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.

Silergy (6415.TT): Earnings Conference for 4Q21- The Demand Is Strong for 2022~23.

Silergy (6415.TT): 1Q22 Review-Clients Are Asking to Solve Supply Shortage and Even to Add Prices.

Silergy (6415.TT): The Revenue Could Be Upside Around 17% in 4Q23F.

UMC (UMC.US; 2303.TT) 4Q21 Financial Results/1Q22 Forecast: A Bit Higher in Revenue Outlook

Silergy-KY (6415 TT, TRADING BUY, NTD5,150) 

The Conundrum for Samsung - What to Do Foundry?

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

Equity Bottom-Up

<ul>
<li>We expect that the revenue/GM is about NT$5.95bn/54% in 1Q22 respectively. We expect it shall come to NT$6.14bn/56.5% for revenue/GM in 4Q21 respectively.</li>
<li>Given strong demand of those could not be digested, Silergy has to choose high premium orders, which means Silergy can enjoy better prices.</li>
<li>The domains of Server, Datacenter and 5G are Silergy’s main targets to grow in the next 3~5 years.</li>
</ul>


We expect that the revenue/GM is about NT$5.95bn/54% in 1Q22 respectively. We expect it shall come to NT$6.14bn/56.5% for revenue/GM in 4Q21 respectively.
Given strong demand of those could not be digested, Silergy has to choose high premium orders, which means Silergy can enjoy better prices.
The domains of Server, Datacenter and 5G are Silergy’s main targets to grow in the next 3~5 years.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

Silergy (6415.TT): In 2022, the Company Should Aim at Growing Above 30%.

Silergy Corp

Silergy (6415.TT): In 2022, the Company Should Aim at Growing Above 30%.