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.

Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

MediaTek (2454.TT): Google Pixel 10 Will Use MediaTek's Modem

MediaTek (2454.TT): A Good Start in 1Q25; D9500 Launched After About 1H25; China Subsidy.

MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.

Equity Bottom-Up

<ul>
<li>1Q25 outlook is NT$140.8-151.8 billion, up 2-10% QoQ and up 6-14% YoY, with a GM of 47% ± 1.5%, beating consensuses. </li>
<li>Smartphone sales are +59% from 4Q24, increasing 14% QoQ but decreasing 1% YoY, attributed to the successful launch of the D9400, with healthy demand for smartphones and subsidy stimulation from China.</li>
<li>GAI will continue to drive innovative changes in the industry, while MediaTek is evaluating the phenomenon's effect on resource allocation. </li>
</ul>


1Q25 outlook is NT$140.8-151.8 billion, up 2-10% QoQ and up 6-14% YoY, with a GM of 47% ± 1.5%, beating consensuses. 
Smartphone sales are +59% from 4Q24, increasing 14% QoQ but decreasing 1% YoY, attributed to the successful launch of the D9400, with healthy demand for smartphones and subsidy stimulation from China.
GAI will continue to drive innovative changes in the industry, while MediaTek is evaluating the phenomenon's effect on resource allocation. 


MediaTek (2454.TT): 1Q25 Guidance Beats Consensus; Providing N2 Solution Starting from 2026.

Mediatek Inc

MediaTek (2454.TT): 1Q25 Guidance Beats Consensus; Providing N2 Solution Starting from 2026.