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.

MediaTek (2454.TT): Smartphone Is Turning a Bit Stronger

MediaTek (2454.TT): 4Q23F Results in Line, 2024F Smartphone Outlook Can Grow a Double Digits.

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

Mediatek Downgrade: After Rally, Beware Emerging News of Huawei/SMIC Chip Capability

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

Equity Bottom-Up

<ul>
<li>There is a misconception that "MediaTek is gaining the Google TPU v7 project entirely in 2024-25F."</li>
<li>Transsion Holding is placing a new order with MediaTek in 4Q23F, which is larger than ~25mn and has the lowest ASP.</li>
<li>Our current view remains bearish on smartphone demand for 2H23F.</li>
</ul>


There is a misconception that "MediaTek is gaining the Google TPU v7 project entirely in 2024-25F."
Transsion Holding is placing a new order with MediaTek in 4Q23F, which is larger than ~25mn and has the lowest ASP.
Our current view remains bearish on smartphone demand for 2H23F.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception

Mediatek Inc

MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception