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.

GlobalWafers (6488.TT): Under Current Ukraine Crisis, We Have to Admit the Volatility Is Very High.

GlobalWafers (6488.TT): Not Settling Disturbing Reasons, but We Presume Stock Price Could Rebound.

GlobalWafers (6488.TT): 1Q24F Outlook Could Be a Bit Downside, but 2Q24F Could Be Picking Upward.

Equity Bottom-Up

<ul>
<li>To merge with Siltronic has reached to 95% in probability for GlobalWafers now. Our target price for GlobalWafers doesn’t change at NT$880~960 and $1,200 if it finally past.  </li>
<li>Chinese government requested that GlobalWafers has to spin off its Denmark’s subsidiary 8” float zone (FZ) wafer within no more than 9 months at most.</li>
<li>Currently, Siltronic is delivering a GM of 25.6~32% during 1Q~3Q in 2021, which is competitive to Sumco, Shin Etsu. However, it shall be able to improve the GM further.</li>
</ul>


To merge with Siltronic has reached to 95% in probability for GlobalWafers now. Our target price for GlobalWafers doesn’t change at NT$880~960 and $1,200 if it finally past.  
Chinese government requested that GlobalWafers has to spin off its Denmark’s subsidiary 8” float zone (FZ) wafer within no more than 9 months at most.
Currently, Siltronic is delivering a GM of 25.6~32% during 1Q~3Q in 2021, which is competitive to Sumco, Shin Etsu. However, it shall be able to improve the GM further.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

GlobalWafers (6488.TT): The Last Step to Go for Siltronic (WAF GR) Mergence

Globalwafers

GlobalWafers (6488.TT): The Last Step to Go for Siltronic (WAF GR) Mergence