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.

ASE Holding (3711.TT): 1Q22 Results/​​ 2Q22 Outlook- The Hope Might Be in 2H22

ASE Holding (ASX.US; 3711.TT): 1Q22 Results/ 2Q22 Outlook- 2022 Outlook Is Bright

JCET (600584.CH): 2022 Outlook Should Be Better than Fear

JCET (600584.CN): The 1Q22 Will Be a Lower Season, and the Recent Ukraine Crisis Did Post a Shadow.

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>JCET has reported 2021 annual results, and there was RMB$8.59bn/9.5% of revenue/NM percentage in 4Q21. JCET 2021 grew 6.0% QoQ and 11.5% YoY respectively.</li>
<li>Despite US-China trade war, the revenue from US clients are taking 50.2% in 2021, which is growing 23% from 2020 to 2021. </li>
<li>Given the 5G and China Automotive are developing actively, we believe these two applications shall be keeping the energetic momentum.</li>
</ul>


JCET has reported 2021 annual results, and there was RMB$8.59bn/9.5% of revenue/NM percentage in 4Q21. JCET 2021 grew 6.0% QoQ and 11.5% YoY respectively.
Despite US-China trade war, the revenue from US clients are taking 50.2% in 2021, which is growing 23% from 2020 to 2021. 
Given the 5G and China Automotive are developing actively, we believe these two applications shall be keeping the energetic momentum.


JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.

JCET Group

JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.