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.

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Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>We foresee a potentially higher rebound in the near future, resulting in higher growth rate in 2023F for TSMC.</li>
<li>Due to the ramping up of production for 3nm, the GM is expected to decrease by 2-3%. However, there is an policy to add up at least 2% for TSMC. </li>
<li>The CoWoS is still being closely watched because of NVDA’s demand, and it will take time to get TSMC ready to satisfy the likely demand for CoWoS.</li>
</ul>


We foresee a potentially higher rebound in the near future, resulting in higher growth rate in 2023F for TSMC.
Due to the ramping up of production for 3nm, the GM is expected to decrease by 2-3%. However, there is an policy to add up at least 2% for TSMC. 
The CoWoS is still being closely watched because of NVDA’s demand, and it will take time to get TSMC ready to satisfy the likely demand for CoWoS.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

TSMC (2330.TT): A Bit Higher Rebound in 4Q23F