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.

UMC (UMC.US; 2303.TT): 1Q22 Results/2Q22 Preview- GM Beats Results and Forecast

UMC (UMC.US; 2303.TT): 3Q22 Order Is Full- The Demand from Asia Is Turning Weak, but US Is Stronger

UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

UMC (UMC.US, 2303.TT): 1Q22 Earnings Preview- Continuous Growth

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

UMC (UMC.US; 2303.TT): Although It Could Be ~1% ASP Changed Only, but the Price Is Lifted in 2Q22.

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

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>The 1Q22 revenue is NTD$63.4bn, and we estimate GM is ~40%, which is consistent with 1Q22 guidance.</li>
<li>We estimate the order is pretty much confirmed in UMC in 3Q22, which should be ~NTD$65bn.</li>
<li>UMC will increase about 10-15k/month of 28nm capacity in 2H22.</li>
</ul>


The 1Q22 revenue is NTD$63.4bn, and we estimate GM is ~40%, which is consistent with 1Q22 guidance.
We estimate the order is pretty much confirmed in UMC in 3Q22, which should be ~NTD$65bn.
UMC will increase about 10-15k/month of 28nm capacity in 2H22.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

UMC (2303.TT): 2Q22 Preview and the Order Booking Is Pretty Much Full in 3Q22.