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.

KYEC (2449.TT): 1Q24F Was a Seasonal Dip, but 2Q24F Should Be Picking up Below 5% QoQ.

KYEC (2449.TT): AI Highly Growth Potential may exceed Expectation.

TSMC (2330.TT; TSM.US): The Outlook of 3Q24 Is Pretty Much In-Line, and GM Could Be Better.

KYEC (2449.TT): Beneficiary of AI with Contribution of CoWoS Testing

KYEC (2449.TT): The Revenue Outlook Will Be an Upward Pickup in 2024F.

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>It was declined by 5% for 2023 verses 2022, which was not a surprise because the overall sentiment should be dim in 2023.</li>
<li>For the coming 1Q24F, it could be a bit downside by 5%, assumed as a normal seasonality.</li>
<li>AI demand remain the biggest driving force, and all eyes are on the CoWoS. </li>
</ul>


It was declined by 5% for 2023 verses 2022, which was not a surprise because the overall sentiment should be dim in 2023.
For the coming 1Q24F, it could be a bit downside by 5%, assumed as a normal seasonality.
AI demand remain the biggest driving force, and all eyes are on the CoWoS. 


KYEC (2449.TT): 2024F Could Be a Prosperous Year Although 4Q23 Saw a 5% Decline QoQ.