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.

Vanguard (5347.TT): 2026 Outlook Is Very Positive

Vanguard (5347.TT): The 2nd Wave of 8" Wafer Price Increase for 2H26~1Q27

Vanguard (5347.TT): June Revenue Reached a Record High.

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

Vanguard (5347.TT): 1Q26 Met Expectations, Kicking off a Strong Growth Year.

Vanguard (5347.TT): Stock Price Rose and Fell Sharply Short-Term; 1Q26 QoQ Expected At -5% to +2%.

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Recently, there’s a rumor: Are 8-inch wafers currently negotiating Q2 prices? Is there a chance for a price increase after the Lunar New Year?  </li>
<li>We’ve heard that TSMC and Samsung are exiting the 8” foundry market.  </li>
<li>Vanguard’s 12” wafer output won’t hit the market until early 2027, so there’s no need to consider price increases for now.  </li>
</ul>


Recently, there’s a rumor: Are 8-inch wafers currently negotiating Q2 prices? Is there a chance for a price increase after the Lunar New Year?  
We’ve heard that TSMC and Samsung are exiting the 8” foundry market.  
Vanguard’s 12” wafer output won’t hit the market until early 2027, so there’s no need to consider price increases for now.  


UMC (2303.TT; UMC.US)/ Vanguard (547.TT): The Wafer Prices of Second-Tier Foundries Are Rising.