汇丰银行-亚洲科技-asia technology：thoughts from the road-20170711-hsbc.pdfVIP

11 July 2017   Asia Technology EQUITIES TECHNOLOGY Thoughts from the road Hong Kong  Client marketing suggests most sticking with what has worked Steven Pelayo, CFA  While stocks strong, too early to call the peak as build just began Regional Head of Technology Research The Hongkong and Shanghai Banking Corporation Limited stevenpelayo@.hk  HSBC’s tech team faves are MediaTek, ASE, SEMCO, LG +852 2822 4391 Innotek, SK Hynix, Samsung Electronics, Tripod, and Kinsus HSBC Technology Research Team* Following our recent report Asia Tech – Where to now? Favourite ideas for 2H17, we *Employed by a non-US affiliate of HSBC Securities (USA) Inc. and not registered/qualified pursuant to FINRA regulations spent the last week meeting clients in Asia. Sentiment was bullish, but also nervous. On one hand, much of the strong performance year-to-date has been based on rising expectations rather than fundamental improvement. In fact, most of Taiwan tech cut 2017e forecasts this year due to lingering excess inventories, a pause ahead of new phone launches, and TWD appreciation. This led to 2017e consensus becoming more back-end l