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.

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Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>The outlook for 4Q24 appears somewhat bearish at the moment, though it has not been fully defined before the end of October.</li>
<li>Taiwanese companies such as MediaTek Inc (2454 TT), Novatek Microelectronics Corp (3034 TT) and Realtek Semiconductor (2379 TT) continue to be the main drivers of demand for UMC.</li>
<li>On a positive note, there are warnings against overly relying on chips from Chinese manufacturers due to US sanctions.</li>
</ul>


The outlook for 4Q24 appears somewhat bearish at the moment, though it has not been fully defined before the end of October.
Taiwanese companies such as MediaTek Inc (2454 TT), Novatek Microelectronics Corp (3034 TT) and Realtek Semiconductor (2379 TT) continue to be the main drivers of demand for UMC.
On a positive note, there are warnings against overly relying on chips from Chinese manufacturers due to US sanctions.


Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

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