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): The Revenue Is Likely Upside Around 10% QoQ in 1Q24F.

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

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

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

MediaTek (2454.TT): 4Q23F Results in Line, 2024F Smartphone Outlook Can Grow a Double Digits.

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>The WiFi technology was dominated by <a href="https://www.smartkarma.com/entities/broadcom-corp-cl-a" target="_blank" data-smartkarma-citation="entities:999:1" rel="noopener">Broadcom Corp Cl A (BRCM US)</a>, but <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> has to break into the PC and smartphone markets in 2024F.</li>
<li>There are speculations that Apple might use MediaTek's WiFi 7 solution in 2024F or consider MediaTek as a potential chip provider.</li>
<li>MediaTek will be using 6nm technology for WiFi 7, replacing the current 28nm technology used for WiFi 6.</li>
</ul>


The WiFi technology was dominated by Broadcom Corp Cl A (BRCM US), but Mediatek Inc (2454 TT) has to break into the PC and smartphone markets in 2024F.
There are speculations that Apple might use MediaTek's WiFi 7 solution in 2024F or consider MediaTek as a potential chip provider.
MediaTek will be using 6nm technology for WiFi 7, replacing the current 28nm technology used for WiFi 6.


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