Inventory restocking now at a slower rate
​2Q16 guidance is a bit soft, but with a longer InFO cycle time, it can help partially explain a later than expected revenue recognition on A10 chip. Our TP remains unchanged. The million dollar question is whether iPhone 7 can outsell iPhone 6S on a YoY basis this year. At this point, there seems to be no reason to believe this will not happen. Therefore, a continuous YoY upward trend should still hold. As we said earlier, TSMC’s share price could see some profit taking in the near-term, and guidance for 2Q16F gives people a good excuse to do so.
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