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 Smartphone and Computing/NB/TV Sectors Have Turned to Normal.

Why Is Vanguard Semi Becoming to a Bad Student, Cyclical or Structural?

With No Surprise, Diodes Guides Automotive/Industrial Semi Demand to Fall over 20% Q/Q

Vanguard (5347.TT): 1Q22 Results/ 2Q22 Preview- Further Price Increase Could Hold in 2H22

UMC (2303.TT; UMC.US): The Revenue Can Be Downward a Bit in 4Q23F.

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Vanguard's order visibility is about two months, and its order backlog is also about two months now.</li>
<li>Vanguard's goal is to establish a 12" wafer Fab, which we estimate will likely be viable around 2026F.</li>
<li>We believe that technology nodes below 28nm HKMG, specifically 40nm and below, would be suitable for transfer.</li>
</ul>


Vanguard's order visibility is about two months, and its order backlog is also about two months now.
Vanguard's goal is to establish a 12" wafer Fab, which we estimate will likely be viable around 2026F.
We believe that technology nodes below 28nm HKMG, specifically 40nm and below, would be suitable for transfer.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

VIS (5347:TT): The Outlook Is a Bit Slower in 4Q23F