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2015 All-Asia Research Team: Technology/Semiconductors, No. 3: Andrew Lu & team

< The 2015 All-Asia Research TeamAndrew Lu & teamBarclaysFirst-place appearances: 0

Total appearances: 3

Team debut: 2013

“He’s the most experienced analyst on the ground. His research is like a must-­read tour guide to Taiwan’s semiconductors industry,” applauds one advocate of Andrew Lu, whose Barclays squad claims third-place honors. Lu guided Citi’s team to its fourth-consecutive top finish on this roster before joining the firm in 2010. Barclays was then launching its Asia-Pacific ex-Japan equity research division, and he signed on to lead coverage of semiconductors. By last year his six-strong crew had clocked two appearances here, at runner-up. Stationed in Seoul and Taipei, the researchers are positive overall on regional semiconductors companies. Despite an inventory adjustment in the first part of this year, they foresee several positive drivers of demand over the long term, both in developing technologies and the spread of existing tech to new markets. Examples include smartphone migration to fourth-generation services, high-speed wireless modems, wearable technologies and automotive applications. The team’s best stock ideas, according to Lu, are four Taiwan­ headquartered names: Hermes Microvision, which makes electron beam inspection systems for use in testing wafers; chipset maker MediaTek; Siliconware Precision Industries Co., a circuit testing and packaging services provider; and Taiwan Semiconductor Manufacturing Co., the global leading semiconductors foundry. “Some of these names might face short-­term issues,” he notes, “but we like these for structural long­-term stories.” Lu, 50, has a bachelor’s degree in management information systems from California State University and earned an MBA in finance from San Diego State University.


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