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 3Q24 Inline, 4Q Guidance Slightly Weak, Flattish Revenue Outlook and the Stock Is Expensive

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

MediaTek (2454.TT): There Appears to Be No Bright Spot in 2H24F.

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

Equity Bottom-Up

<ul>
<li>Rising D9400 demand will offset lower-end SP demand weakness in 4Q24. </li>
<li>MTK has over 30% market share of flagship SPs in China, so flagship sales growth in 2025 will be below 70%. </li>
<li>For China demand, it is better than expected compared to one year ago for SPs, TVs, modems, and connectivity.</li>
</ul>


Rising D9400 demand will offset lower-end SP demand weakness in 4Q24. 
MTK has over 30% market share of flagship SPs in China, so flagship sales growth in 2025 will be below 70%. 
For China demand, it is better than expected compared to one year ago for SPs, TVs, modems, and connectivity.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

MediaTek (2454.TT): Weakness in the 4Q24 Is Offset by the Demand for D9400.

Mediatek Inc

MediaTek (2454.TT): Weakness in the 4Q24 Is Offset by the Demand for D9400.