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.

ASEH (3711.TT; ASX.US): 1Q24F Results Were Better, and the Outlook for 2024F Was Very Positive.

ASEH (3017.TT; ASX.US): ​Selective Products Have Hit Bottom While General Products Lag Behind.

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

ASEH (3711.TT; ASX.US): 1Q24F Revenue Outlook Could Be Down Slightly QoQ; 2024F Should Grow ~10% YoY

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>ASEH expects inventory adjustments to be completed in 1H24 and the growth to accelerate in 2H24. ASEH also expects IC-ATM to grow similarly to the semiconductor logic market in 2024H.</li>
<li>The 1Q24F guidance is looking at sales and GM levels for both IC ATM and EMS to be similar to 1Q23 levels.</li>
<li>Most customers will be back on the recovery path by at least 3Q24F.  </li>
</ul>


ASEH expects inventory adjustments to be completed in 1H24 and the growth to accelerate in 2H24. ASEH also expects IC-ATM to grow similarly to the semiconductor logic market in 2024H.
The 1Q24F guidance is looking at sales and GM levels for both IC ATM and EMS to be similar to 1Q23 levels.
Most customers will be back on the recovery path by at least 3Q24F.  


Taiwan Semiconductor (TSMC) - ADR (TSM US)

ASEH (3711.TT; ASX.US): Expects 2Q24F Back to Normal Seasonality and 2H24 Will Start the Recovery.