its gross margin should reach the corporate average faster. CEO C.C. Wei explained that for advanced packaging, HPC customers are moving faster than smartphone clients. However, he noted that smartphone customers are now catching up in adopting advanced packaging like InFO to accommodate chiplet designs for edge AI.

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    Chia Yi Chen's questions to United Microelectronics Corp (UMC) leadership

    Chia Yi Chen's questions to United Microelectronics Corp (UMC) leadership • Q1 2024

    Question

    Chia Yi Chen of Citigroup Inc. followed up on the CapEx outlook, asking for the expected depreciation cost trend into next year and its impact on gross margin. She also inquired about UMC's current position within its stated 10-20% addressable AI market and the potential for secular growth.

    Answer

    CFO Chi-Tung Liu explained that depreciation expense will likely peak 2-3 years after the 2024 CapEx peak, with the magnitude of increases expected to be manageable. President Jason Wang added that depreciation will follow a minor upward trend to 2026. Regarding AI, Mr. Wang stated that UMC is still in the very early stages with minimal exposure today, but expects Edge AI applications to gain traction over the next few years and eventually represent the projected 10-20% of the AI silicon market.

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