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.

WinSemi (3105.TT): 1Q22 Review/ 2Q22 Preview- To Be Further Downside

WinSemi (3105.TT): Usually, the First Quarter of the Year Is a Low Season.

Equity Bottom-Up

<ul>
<li>WinSemi's revenue was NTD$5.56bn in 1Q22, which was -7.3% YoY and -22.96% QoQ.</li>
<li>We think WinSemi's revenue could be seeing upside until 3Q22, and it could be still struggling in 2Q22. </li>
<li>The optical devices decreased the weakest. The communication infrastructure aligned the supply chain. The handset and WiFi decreased seasonality and the WiFi router was impacted because of chip shortage.</li>
</ul>


WinSemi's revenue was NTD$5.56bn in 1Q22, which was -7.3% YoY and -22.96% QoQ.
We think WinSemi's revenue could be seeing upside until 3Q22, and it could be still struggling in 2Q22. 
The optical devices decreased the weakest. The communication infrastructure aligned the supply chain. The handset and WiFi decreased seasonality and the WiFi router was impacted because of chip shortage.


Advanced Wireless Semiconductor (8086 TT)

WinSemi (3105.TT): 1Q22 Preview- We Think the Hope Is in 3Q22.

Win Semiconductors

WinSemi (3105.TT): 1Q22 Preview- We Think the Hope Is in 3Q22.