Goldman Sachs Adjusts Taiwan Semiconductor Coverage, Takes Over TSMC and MediaTek

Overview

This research report is an administrative notice issued by Goldman Sachs regarding personnel changes and coverage adjustments for its Taiwan semiconductor industry research team. Following the departure of former analyst Bruce Lu, Goldman Sachs has reallocated research coverage for the Taiwan semiconductor sector, with TSMC and MediaTek being taken over by new analysts while maintaining existing investment views, and coverage of 10 other semiconductor companies being suspended.

Core views

Team Changes and Coverage Handover: Former analyst Bruce Lu has left Goldman Sachs. Evelyn Yu and James Schneider will formally take over coverage of TSMC (2330.TW/TSM) and MediaTek (2454.TW). Goldman Sachs explicitly states that investment ratings, target prices, and financial forecasts for these two core names remain unchanged. Investors may refer to recently published research reports for the latest views. List of Suspended Coverage: Goldman Sachs announces the immediate suspension of research coverage for 10 Taiwan semiconductor companies, including ASE Technology Holding (3711.TW/ASX), United Microelectronics Corporation (2303.TW/UMC), GlobalWafers (6488.TWO), King Yuan Electronics (2449.TW), Realtek Semiconductor (2379.TW), Novatek Microelectronics (3034.TW), Vanguard International Semiconductor (5347.TWO), Silergy Corp. (6415.TW), Parade Technologies (4966.TWO), and uPI Semiconductor (6719.TW). For the aforementioned suspended stocks, their existing investment ratings, target prices, and earnings forecasts are immediately invalidated and shall no longer serve as investment references.

Analysis framework

This report constitutes an administrative and compliance disclosure within the research team, and does not involve substantive analysis of industry fundamentals, company financials, or valuation models. Its core logic lies in transparently communicating to the market and clients the coverage changes resulting from analyst transitions, and compliantly withdrawing ratings and target prices for names no longer under coverage to avoid misleading investors.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• TSMC (2330.TW/TSM)

  Coverage maintained, taken over by new analysts

  Strengths

  Research views and target prices are preserved, tracking continues uninterrupted

• MediaTek (2454.TW)

  Coverage maintained, taken over by new analysts

  Strengths

  Research views and target prices are preserved, tracking continues uninterrupted

• ASE Technology Holding, UMC, and 8 other companies

  Coverage suspended, ratings and target prices invalidated

  Weaknesses

  Loss of Goldman Sachs research tracking and target price guidance

  Risks

  Existing ratings no longer valid; investors need to seek alternative information sources

Impact & implications

For investors in TSMC and MediaTek, the smooth handover of the research team means that the institution's long-term tracking and core views are preserved, with no risk of sudden view changes due to analyst transitions. For the 10 companies whose coverage has been suspended, investors will no longer be able to obtain updated ratings and target price guidance from Goldman Sachs for these names, and will need to turn to other brokers' research resources or conduct their own fundamental tracking.