SocGen’s Benzimra Is Overweight South Korea, Taiwan

What signs indicate a recovery in the semiconductor market?

• Increasing market volatility

• Decreasing sales and prices

• Rising sales and prices

• Stable inventories

Why is the Korean market viewed positively?

• It is a stable market with no volatility

• It is a combination of industrial and cyclical companies

• It has the highest earnings quality

• It is unaffected by trade tensions

What characterizes the Taiwanese market according to the transcript?

• High volatility in earnings

• Lower quality of earnings

• Higher quality of earnings and less volatility

• Complete immunity to trade tensions

How might Taiwan benefit from trade tensions?

• By reducing its industrial output

• By maintaining high trade barriers

• Through reshoring and changes in the global value chain

• By increasing its exports to Korea

What is the expected trend regarding trade tensions?

• No change in the current situation

• De-escalation with risks shifting to investment and export control

• Complete resolution of all tensions

• Increased tensions in trade only