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.

ASE Technology: Demand Pull-Ins and Tariff Fears Create an Uneven Outlook for Backend Services

ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

ASEH (3711.TT; ASX.US): A Seasonal Decline in 1Q25, But US BIS Policy Will Help ASEH Business.

Equity Bottom-Up

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>2Q25 OSAT revenue is expected to grow 9–11% QoQ, with GM up 1.4–1.8%; EMS revenue is expected to decline 10% YoY with a 1.0% YoY drop in OPM.</li>
<li>1H saw some pull-in and shift orders plus seasonal growth, but nothing is certain, including tariff and ASEH investing in US....</li>
<li>Automotive remains conservative; high-end demand is stronger. Inventory correction continues for low-end products like MCUs. Overall automotive segment is expected to grow YoY.</li>
</ul>


2Q25 OSAT revenue is expected to grow 9–11% QoQ, with GM up 1.4–1.8%; EMS revenue is expected to decline 10% YoY with a 1.0% YoY drop in OPM.
1H saw some pull-in and shift orders plus seasonal growth, but nothing is certain, including tariff and ASEH investing in US....
Automotive remains conservative; high-end demand is stronger. Inventory correction continues for low-end products like MCUs. Overall automotive segment is expected to grow YoY.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

ASEH(3711.TT; ASX.US): 2분기에 약간의 상승세가 예상되지만, 관세로 인해 하반기에 불확실성이 예상됩니다.