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): Rebounding from Cycle Bottom.

GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

TSMC (2330.TT; TSM.US): N2 Technology Is Scheduled in 2025F.

TSMC (2330.TT;TSM.US): Lukewarm 4Q23F Outlook, and Hope to Experience a Healthy Growth in 2024F.

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

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>TSMC is expected to experience growth of ~15% YoY in 2024F.</li>
<li>TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.</li>
<li>We also estimate that the N2 pilot run will begin in 4Q24.</li>
</ul>


TSMC is expected to experience growth of ~15% YoY in 2024F.
TSMC's N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.
We also estimate that the N2 pilot run will begin in 4Q24.


TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY