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): Chinese Analog IC Could Raise up Prices by About 15%.

Silergy (6415.TT): Nothing Fundamental Changed in Reality; Semiconductor Cycle Shall Be Bottomed Up.

Silergy (6415.TT): Expecting a Seasonal Decline In 1Q24F, and Likely Another Growth Year in 2024F.

Silergy (6415.TT): The Revenue Could Be Upside Around 17% in 4Q23F.

TSMC (2330.TT;TSM.US): Lukewarm 4Q23F Outlook, and Hope to Experience a Healthy Growth in 2024F.

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

<ul>
<li>The inventory adjustment of consumer electronics products is nearing completion and industrial products will end later.</li>
<li>
<a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>'s short-term growth momentum comes from the demand of new smartphone, while its long-term growth momentum comes from the automotive, new energy and high-performance computing area.</li>
<li>In 1H24, the pro forma gross profit margin can be maintained at around 50%.</li>
</ul>


The inventory adjustment of consumer electronics products is nearing completion and industrial products will end later.

Silergy Corp (6415 TT)'s short-term growth momentum comes from the demand of new smartphone, while its long-term growth momentum comes from the automotive, new energy and high-performance computing area.
In 1H24, the pro forma gross profit margin can be maintained at around 50%.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

Silergy (6415.TT): Silergy Expect to Grow Slightly in 4Q23F.