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.

UMC (UMC.US; 2303.TT): Although It Could Be ~1% ASP Changed Only, but the Price Is Lifted in 2Q22.

MediaTek (2454.TT): We Expect High-End 5G Smartphone Chipset Will Aim at 10-14% Shipment in 2022.

TSMC (TSM.US; 2303.TT): ASP Lifting Hasn't Decided Yet; QCOM Moves Back High-End Smartphone 8 Gen 1

TSMC – Long TSMC Short Nvidia Looks Exceptionally Attractive

TSMC (TSM.US, 2330.TT): Bright Outlook in 2022

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>We believe TSMC shall decide whether to raise wafer price in one, or two month.</li>
<li>To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.</li>
<li>To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.</li>
</ul>


We believe TSMC shall decide whether to raise wafer price in one, or two month.
To our understanding, Intel has gotten the wafer allocation from TSMC for the next two years.
To our understanding, MediaTek is the first client to perform 4nm production, although the booking quantity is less than Apple iPhone.


TSMC (TSM.US; 2303.TT): TSMC Shall Decide Whether to Raise Wafer Price in One, or Two Month.