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 (2303.TT; UMC.US): 3Q24 Sales Were Slightly Below Consensuses

UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.

UMC (2303.TT; UMC US): The Outlook for 4Q24 Is Somewhat Bearish.

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>4Q24 Sales forecast: Shipment: flat QoQ; ASP: Remains flat in USD; NTD appreciation may lead to decline for 4Q24 sales.</li>
<li>Higher depreciation costs and NTD appreciation will negatively impact GM in 4Q24 and going forward.</li>
<li>UMC is the OLED DDI market leader, and believes this position will remain. 22nm OLED DDI is still the mainstream in the next 2-3 years.</li>
</ul>


4Q24 Sales forecast: Shipment: flat QoQ; ASP: Remains flat in USD; NTD appreciation may lead to decline for 4Q24 sales.
Higher depreciation costs and NTD appreciation will negatively impact GM in 4Q24 and going forward.
UMC is the OLED DDI market leader, and believes this position will remain. 22nm OLED DDI is still the mainstream in the next 2-3 years.


UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.