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

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

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

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>4Q25 Guidance: Revenue is NT$142.1 – 150.1 bn (+0 – 6% QoQ, +3 – 9% YoY); Gross margin is 46% ± 1.5ppt; Opex ratio is 31% ± 2ppt.</li>
<li>Cloud ASIC TAM: Raised from US$40bn → ≥ US$50bn by 2028; MediaTek targeting ≥ 10–15% share; Gross Margin: 4Q dip from mix; 2026 to benefit from repricing + high-value allocation</li>
<li>MediaTek continues to execute on a dual-engine AI strategy. Despite near-term margin pressure from mix and FX, the company is building a foundation for sustainable profit growth.</li>
</ul>


4Q25 Guidance: Revenue is NT$142.1 – 150.1 bn (+0 – 6% QoQ, +3 – 9% YoY); Gross margin is 46% ± 1.5ppt; Opex ratio is 31% ± 2ppt.
Cloud ASIC TAM: Raised from US$40bn → ≥ US$50bn by 2028; MediaTek targeting ≥ 10–15% share; Gross Margin: 4Q dip from mix; 2026 to benefit from repricing + high-value allocation
MediaTek continues to execute on a dual-engine AI strategy. Despite near-term margin pressure from mix and FX, the company is building a foundation for sustainable profit growth.


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

Mediatek Inc

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