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.

What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

TSMC (2330.TT; TSM.US): Brace Yourself for US Tariff! (II)

TSMC (2330.TT; TSM.US): Key Questions for TSMC 1Q25 Earnings Conference

TSMC (2330.TT; TSM.US): Brace Yourself for the US Tariffs!

Equity Bottom-Up

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>Revenue expected to be USD$28.4-29.2 bn (+13% QoQ/38% YoY), with gross margin projected to be 57-59% and operating profit margin at 47-49%.</li>
<li>Tariffs still have uncertainties, so our current capability to share is expected to maintain 24-26% YoY.  </li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> plans to build 6 Fabs in Arizona, with 2nm being the main focus there, hence 30% will be allocated there.</li>
</ul>


Revenue expected to be USD$28.4-29.2 bn (+13% QoQ/38% YoY), with gross margin projected to be 57-59% and operating profit margin at 47-49%.
Tariffs still have uncertainties, so our current capability to share is expected to maintain 24-26% YoY.  

Taiwan Semiconductor (TSMC) - ADR (TSM US) plans to build 6 Fabs in Arizona, with 2nm being the main focus there, hence 30% will be allocated there.


TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly