Capacity expansion on track
- Revenue surged 95% to US$6bn, beating management’s guidance by 6%, attributable to strong shipment growth
- Net profit rose 211% y-o-y to US$1,030m, ahead of the market consensus by 25% due to the wafer ASP hike
- New foundry capacity is expected to start production in 2Q to 3Q under smooth expansion and strong demand
- Maintain BUY due to smooth capacity expansion and increasing ROE in FY22-24