Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> – 2025 Full-Year and 4Q Outlook.   </li>
<li>The impact of U.S. recent restrictions on <a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> appears negligible.</li>
<li>Customer demand trends are diverging in 2H25, and overall demand is expected to soften in 4Q25.</li>
</ul>



United Microelectron Sp Adr (UMC US) – 2025 Full-Year and 4Q Outlook.   
The impact of U.S. recent restrictions on United Microelectron Sp Adr (UMC US) appears negligible.
Customer demand trends are diverging in 2H25, and overall demand is expected to soften in 4Q25.


UMC (2303.TT; UMC.US): 4Q25 Revenue Is Projected to Decline 5–10% QoQ.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,163.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD428mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,163.6bn.
We estimate that foreign flows to be inflows of USD428mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 5th. The aggregated short interest was USD25.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment, Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 5th. The aggregated short interest was USD25.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment, Jentech Precision Industrial, Wiwynn, Realtek Semiconductor, Hon Hai Precision, Kaori Heat Treatment.


TWSE Short Interest Weekly (Sep 5th): Jentech Precision Industrial, Wiwynn, Realtek Semiconductor

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,166.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD427mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 29th. The aggregated holding was USD1,166.6bn.
We estimate that foreign flows to be inflows of USD427mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer, Global Unichip, TSMC, Hon Hai Precision, Global Unichip, Delta Electronics, Quanta Computer.


<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 15th. The aggregated holding was USD1,198.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD374mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hon Hai Precision, Quanta Computer, TSMC, Wistron, Zhen Ding Technology, Hon Hai Precision, Zhen Ding Technology, Quanta Computer, TSMC, Wistron.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 15th. The aggregated holding was USD1,198.8bn.
We estimate that foreign flows to be inflows of USD374mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hon Hai Precision, Quanta Computer, TSMC, Wistron, Zhen Ding Technology, Hon Hai Precision, Zhen Ding Technology, Quanta Computer, TSMC, Wistron.


TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

Taiwan

Realtek Semiconductor Corp. designs, tests, and distributes integrated circuits which are used in consumer electronics, computer systems and peripherals, and communication network hardware.  The Company also provides technical counseling and systems software services.

Price Gauge
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Realtek Semiconductor (2379 TT)

UMC (2303.TT; UMC.US): 4Q25 Revenue Is Projected to Decline 5–10% QoQ.

United Microelectron Sp Adr (UMC US) outlook for 2025 remains steady despite U.S. restrictions, with softening demand expected in 4Q25.

Patrick Liao

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 5th): Jentech Precision Industrial, Wiwynn, Realtek Semiconductor

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Jentech Precision Industrial (3653 TT), Wiwynn...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Quanta Computer...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

UMC (2303.TT; UMC.US): 4Q25 Revenue Is Projected to Decline 5–10% QoQ.

​United Microelectron Sp Adr (UMC US) outlook for 2025 remains steady despite U.S. restrictions, with softening demand expected in 4Q25.

Patrick Liao

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 5th): Jentech Precision Industrial, Wiwynn, Realtek Semiconductor

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Jentech Precision Industrial (3653 TT), Wiwynn...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 29th): TSMC, Hon Hai Precision, Delta Electronics, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Hon Hai Precision (2317 TT),...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Quanta Computer...

Ke Yan, CFA, FRM

United Microelectron Sp Adr (UMC US) outlook for 2025 remains steady despite U.S. restrictions, with softening demand expected in 4Q25.