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): The Outlook for 3Q24 Has Reached a Slightly Upside QoQ.

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

United Microelectronics: Intel Foundry Should Take a Stake; Latest News Makes This More Likely

UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ.

UMC (2303.TT; UMC.US): 2Q14F in Line; Singapore Fab Expansion Received Adds.

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>UMC is currently forecasting a flat to low single digit growth QoQ for 3Q24, which is slight lower than consensus.</li>
<li>UMC has received orders from domestic and international clients. However, we believe it couldn't be able to compensate for the loss of Samsung's 28nm orders so far this year.</li>
<li>With accelerated construction in Singapore in 2024, the full-year capital expenditure has slightly risen to $3.3 billion.</li>
</ul>


UMC is currently forecasting a flat to low single digit growth QoQ for 3Q24, which is slight lower than consensus.
UMC has received orders from domestic and international clients. However, we believe it couldn't be able to compensate for the loss of Samsung's 28nm orders so far this year.
With accelerated construction in Singapore in 2024, the full-year capital expenditure has slightly risen to $3.3 billion.


UMC (2303.TT; UMC.US): The Outlook for 2024 Could Show Flat to Low Single-Digit Growth.