Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>United Microelectronics Corporation (UMC) reported its fourth-quarter and full-year 2025 financial results, reflecting both positive developments and certain challenges.</li>
<li>The fourth quarter of 2025 saw consolidated revenue of TWD 61.81 billion, marking a sequential increase of 4.5%, attributed to favorable foreign exchange movements and growth in specific technology segments.</li>
<li>The gross margin reached 30.7%, an improvement from previous quarters, signaling enhanced operational efficiencies.</li>
</ul>


United Microelectronics Corporation (UMC) reported its fourth-quarter and full-year 2025 financial results, reflecting both positive developments and certain challenges.
The fourth quarter of 2025 saw consolidated revenue of TWD 61.81 billion, marking a sequential increase of 4.5%, attributed to favorable foreign exchange movements and growth in specific technology segments.
The gross margin reached 30.7%, an improvement from previous quarters, signaling enhanced operational efficiencies.


United Microelectronics Corporation: Can Collaboration

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>1Q26 guidance: Wafer shipments flat; ASP stable; gross margin in high 20% (QoQ downside); capacity utilization in mid-70% range.</li>
<li>Foundry market, driven by AI, estimated to reach low-20% growth. UMC’s serviceable market expected in low-single-digit growth.</li>
<li>1Q26 gross margin in high 20s mainly due to rising depreciation. 2026 full-year depreciation expected up low-teens YoY, plus raw material and cost inflation.</li>
</ul>


1Q26 guidance: Wafer shipments flat; ASP stable; gross margin in high 20% (QoQ downside); capacity utilization in mid-70% range.
Foundry market, driven by AI, estimated to reach low-20% growth. UMC’s serviceable market expected in low-single-digit growth.
1Q26 gross margin in high 20s mainly due to rising depreciation. 2026 full-year depreciation expected up low-teens YoY, plus raw material and cost inflation.


UMC (2303.TT; UMC.US): 1Q26 Revenue Flat, but GM Downside; AI Will Drive Foundry Market Growth.

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

<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

<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 ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton 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.

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

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)

United Microelectronics Corporation: Can Collaboration

United Microelectronics Corporation (UMC) reported its fourth-quarter and full-year 2025 financial results, reflecting both positive developments...

Baptista Research

UMC (2303.TT; UMC.US): 1Q26 Revenue Flat, but GM Downside; AI Will Drive Foundry Market Growth.

Article highlights 1Q26 guidance for wafer shipments, ASP, gross margin, and capacity utilization, as well as growth projections for the foundry...

Patrick Liao

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

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

United Microelectronics Corporation: Can Collaboration

United Microelectronics Corporation (UMC) reported its fourth-quarter and full-year 2025 financial results, reflecting both positive developments...

Baptista Research

UMC (2303.TT; UMC.US): 1Q26 Revenue Flat, but GM Downside; AI Will Drive Foundry Market Growth.

​Article highlights 1Q26 guidance for wafer shipments, ASP, gross margin, and capacity utilization, as well as growth projections for the foundry...

Patrick Liao

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

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Article highlights 1Q26 guidance for wafer shipments, ASP, gross margin, and capacity utilization, as well as growth projections for the foundry...

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...