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.

KYEC (2449.TT): 4Q24 Outlook Brightening; NVDA Will Become #1 Client in 2025

KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

KYEC (2449.TT): In 2Q24, Revenue Exceeded Our Expectations, and GM, OPM, and EPS Surprised Us.

Equity Bottom-Up

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>We revise down <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)</li>
<li>
<a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield</li>
</ul>


We revise down King Yuan Electronics Co, Ltd. (2449 TT)’s full-year 2026 revenue growth forecast revised down from original 47% to 38–40%, still far exceeding last year’s 30% growth.

King Yuan Electronics Co, Ltd. (2449 TT)’s 1Q26 revenue YoY +2–3%, better than original expectations (previously feared a 1–2% decline)

King Yuan Electronics Co, Ltd. (2449 TT)’s 2026 capex reaches NT$50 billion, with cash dividend only NT$1 + 0.5 shares, lowering yield


KYEC (2449.TT): 2026 Growth Forecast Cut to 38–40% from 47%, Still Far Above 2025.