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): 2Q26 Could Reach To 5%-10% QoQ Growth; 8" Wafer Price Increase.

UMC (2303.TT; UMC.US): 1Q26 Revenue Flat, but GM Downside; AI Will Drive Foundry Market Growth.

UMC (2303.TT; UMC.US): 4Q25 Upbeat; 1Q26 May Be a Challenging Quarter Due to Expected Seasonality.

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>The Second time Price Increase Scheduled for September in 2026.  </li>
<li>On the 12-inch side, <a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> is collaborating with Intel to develop 12nm manufacturing capacity. This joint project is expected to enter pilot production in 2027.  </li>
<li>We believe <a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a>’s share price still has room to move higher. </li>
</ul>


The Second time Price Increase Scheduled for September in 2026.  
On the 12-inch side, United Microelectron Sp Adr (UMC US) is collaborating with Intel to develop 12nm manufacturing capacity. This joint project is expected to enter pilot production in 2027.  
We believe United Microelectron Sp Adr (UMC US)’s share price still has room to move higher. 


UMC (2303.TT, UMC.US): The 2nd Round Wafer Price Increase Within 2026.