Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

JCET (600584.CN): The 1Q22 Will Be a Lower Season, and the Recent Ukraine Crisis Did Post a Shadow.

JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.

ASE Holding (3711.TT): 1Q22 Results/​​ 2Q22 Outlook- The Hope Might Be in 2H22

Amkor Beats on Structural Improvement or Pre-Merger Windows Dressing?

Taiwan OSAT Vendors Dominated >80% of Profits but We See No Winner

TSMC (TSM.US, 2330.TT): Bright Outlook in 2022

ASE Guides a Softer ATM Sales on Android Smartphone Weakness

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Hope we could be wrong, but the outlook of 1Q22 could be a bit bearish since we believe ASE Holding (ASEH) revenue/GM will reach ~NT$165bn/19.4% and ~NT$150bn/19.5% in 4Q21/1Q22 respectively. </li>
<li>China has massive local efforts on OSAT business because of low entry barrier. In our views, China can exist very well in lower profit margin to compete.</li>
<li>The worldwide OSAT (Outsourced Semiconductor Assembly and Testing) companies of scale are majorly centered in Asia Pacific area.</li>
</ul>


Hope we could be wrong, but the outlook of 1Q22 could be a bit bearish since we believe ASE Holding (ASEH) revenue/GM will reach ~NT$165bn/19.4% and ~NT$150bn/19.5% in 4Q21/1Q22 respectively. 
China has massive local efforts on OSAT business because of low entry barrier. In our views, China can exist very well in lower profit margin to compete.
The worldwide OSAT (Outsourced Semiconductor Assembly and Testing) companies of scale are majorly centered in Asia Pacific area.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

ASE Holding (ASX.US, 3711.TT): The Outlook of 1Q22 Could Be a Bit Bearish as Actionable