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 (2303.TT; UMC.US): 4Q25 Revenue Is Projected to Decline 5–10% QoQ.

Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads Higher After Taiwan Market Holiday

UMC (2303.TT; UMC.US): 2Q25 Guidance Beat; Tariff Affection Unknown; No GF Merger Plan Right Now.

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC (2303.TT; UMC.US): Merges with GFS? It Should Be a Terrific, but It Won't Be Easy to Happen.

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>3Q25 Guidance: Wafer shipments growing by a low single-digit %; Revenue: Fully exposed to NT dollar exchange rate fluctuations; ASP (in USD): remain stable; Gross margin: Approximately flat to Q2</li>
<li>Focus on increasing loading, improving mix, new tech deployment, and controlling depreciation (&lt;10% YoY after 2025) to gradually return to mid-30s GM.</li>
<li>UMC leverages specialty content (now &gt;50% of revenue) to differentiate from peers.</li>
</ul>


3Q25 Guidance: Wafer shipments growing by a low single-digit %; Revenue: Fully exposed to NT dollar exchange rate fluctuations; ASP (in USD): remain stable; Gross margin: Approximately flat to Q2
Focus on increasing loading, improving mix, new tech deployment, and controlling depreciation (&lt;10% YoY after 2025) to gradually return to mid-30s GM.
UMC leverages specialty content (now &gt;50% of revenue) to differentiate from peers.


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

UMC (2303.TT; UMC.US): 3Q25 Outlook Improves Slightly over 2Q25, Based on Estimated FX Assumptions.