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): 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.

Globalwafers (6488.TT): The Revenue Is Expected to Improve in 2H24F

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

GlobalWafers (6488.TT): Maintain Target Price at NT$880-960 for Siltronic Mergence Failed

Globalwafers (6488.TT): Stock Price Can Go Higher Even If Siltronic Mergence Case Failed

Equity Bottom-Up

<ul>
<li>Under current Ukraine crisis, we have to admit the volatility is very high. Not only the GlobalWafers, but the other semiconductor names are stumbled as well.</li>
<li>Although 4Q21 revenue is NT$15.8bn, the highest record in GlobalWafers’ history, but the termination fee on Siltronic deal was €15mn, which was consuming NT$3.5 for GlobalWafers’ net EPS.</li>
<li>GlobalWafers keeps NT$100bn, ~US$3.6bn, for the expansion in next couple of years, which covers investments across Asia, Europe and the United States spanning both brownfield and greenfield projects.</li>
</ul>


Under current Ukraine crisis, we have to admit the volatility is very high. Not only the GlobalWafers, but the other semiconductor names are stumbled as well.
Although 4Q21 revenue is NT$15.8bn, the highest record in GlobalWafers’ history, but the termination fee on Siltronic deal was €15mn, which was consuming NT$3.5 for GlobalWafers’ net EPS.
GlobalWafers keeps NT$100bn, ~US$3.6bn, for the expansion in next couple of years, which covers investments across Asia, Europe and the United States spanning both brownfield and greenfield projects.


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