Siliconware Precision Industries Ltd.’s (SPIL) common stock price has rallied since our 4Q 08 and FY 2008 update report, in line with broader index movements during the period. We continue to believe that stronger demand from China will benefit SATS companies including SPIL and Advanced Semiconductor Engineering, Inc. (ASE) in the near term. While SPIL has not provided any explicit sequential forecast for 2Q 09 revenues, ASE expects 2Q 09 revenues to increase more than 40% q-oq primarily due to strength in the Chinese market. Accordingly, we maintain our HOLD rating for SPIL, although the common stock target price does not support a HOLD rating at current price levels. We will reassess the common stock rating and target price for SPIL in our next update report. We maintain our SELL rating for the ADR (1 ADR=5 common shares), in line with our fundamental outlook and anticipated negative currency impact on the ADR over our 6-12 month investment horizon. We will reassess our target price and rating in our next update report.

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