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.

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Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>We estimate that the outlook is still moderate downward in 4Q23F, which is a typically seasonality.</li>
<li>SPIL, in ASEH group, is serving only limited on-Substrate (oW) of Chip-on-Wafer-on-Substrate (CoWoS).</li>
<li>We note that the major big clients of ASEH are not changing at all during this time downturn.</li>
</ul>


We estimate that the outlook is still moderate downward in 4Q23F, which is a typically seasonality.
SPIL, in ASEH group, is serving only limited on-Substrate (oW) of Chip-on-Wafer-on-Substrate (CoWoS).
We note that the major big clients of ASEH are not changing at all during this time downturn.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

ASEH (3711.TT): 4Q23F Outlook Should Remain Decline for a Normal Seasonality.