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): The 2nd Wave of 8" Wafer Price Increase for 2H26~1Q27

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

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

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

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>Vanguard has the potential for double-digit revenue growth in Q2, for both the volume and price.</li>
<li>Vanguard is strategically shifting capacity to PMIC, with customers concerned about continued growth in consumer demand in H2.   </li>
<li>Other aspects: 8” prices continue to rise, with potential for further increases in H2, so Vanguard’s value will continue to grow.</li>
</ul>


Vanguard has the potential for double-digit revenue growth in Q2, for both the volume and price.
Vanguard is strategically shifting capacity to PMIC, with customers concerned about continued growth in consumer demand in H2.   
Other aspects: 8” prices continue to rise, with potential for further increases in H2, so Vanguard’s value will continue to grow.


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