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.

Silergy (6415.TT): 4Q25 Flat or Slightly Upside; Early Gen4 Yields Remain Non-Comparable.

Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

Taiwan Dual-Listings Monitor: TSMC Spread Back in Extreme Range, UMC Discount

Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

Silergy (6147.TT): 1Q25 Outlook Sales: Down QoQ but up QoQ. 2025 Outlook Sales: Up 20-30% YoY.

Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

Equity Bottom-Up

<ul>
<li>3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.</li>
<li>No evidence of significant market share loss; instead, delayed demand.  </li>
<li>Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.</li>
</ul>


3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war &amp; customer conservatism.
No evidence of significant market share loss; instead, delayed demand.  
Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.


Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.

Silergy Corp

Silergy (6415.TT): 3Q25 Revenue Flat to Slightly Up QoQ; Annual Growth May Fall Short of 20%+.