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.

Vanguard (5347.TT): We Think Vanguard Can Easily Reach 1Q22 Guidance.

Novatek (3034.TT): The Growth Trend Seems Slowing Down Since 1Q22.

TSMC (TSM.US; 2330.TT): It's Too Aggressive Intel Wants to Deliver 4 Technology Nodes Within 2024.

TSMC (TSM.US, 2330.TT): Bright Outlook in 2022

TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

TSMC (TSM/2330 TT): Position for ADR Premium Expansion

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>We think TSMC is still considering 1) at what time and 2) what technologies to further raise wafer price now.</li>
<li>TSMC’s largest client is Apple. Qualcomm should be the 2nd client because they will ship Snapdragon 8 Gen 1 from TSMC in 4Q22. Nvidia/MediaTek are the 3rd/4th clients. </li>
<li>TSMC is giving nearly 49% stock ownership to Sony for CMOS Image Sensor (CIS) Fab in Japan. It is mainly to obtain the CIS technology, to our thoughts. </li>
</ul>


We think TSMC is still considering 1) at what time and 2) what technologies to further raise wafer price now.
TSMC’s largest client is Apple. Qualcomm should be the 2nd client because they will ship Snapdragon 8 Gen 1 from TSMC in 4Q22. Nvidia/MediaTek are the 3rd/4th clients. 
TSMC is giving nearly 49% stock ownership to Sony for CMOS Image Sensor (CIS) Fab in Japan. It is mainly to obtain the CIS technology, to our thoughts. 


TSMC (TSM.US; 2303.TT): ASP Lifting Hasn't Decided Yet; QCOM Moves Back High-End Smartphone 8 Gen 1