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

MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.

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

MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a>’s 4Q25 performance is expected to remain roughly flat QoQ, compared with 3Q25.  </li>
<li>Based on the product launch cycles of major smartphone manufacturers, by the end of 2026, the 2nm process will be adopted in multiple flagship chips</li>
<li>At the China Mobile Global Partner Conference on October 10, MediaTek showcased a range of its latest products</li>
</ul>



Mediatek Inc (2454 TT)’s 4Q25 performance is expected to remain roughly flat QoQ, compared with 3Q25.  
Based on the product launch cycles of major smartphone manufacturers, by the end of 2026, the 2nm process will be adopted in multiple flagship chips
At the China Mobile Global Partner Conference on October 10, MediaTek showcased a range of its latest products


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

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