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.

Largest Display Driver Maker in the World's Guidance Implies Growth Reversal Coming in Feb & March

Taiwan Tech Weekly: TSMC Sales Ahead; Display Driver Growth Reversal; AI Names Keep Flying

Himax: Industry Readthrough for Automotives, Notebooks, and Edge AI Applications

Novatek (3034.TT): It's Likely Quarterly Sales Will Return to Normal Seasonality in 2024F.

Novatek (3034.TT): Re-Qualify IPhone OLED Display DDIC; the Downturn Might Be Ending Soon.

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>4Q23 surpassed the guidance for revenue, GM, and OPM. 4Q23 EPS reached NT$8.76, compared to NT$10.46 in 3Q23 and NT$6.64 in 4Q22.</li>
<li>1Q24F is typically the traditional low season for consumer electronics, and there are fewer working days during the Lunar New Year.</li>
<li>It is expected that the dividend payout ratio this year will be similar to previous years, which has been higher than 80% in the past few years.</li>
</ul>


4Q23 surpassed the guidance for revenue, GM, and OPM. 4Q23 EPS reached NT$8.76, compared to NT$10.46 in 3Q23 and NT$6.64 in 4Q22.
1Q24F is typically the traditional low season for consumer electronics, and there are fewer working days during the Lunar New Year.
It is expected that the dividend payout ratio this year will be similar to previous years, which has been higher than 80% in the past few years.


Novatek (3034.TT): It's the Low Season in 1Q24F; AI Is Gradually Added to Different Applications.