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.

GlobalWafers (6488.TT): Semi Industry Expected to Recover in 2H24, Holding an Bright Outlook in 2025

GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.

GlobalWafers (6488.TT): An Uncertainty Exists Whether Si Wafer Is Included in US Custom Tax or Not.

GlobalWafers (6488.TT): 1Q24F Is a Down Quarter; Anticipating a Much Better Growth Rate in 2025F.

Globalwafers (6488.TT): The Revenue Is Expected to Improve in 2H24F

TSMC (2330.TT; TSM.US): Expect Utilization Rate to Rise with Business Recovery.

Equity Bottom-Up

<ul>
<li>1Q24 revenue and GM are in line, but operating income at 24.3% was 1% below consensus.</li>
<li>GlobalWafers anticipates revenue in 2024 will likely be similar to 2023, which means 1H24 revenue could account for 45% of the 2024 yearly revenue.</li>
<li>The planned dividend payout for 2024 is NT$19.0, with NT$8.0 from 1H23 and NT$11 from 2H23. </li>
</ul>


1Q24 revenue and GM are in line, but operating income at 24.3% was 1% below consensus.
GlobalWafers anticipates revenue in 2024 will likely be similar to 2023, which means 1H24 revenue could account for 45% of the 2024 yearly revenue.
The planned dividend payout for 2024 is NT$19.0, with NT$8.0 from 1H23 and NT$11 from 2H23. 


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

GlobalWafers(6488.TT): 상반기 수요가 약세를 보였지만 하반기에는 나아질 것으로 기대합니다.