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.

Mediatek: Emerging as the Picks-And-Shovels Play on Edge AI Infrastructure

Mediatek: 4Q25 Was Ok, 1Q26 Guidance Very Weak. AI Chip Revenue in '26 Lead to Expensive Valuation

TechChain Insights Q&A: Where Mediatek Partner Neuralspike Sees Edge AI Demand Right Now

MediaTek (2454.TT): 4Q25 GM Eases on Mix; 2025 Record Revenue; 2026 AI Upswing Begins

MediaTek (2454.TT): 4Q25 Expected to Be Flat QoQ; D9600 Mass Production Scheduled for Late 2026.

MediaTek (2454.TT): FX Negatively Impacts the 3Q25 Guidance.

Equity Bottom-Up

<ul>
<li>
<strong>1Q26 Revenue</strong>: NT$141.2-150.2bn, <strong>flat to -6% QoQ</strong>, -2% to -8% YoY; Gross Margin: 46% ±1.5%; OpEx Ratio: 31% ±2%.  </li>
<li>Flagship market share will continue to gain. Blended ASP increasing generation after generation. Overall shipment under pressure from memory situation, but balanced by share/ASP gains.</li>
<li>2026 is tough/cyclical, but demand will come back in force (next year or 1.5 years). MediaTek position much stronger than previous cycles (6th year of 5G).</li>
</ul>



1Q26 Revenue: NT$141.2-150.2bn, flat to -6% QoQ, -2% to -8% YoY; Gross Margin: 46% ±1.5%; OpEx Ratio: 31% ±2%.  
Flagship market share will continue to gain. Blended ASP increasing generation after generation. Overall shipment under pressure from memory situation, but balanced by share/ASP gains.
2026 is tough/cyclical, but demand will come back in force (next year or 1.5 years). MediaTek position much stronger than previous cycles (6th year of 5G).


TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

MediaTek (2454.TT): 1Q26 Rev Flat To -6% QoQ; Flagship Share Gains.

Mediatek Inc

MediaTek (2454.TT): 1Q26 Rev Flat To -6% QoQ; Flagship Share Gains.