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.

WinSemi (3105.TT): Usually, the First Quarter of the Year Is a Low Season.

WinSemi (3105.TT): 1Q22 Preview- We Think the Hope Is in 3Q22.

Equity Bottom-Up

<ul>
<li>For 2Q22 guidance, the revenue declines high single digits % QoQ, and GM falls between high twenties to low-thirties.</li>
<li>The current China smartphone inventory digestion won’t influence WinSemi's expansion plan because it’s in construction phase now.</li>
<li>It is due to cellular for 2Q22 decline, which is not easy to clarify whether it’s 4G, or 5G.</li>
</ul>


For 2Q22 guidance, the revenue declines high single digits % QoQ, and GM falls between high twenties to low-thirties.
The current China smartphone inventory digestion won’t influence WinSemi's expansion plan because it’s in construction phase now.
It is due to cellular for 2Q22 decline, which is not easy to clarify whether it’s 4G, or 5G.


WinSemi (3105.TT): 1Q22 Review/ 2Q22 Preview- To Be Further Downside

Win Semiconductors

WinSemi (3105.TT): 1Q22 Review/ 2Q22 Preview- To Be Further Downside