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.

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MediaTek (2454.TT): Dimensity 9400 Unveiled in Sep; 2Q24F Sales Could Be a Bit Higher than 1Q24F.

MediaTek (2454.TT): 2024F Indicating a Complete Recovery from the Previous Downturn Situation.

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

Equity Bottom-Up

<ul>
<li>In 2Q24F, customer demand has slowed down in the traditional low season, as inventory levels normalize.  </li>
<li>In summary, sales in USD are expected to grow in the mid-teens YoY in 2024F. Smartphone growth will be the strongest driver of this growth. </li>
<li>MediaTek is a leader in the Wi-Fi 7 market and aims to gain significant market share with its diverse product portfolio this year.</li>
</ul>


In 2Q24F, customer demand has slowed down in the traditional low season, as inventory levels normalize.  
In summary, sales in USD are expected to grow in the mid-teens YoY in 2024F. Smartphone growth will be the strongest driver of this growth. 
MediaTek is a leader in the Wi-Fi 7 market and aims to gain significant market share with its diverse product portfolio this year.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

MediaTek (2454.TT): 1Q24 Results Beat; 2Q24F Revenue Outlook Shows a Flat to Downward Scenario.

Mediatek Inc

MediaTek (2454.TT): 1Q24 Results Beat; 2Q24F Revenue Outlook Shows a Flat to Downward Scenario.