Siliconware Precision Industries Ltd.’s (SPIL) common stock price has rallied since our 4Q 08 and FY 2008 update report, in line with broader index movements during the period. We continue to believe that stronger demand from China will benefit SATS companies including SPIL and Advanced Semiconductor Engineering, Inc. (ASE) in the near term. While SPIL has not provided any explicit sequential forecast for 2Q 09…

2009 is expected to be the first year in semiconductor history in which the industry experiences consecutive years of revenue decline. On 25 February 2009, Gartner Inc. reduced its forecast for worldwide semiconductor revenues from its 16 December 2009 projection of a 16% decline to a 24.1% decline. SPIL too experienced a 54.4% y-o-y drop in January 2009 sales. However, the market has demonstrated signs…

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Siliconware Precision Industries Ltd’s (SPIL) common stock price has rallied significantly since our 3Q 08 update report, primarily reflecting improved investor sentiments following efforts initiated by several governments including Taiwan and the US to stimulate economic activities. Nevertheless, our medium term outlook for SPIL remains cautious in view of reduced end-market demand due to…