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.

Vanguard (5347.TT): 4Q24 Outlook Is Lower than Consensus; DDIC Is Declining.

Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Due to reduced seasonal demand, 4Q24 shipments will decrease by 10% to 12% (QoQ, while the average selling price (ASP) will increase by 3% to 5% QoQ.</li>
<li>Vanguard's investment in <a href="https://www.smartkarma.com/entities/episil-holdings-inc" target="_blank" data-smartkarma-citation="entities:7688:1" rel="noopener">Episil Holdings (3707 TT)</a> is focused on the 8" SiC process, indicating Vanguard's ventures into the 8" SiC foundry sector in the near future.</li>
<li>Vanguard is confident in maintaining a minimum DPS policy of NT$4.5</li>
</ul>


Due to reduced seasonal demand, 4Q24 shipments will decrease by 10% to 12% (QoQ, while the average selling price (ASP) will increase by 3% to 5% QoQ.
Vanguard's investment in Episil Holdings (3707 TT) is focused on the 8" SiC process, indicating Vanguard's ventures into the 8" SiC foundry sector in the near future.
Vanguard is confident in maintaining a minimum DPS policy of NT$4.5


Vanguard (5347.TT): 4Q24 Outlook Is a Bit Better, but Investment in EPISIL Isn't a near Term Payback