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): It Could Reach ~10% QoQ Growth in 2Q22 Because Some Orders Were Delayed in 1Q22.

MediaTek (2454.TT): The Smartphone Demand Could Further Decrease in 2022.

MediaTek: Mid (Inventory) Cycle, Long-Term Growth Story Intact, Attractive Yield, and Multiples

MediaTek (2454.TT): 4Q21 Results/ 1Q22 Outlook- It's a Bit of Beyond Expectation as Actionable

MediaTek (2454.TT): We Expect High-End 5G Smartphone Chipset Will Aim at 10-14% Shipment in 2022.

MediaTek (2454.TT): 1Q22 Results/​ 2Q22 Outlook- 2Q22 Growth Outlook Could Be near Mid-Single Digits

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

Equity Bottom-Up

<ul>
<li>The 1Q22 revenue beat the prior guidance, GM was in-line the guidance. The guidance is within our expectation in 2Q22.  </li>
<li>MediaTek believes they shall be on the right track to grow revenue 20% and the GM 48-50%, and MediaTek has a 3-year target to grow mid-teens percentage from 2022.</li>
<li>For shareholders, the board had approved NTD$37 for cash dividend in this year.</li>
</ul>


The 1Q22 revenue beat the prior guidance, GM was in-line the guidance. The guidance is within our expectation in 2Q22.  
MediaTek believes they shall be on the right track to grow revenue 20% and the GM 48-50%, and MediaTek has a 3-year target to grow mid-teens percentage from 2022.
For shareholders, the board had approved NTD$37 for cash dividend in this year.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook-1Q Revenue Beat, 2Q22 Forecast Is in Line.

Mediatek Inc

MediaTek (2454.TT): 1Q22 Results/ 2Q22 Outlook-1Q Revenue Beat, 2Q22 Forecast Is in Line.