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.

Novatek (3034.TT): 3Q24 Guidance Slightly Weak in GM

Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

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Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The 4Q24 outlook shows a decline of 12% in revenue, 3% in GM, and 15% in OPM compared to the previous quarter.</li>
<li>AI-Related demand is an ongoing trend, with AI smartphones, PCs, and NBs expected to drive replacement demand.</li>
<li>Mass production of expected OLED TDDI is set to begin in 2Q25 and is progressing smoothly with customers.</li>
</ul>


The 4Q24 outlook shows a decline of 12% in revenue, 3% in GM, and 15% in OPM compared to the previous quarter.
AI-Related demand is an ongoing trend, with AI smartphones, PCs, and NBs expected to drive replacement demand.
Mass production of expected OLED TDDI is set to begin in 2Q25 and is progressing smoothly with customers.


Novatek (3034.TT): 4Q24 Revenue Downside of More than 10% QoQ.