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.

ASEH (3711.TT; ASE.US): Demand Remains Soft in 4Q23F, but ASEH Observes the Recovery Is Broad-Based.

ASE Holding (ASX.US, 3711.TT): The Outlook of 1Q22 Could Be a Bit Bearish as Actionable

UMC (2303.TT; UMC.US): The Early Signs Indicate the End of Inventory Correction.

TSMC (2330.TT;TSM.US): Lukewarm 4Q23F Outlook, and Hope to Experience a Healthy Growth in 2024F.

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>1Q26 Outlook Both ATM and EMS better than past seasonality; overall revenue -5~-7% QoQ, GM down 0.5-1pts QoQ. ATM revenue down mid-single digits.</li>
<li>Expect ATM to outgrow EMS in 2026. ATM revenue/profit share to rise further. ATM 2026 LEAP at least doubles YoY (to $3.2B USD), demand far exceeds supply.</li>
<li>Foundries have wafer-level priority, but as volumes scale, customers need second sources.</li>
</ul>


1Q26 Outlook Both ATM and EMS better than past seasonality; overall revenue -5~-7% QoQ, GM down 0.5-1pts QoQ. ATM revenue down mid-single digits.
Expect ATM to outgrow EMS in 2026. ATM revenue/profit share to rise further. ATM 2026 LEAP at least doubles YoY (to $3.2B USD), demand far exceeds supply.
Foundries have wafer-level priority, but as volumes scale, customers need second sources.


ASEH (3711.TT; ASX.US): Both ATM and EMS Better than past Seasonality in 1Q26.