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): 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): 2026 Outlook Is Very Positive

Vanguard (5347.TT): FX Impact; Mild Recovery, Slightly Better Than 3Q25 Preview.

Vanguard (5347.TT): 3Q25 EPS Missed Expectations; 4Q25 and 1Q26 Decline Milder Than Seasonal Trend

Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Stock price has surged and declined too quickly in a short time—worth checking if it needs a breather.</li>
<li>1Q26 is currently expected to see QoQ around -5% to +2%, hoping to outperform past seasonal performance.</li>
<li>Consumer demand might partially pull in from 2H26 to 1H26, especially TVs for H2 events or memory influences.</li>
</ul>


Stock price has surged and declined too quickly in a short time—worth checking if it needs a breather.
1Q26 is currently expected to see QoQ around -5% to +2%, hoping to outperform past seasonal performance.
Consumer demand might partially pull in from 2H26 to 1H26, especially TVs for H2 events or memory influences.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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