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

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?

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

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

Novatek (3034.TT): Earthquake Affecting 1Q25 Outlook; Benefited by Subsidies for China's Electronics

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>We expect <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>'s 3Q25 might be decline 5-10% QoQ, reflecting 2H25 US tariffs impacts and Chinese opponent's competition.   </li>
<li>The Foldable handset may be indicated a new era to come, and we believe <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> shall be one of the DDIC winners.  </li>
<li>The stock price of <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> is long staying with NT$450~650 since the beginning of 2024, and the current price is at the relative low point.</li>
</ul>


We expect Novatek Microelectronics Corp (3034 TT)'s 3Q25 might be decline 5-10% QoQ, reflecting 2H25 US tariffs impacts and Chinese opponent's competition.   
The Foldable handset may be indicated a new era to come, and we believe Novatek Microelectronics Corp (3034 TT) shall be one of the DDIC winners.  
The stock price of Novatek Microelectronics Corp (3034 TT) is long staying with NT$450~650 since the beginning of 2024, and the current price is at the relative low point.


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