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): 1Q25 Guidance Beats Consensus; Providing N2 Solution Starting from 2026.

Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

MediaTek (2454.TT): Google Pixel 10 Will Use MediaTek's Modem

MediaTek (2454.TT): D9400 Success Will Extend into 2025. Prepare to Re-Qualify IPad and IWatch.

MediaTek (2454.TT): Weakness in the 4Q24 Is Offset by the Demand for D9400.

Equity Bottom-Up

<ul>
<li>The upcoming 1Q25 could be relatively flat or slightly higher than 4Q24, which represents a better start than usual due to seasonal effects.  </li>
<li>The Dimistry 8400/9400 models have been successful sellers, and a new Dimistry 9500 is expected to be launched after the first half of 2025. <a href="https://www.smartkarma.com/insights/tsmc-2330-tt-tsm-us-1q25-outlook-tsmc-will-use-2nm-in-4q25-and-production-will-occur-in-1q26" target="_blank" rel="noopener">(link)</a>
</li>
<li>The China electronic household subsidy program, including smartphone, has resulted in over 8 million sales in shipments within 4 days on Jan 25.</li>
</ul>


The upcoming 1Q25 could be relatively flat or slightly higher than 4Q24, which represents a better start than usual due to seasonal effects.  
The Dimistry 8400/9400 models have been successful sellers, and a new Dimistry 9500 is expected to be launched after the first half of 2025. (link)

The China electronic household subsidy program, including smartphone, has resulted in over 8 million sales in shipments within 4 days on Jan 25.


MediaTek (2454.TT): A Good Start in 1Q25; D9500 Launched After About 1H25; China Subsidy.

Mediatek Inc

MediaTek (2454.TT): A Good Start in 1Q25; D9500 Launched After About 1H25; China Subsidy.