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 Results Take-Aways: High-End Devices to Take Market Share Globally; Upward Revisions Likely

TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

TSMC (2330.TT; TSM.US): Foundry Market Forecast in 2030F; TSMC Had Developed The 2nm Nanosheet.

MediaTek (2454.TT): Rebounding from Cycle Bottom.

MediaTek (2454.TT): The WiFi 7 Chip Competition Is Likely to Become Fierce in 2024.

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>MediaTek expects a reduced DOI level in 2024F while maintaining operating expenses and pricing discipline in 2023.</li>
<li>The upgrade cycle has begun for devices equipped with AI functions. The Dimensity 9300 is just the first edge AI product for smartphones. </li>
<li>MediaTek does not predict a significant increase in demand and expects a steady demand for smartphones. </li>
</ul>


MediaTek expects a reduced DOI level in 2024F while maintaining operating expenses and pricing discipline in 2023.
The upgrade cycle has begun for devices equipped with AI functions. The Dimensity 9300 is just the first edge AI product for smartphones. 
MediaTek does not predict a significant increase in demand and expects a steady demand for smartphones. 


Taiwan Semiconductor (TSMC) - ADR (TSM US)

MediaTek (2454.TT): 2024F Indicating a Complete Recovery from the Previous Downturn Situation.

Mediatek Inc

MediaTek (2454.TT): 2024F Indicating a Complete Recovery from the Previous Downturn Situation.