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): 8" Capacity Tightness with TSMC Standing Behind as Actionable

SMIC (0981.HK): Raising CapEx to $5bn in 2022. Exciting News, or Fierce Competition Ahead?

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

UMC (UMC.US, 2303.TT): 1Q22 Earnings Preview- Continuous Growth

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>Some investors are still questioning UMC if the inventory issues will become a problem. And <strong>UMC does not see the sign of inventory</strong>.</li>
<li>The 4Q21/1Q22 revenue are NT$59.1bn/~NT$62bn, which are higher than our previous estimate by 1.7%/3.3% respectively.  </li>
<li>By 2024, UMC targets to grow revenue/ROE to US$10bn/&gt;20% respectively.</li>
</ul>


Some investors are still questioning UMC if the inventory issues will become a problem. And UMC does not see the sign of inventory.
The 4Q21/1Q22 revenue are NT$59.1bn/~NT$62bn, which are higher than our previous estimate by 1.7%/3.3% respectively.  
By 2024, UMC targets to grow revenue/ROE to US$10bn/&gt;20% respectively.


UMC (UMC.US; 2303.TT) 4Q21 Financial Results/1Q22 Forecast: A Bit Higher in Revenue Outlook