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.

MediaTek (2454.TT): Smartphone Is Turning a Bit Stronger

Novatek (3034.TT): Re-Qualify IPhone OLED Display DDIC; the Downturn Might Be Ending Soon.

UMC (2303.TT; UMC.US): The Early Signs Indicate the End of Inventory Correction.

Taiwan Short Squeeze Potential: Faraday, UMC, Transcend Media Latest Stocks to Watch

UMC (2303.TT; UMC.US): The Revenue Can Be Downward a Bit in 4Q23F.

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>The 4Q23F outlook is still coming down, but it’s not as worse as we originally expected.</li>
<li>Samsung is staying a very stable demand for 28nm capacity in UMC.</li>
<li>Based on our estimates, the wafer ASP is clearly increasing from 2Q22 to 4Q23F, despite a decline in demand from 4Q22 until now.</li>
</ul>


The 4Q23F outlook is still coming down, but it’s not as worse as we originally expected.
Samsung is staying a very stable demand for 28nm capacity in UMC.
Based on our estimates, the wafer ASP is clearly increasing from 2Q22 to 4Q23F, despite a decline in demand from 4Q22 until now.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

UMC (2303.TT): We Estimate The Outlook Is Down a Bit to Lower QoQ in 4Q23F