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.

Novatek (3034.TT): 4Q25 Decline; AI-Integrated Products Currently ~20% of SoC Revenue and Growing.

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short Levels

Novatek (3034.TT): FX Impact Persists; 3Q25 May Be a Down Quarter.

Novatek (3034.TT): US Tariffs Remain the Key Uncertainty.

Novatek (3034.TT): The Outlook 1Q25 Is Showing Surprising Upside Due to the China Subsidy Program.

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>3Q25 Outlook &amp; Guidance- Revenue: NT$23.7–24.7bn( down 9.5~5.7% QoQ); Gross Margin: 34–37%; Operating Margin: 15–18%; USD/TWD Assumption: 29.5</li>
<li>Weaker demand from China due to subsidy tapering in 3Q25, but seasonal stocking in non-China markets.</li>
<li>2025 foldable penetration estimated at ~1.6% (~19mn units); Large foldables: higher internal display resolution and ASP; OLED TDDI advantage: fewer components, more space-efficient, enabling thinner phones. </li>
</ul>


3Q25 Outlook &amp; Guidance- Revenue: NT$23.7–24.7bn( down 9.5~5.7% QoQ); Gross Margin: 34–37%; Operating Margin: 15–18%; USD/TWD Assumption: 29.5
Weaker demand from China due to subsidy tapering in 3Q25, but seasonal stocking in non-China markets.
2025 foldable penetration estimated at ~1.6% (~19mn units); Large foldables: higher internal display resolution and ASP; OLED TDDI advantage: fewer components, more space-efficient, enabling thinner phones. 


Novatek (3034.TT): 3Q25 Outlook Is Expected; Weaker Demand from China Due to Subsidy Tapering.