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

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.</li>
<li>Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.</li>
<li>UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.</li>
</ul>


UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.
Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.
UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.


UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>4Q25 Guidance: Wafer shipment will remain flat. ASP in US dollars will remain firm. Gross margin will be approximately in the high 20% range.  </li>
<li>Expect interposer technology capabilities to serve the market when volume comes in late 2026 or sometime in 2027.</li>
<li>12nm PDK is expected to be ready for the first wave of customers in January 2026. Customer product takeout is expected at the beginning of 2027.  </li>
</ul>


4Q25 Guidance: Wafer shipment will remain flat. ASP in US dollars will remain firm. Gross margin will be approximately in the high 20% range.  
Expect interposer technology capabilities to serve the market when volume comes in late 2026 or sometime in 2027.
12nm PDK is expected to be ready for the first wave of customers in January 2026. Customer product takeout is expected at the beginning of 2027.  


UMC (2303.TT; UMC.US): 4Q25 Upbeat; 1Q26 May Be a Challenging Quarter Due to Expected Seasonality.

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 Dec 19th. The aggregated holding was USD1,328.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD4,695mln. 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, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 19th. The aggregated holding was USD1,328.6bn.
We estimate that foreign flows to be outflows of USD4,695mln. 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, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics, TSMC, Quanta Computer, Winbond Electronics, Asustek Computer, Delta Electronics.


TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.</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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 19th. The aggregated short interest was USD28.2bn.
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 Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial, Taishin Financial, Accton Technology, Asustek Computer, Alchip Technologies, ASE Industrial.


TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

<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.

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.

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United Microelectronics Corp (2303 TT)

UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): 4Q25 Upbeat; 1Q26 May Be a Challenging Quarter Due to Expected Seasonality.

Wafer shipment to remain steady, ASP firm, and interposer technology to serve market by late 2026/early 2027 with 12nm PDK ready for customers in...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

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

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UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization

​UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): 4Q25 Upbeat; 1Q26 May Be a Challenging Quarter Due to Expected Seasonality.

​Wafer shipment to remain steady, ASP firm, and interposer technology to serve market by late 2026/early 2027 with 12nm PDK ready for customers in...

Patrick Liao

TWSE Foreign Holding Weekly (Dec 19th): TSMC, Quanta Computer, Winbond Electronics, Asustek Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Quanta Computer (2382 TT),...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 19th): Taishin Financial, Accton Technology, Asustek Computer

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial (2887 TT), Accton Technology...

Ke Yan, CFA, FRM

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

UMC's 3Q25 results show progress in specialty foundry leadership with stable revenue, improving utilization, and successful focus on application...

Wafer shipment to remain steady, ASP firm, and interposer technology to serve market by late 2026/early 2027 with 12nm PDK ready for customers in...

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