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.

Novatek (3034.TT): The Growth Trend Seems Slowing Down Since 1Q22.

UMC (2303.TT): 2Q22 Preview and the Order Booking Is Pretty Much Full in 3Q22.

UMC (UMC.US; 2303.TT): 1Q22 Results/2Q22 Preview- GM Beats Results and Forecast

UMC (UMC.US, 2303.TT): 1Q22 Earnings Preview- Continuous Growth

UMC (UMC.US; 2303.TT) 4Q21 Financial Results/1Q22 Forecast: A Bit Higher in Revenue Outlook

TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.

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

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>To our understanding, UMC and Samsung have dealt the 28nm wafer demand and have lifted 28nm wafer price in 2Q22.</li>
<li>We think it’s possible to lift the wafer price again in 2H22 if TSMC decides to further lift wafer price recently.</li>
<li>Entering the 5G era, there could be more demand in several aspects, like data storage, data transmission and processing, smartphone, and PC/NB upgrade and etc.</li>
</ul>


To our understanding, UMC and Samsung have dealt the 28nm wafer demand and have lifted 28nm wafer price in 2Q22.
We think it’s possible to lift the wafer price again in 2H22 if TSMC decides to further lift wafer price recently.
Entering the 5G era, there could be more demand in several aspects, like data storage, data transmission and processing, smartphone, and PC/NB upgrade and etc.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

UMC (UMC.US; 2303.TT): Although It Could Be ~1% ASP Changed Only, but the Price Is Lifted in 2Q22.