Equity Long-Short

Mo Aziz

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>UMC's specialty mature-node platform (eNVM, RFSOI, embedded HV FinFET, BCD) gives it real differentiation versus Chinese foundries — but no leading-edge moat against TSMC or Samsung.</li>
<li>The June surge was driven by an unconfirmed Intel 3nm extension report, not the existing 12nm deal confirmed back in 2024 and already in the base business.</li>
<li>Initiate with SELL and TP of NT$95 / USD 15.05 ADR (–40.6%), applying 12x FY26E EV/EBITDA — a generous premium to UMC's 6–9x historical trading range. </li>
</ul>


UMC's specialty mature-node platform (eNVM, RFSOI, embedded HV FinFET, BCD) gives it real differentiation versus Chinese foundries — but no leading-edge moat against TSMC or Samsung.
The June surge was driven by an unconfirmed Intel 3nm extension report, not the existing 12nm deal confirmed back in 2024 and already in the base business.
Initiate with SELL and TP of NT$95 / USD 15.05 ADR (–40.6%), applying 12x FY26E EV/EBITDA — a generous premium to UMC's 6–9x historical trading range. 


UMC (2303 TW, UMC US) - Initiate with a SELL: Priced for a Story that Hasn't Been Confirmed Yet

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Micron last week reported an 84.9% gross margin and guided next-quarter revenue near US$50bn, and foreign brokers raised targets across Taiwan's memory makers as the shortage runs past 2027.</li>
<li>Foreign investors net sold a record NT$177.4bn of Taiwan stocks on June 24, even as Taiwan's May export orders rose 47% year on year for a 16th straight month.</li>
<li>Korea unveiled a combined US$1.3tn, decade-long chip plan, and Samsung and SK Hynix shares fell on June 29 as investors weighed heavy capex against near-term cash returns.</li>
</ul>


Micron last week reported an 84.9% gross margin and guided next-quarter revenue near US$50bn, and foreign brokers raised targets across Taiwan's memory makers as the shortage runs past 2027.
Foreign investors net sold a record NT$177.4bn of Taiwan stocks on June 24, even as Taiwan's May export orders rose 47% year on year for a 16th straight month.
Korea unveiled a combined US$1.3tn, decade-long chip plan, and Samsung and SK Hynix shares fell on June 29 as investors weighed heavy capex against near-term cash returns.


Taiwan Tech Weekly: Micron Guides Memory to US$50bn, Korea's US$1.3tn Bet Sends Memory Shares Lower

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>The World Semiconductor Trade Statistics (WSTS) for September have been released, and they indicate that 2020 will see modest revenue growth despite the COVID-19 pandemic.  This is a pleasant surprise given that so many people are currently unable to work or to spend money on their favorite activities.</p>

The World Semiconductor Trade Statistics (WSTS) for September have been released, and they indicate that 2020 will see modest revenue growth despite the COVID-19 pandemic.  This is a pleasant surprise given that so many people are currently unable to work or to spend money on their favorite activities.

September Semiconductor Stats In: 2020 Growth Despite Pandemic

President

Thomas Coughlin

Coughlin Associates

<p style="text-align: start;">Memory and storage demand are a critical ingredient in worldwide  digital transformations, spurred by the pandemic.  Demand for memory and processor investments, including domain specific processing, will drive semiconductor fab growth, especially in Asia through 2024.</p>

Memory and storage demand are a critical ingredient in worldwide  digital transformations, spurred by the pandemic.  Demand for memory and processor investments, including domain specific processing, will drive semiconductor fab growth, especially in Asia through 2024.

The Pandemic Will Help Drive Silicon Wafer Fab Spending Increases Through 2023

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 26th. The aggregated holding was USD2,204.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD8,550mln. 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, Winbond Electronics, Hon Hai Precision, ASE Industrial, King Yuan Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 26th. The aggregated holding was USD2,204.5bn.
We estimate that foreign flows to be outflows of USD8,550mln. 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, Winbond Electronics, Hon Hai Precision, ASE Industrial, King Yuan Electronics.


TWSE Foreign Holding Weekly (Jun 26th): TSMC, Winbond Electronics, Hon Hai Precision, ASE Industrial

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Microelectron Sp Adr (UMC US)

UMC (2303 TW, UMC US) - Initiate with a SELL: Priced for a Story that Hasn't Been Confirmed Yet

UMC's specialty mature-node platform sets it apart from Chinese foundries, but lacks a leading-edge advantage against TSMC or Samsung. Initiate...

Mo Aziz

Taiwan Tech Weekly: Micron Guides Memory to US$50bn, Korea's US$1.3tn Bet Sends Memory Shares Lower

Taiwan's memory makers see increased targets as Micron reports strong margins and revenue guidance, while Korea's chip plan impacts Samsung and SK...

Vincent Fernando, CFA

September Semiconductor Stats In: 2020 Growth Despite Pandemic

September's semiconductor industry stats indicate 5+% growth for 2020. Can the business sustain this, or will COVID-19 and/or the US-China Trade...

Jim Handy

The Pandemic Will Help Drive Silicon Wafer Fab Spending Increases Through 2023

Increased semi fab investments in Asia, spurred by investments to provide services during the pandemic, will drive digital transformations

Thomas Coughlin

TWSE Foreign Holding Weekly (Jun 26th): TSMC, Winbond Electronics, Hon Hai Precision, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Winbond Electronics, Hon Hai Precision,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

UMC (2303 TW, UMC US) - Initiate with a SELL: Priced for a Story that Hasn't Been Confirmed Yet

​UMC's specialty mature-node platform sets it apart from Chinese foundries, but lacks a leading-edge advantage against TSMC or Samsung. Initiate...

Mo Aziz

Taiwan Tech Weekly: Micron Guides Memory to US$50bn, Korea's US$1.3tn Bet Sends Memory Shares Lower

​Taiwan's memory makers see increased targets as Micron reports strong margins and revenue guidance, while Korea's chip plan impacts Samsung and SK...

Vincent Fernando, CFA

September Semiconductor Stats In: 2020 Growth Despite Pandemic

September's semiconductor industry stats indicate 5+% growth for 2020. Can the business sustain this, or will COVID-19 and/or the US-China Trade...

Jim Handy

The Pandemic Will Help Drive Silicon Wafer Fab Spending Increases Through 2023

Increased semi fab investments in Asia, spurred by investments to provide services during the pandemic, will drive digital transformations

Thomas Coughlin

TWSE Foreign Holding Weekly (Jun 26th): TSMC, Winbond Electronics, Hon Hai Precision, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Winbond Electronics, Hon Hai Precision,...

Ke Yan, CFA, FRM

UMC's specialty mature-node platform sets it apart from Chinese foundries, but lacks a leading-edge advantage against TSMC or Samsung. Initiate...

Taiwan's memory makers see increased targets as Micron reports strong margins and revenue guidance, while Korea's chip plan impacts Samsung and SK...