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.

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

ASEH (3711.TT; ASX.US): Slight Upside in 2Q25; Uncertainty Expected in 2H Due to Tariffs.

ASEH (3711.TT): FX Impact; AI Gains Attention; 3Q25 Grows, but GM and OPM Decline QoQ.

ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>4Q25 Outlook: Revenue is expected to grow by 1% to 2% QoQ.  Both of GM and OPM are projected to increase by 0.70 to 1 percent QoQ.  </li>
<li>Growth continues to be driven by AI and HPC demand, with testing revenue exceeding expectations and offsetting minor shortfalls in packaging due to geopolitical uncertainties.</li>
<li>With 2025 test revenue expected to grow at roughly twice the pace of packaging revenue. Investment priorities are focused on wafer probing capacity for both AI and non-AI devices</li>
</ul>


4Q25 Outlook: Revenue is expected to grow by 1% to 2% QoQ.  Both of GM and OPM are projected to increase by 0.70 to 1 percent QoQ.  
Growth continues to be driven by AI and HPC demand, with testing revenue exceeding expectations and offsetting minor shortfalls in packaging due to geopolitical uncertainties.
With 2025 test revenue expected to grow at roughly twice the pace of packaging revenue. Investment priorities are focused on wafer probing capacity for both AI and non-AI devices


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

ASEH (3711.TT; ASX.US): 3Q25 ATM Record High; 4Q25 Modest Growth; 2025 ATM Revenue +20% YoY (USD)