FoundationMMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Greater China Technology SemiconductorsIoT Semis – Welcome to the Wireless World We believe short-range wireless communication technology is an attractive way to play the IoT uptrend. We expect Bluetooth to dominate on further spec migration, with the market set to double by 2025. We view Bestechnic as the key proxy, but the trend should also benefit Realtek and Mediatek.April 22, 2021 09:01 PM GMT
FoundationMMorgan Stanley Taiwan Limited+Daniel Yen, CFAEquity Analyst+886 2 2730-2863Daniel.Yen@morganstanley.com Contributors Morgan Stanley Taiwan Limited+Charlie ChanEquity Analyst+886 2 2730-1725Charlie.Chan@morganstanley.comMorgan Stanley & Co. LLCCraig HettenbachEquity Analyst+1 212 761-6435Craig.Hettenbach@morganstanley.comMorgan Stanley Taiwan Limited+Sharon ShihEquity Analyst+886 2 2730-2865Sharon.Shih@morganstanley.comMorgan Stanley Asia Limited+Andy Meng, CFAEquity Analyst+852 2239-7689Andy.Meng@morganstanley.comMorgan Stanley Asia Limited+Daisy Dai, CFAEquity Analyst+852 2848-7310Daisy.Dai@morganstanley.comMorgan Stanley Taiwan Limited+Ray Wu, CFAEquity Analyst+886 2 2730-2871Ray.Wu@morganstanley.comMorgan Stanley Taiwan Limited+Dylan LiuResearch Associate+886 2 2730-1723Dylan.Liu@morganstanley.com
FoundationMGreater China Technology SemiconductorsIoT Semis – Welcome to the Wireless World We believe short-range wireless communication technology is an attractive way to play the IoT uptrend. We expect Bluetooth to dominate on further spec migration, with the market set to double by 2025. We view Bestechnic as the key proxy, but the trend should also benefit Realtek and Mediatek.IoT... not a buzzword anymore: The Internet of Things is playing an increasingly important role in our daily lives. Our consumer team, led by Lillian Lou, expects China's smart home appliances market to grow 12% annually, driving penetration from 20% now to 100% by 2030. Our downstream tech analyst, Sharon Shih, expects the industrial IoT to take off in China as the government strives to increase effi-ciency by mapping out a detailed IIoT ecosystem development plan through 2025. Globally, we believe the number of IoT devices will reach 2.1 billion...
