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): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ.

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

UMC (2303.TT; UMC.US): 1Q24F Guidance Is Slightly Lower than 4Q23; Intel Project Grasps Attention

UMC (2303.TT; UMC.US): 1Q24F Outlook Could Be Flat QoQ; Asian Clients Show Optimism.

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

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The results for 1Q24F should remain unchanged, even though we anticipate a slight upside.  </li>
<li>UMC's outlook for 2Q24F is deteriorating, with a likely decline 5-10% QoQ.</li>
<li>The demand from UMC's clients is not improving in 2Q24F.</li>
</ul>


The results for 1Q24F should remain unchanged, even though we anticipate a slight upside.  
UMC's outlook for 2Q24F is deteriorating, with a likely decline 5-10% QoQ.
The demand from UMC's clients is not improving in 2Q24F.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

UMC (2303.TT; UMC.US): Current 2Q24F Outlook Is Downside 5-10% QoQ.