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): The Outlook of 4Q24 Seems a Bit Softer.

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

TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

Vanguard (5347.TT): Setup 12" Fab in Singapore With 60% Stake, with NXP Investing Remaining 40%.

Vanguard (5347.TT): The Utilization to Improve over 70% in 3Q24.

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

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>3Q24 guidance: Shipment: up 9-11% due to higher customer demand. ASP: down 0-2% QoQ. GM: 28-30%, up 3ppts QoQ.</li>
<li>Pricing hit bottom in 2Q24. Anticipates UTR in 2025 returning to 70-80%.</li>
<li>Effective tax rate for 2H24 is expected to be 20%.</li>
</ul>


3Q24 guidance: Shipment: up 9-11% due to higher customer demand. ASP: down 0-2% QoQ. GM: 28-30%, up 3ppts QoQ.
Pricing hit bottom in 2Q24. Anticipates UTR in 2025 returning to 70-80%.
Effective tax rate for 2H24 is expected to be 20%.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

Vanguard (5347.TT): Pricing Hit Bottom in 2Q24. Anticipates UTR in 2025 Returning to 70-80%.