Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

UMC 2Q25: The Recovery Is Cancelled Out by NT$ Appreciation

A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm

UMC 1Q25 Is the Bottom, Consensus Is Low but the Stock at Average Valuations

United Microelectronics: Intel Foundry Should Take a Stake; Latest News Makes This More Likely

Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength

Intel @ BofA Securities 2025 Global Technology Conference

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 Microelectronics Corp / Equity Bottom-Up

<ul>
<li>UMC’s renewed push into 6nm, paired with Intel’s strategic overhaul under new CEO Lip-Bu Tan, raises the likelihood of an Intel equity stake in UMC.</li>
<li>We maintain our Structural Long view on UMC and reiterate our original thesis: a deeper partnership via a stake from Intel would be transformative.</li>
<li>At 12.5x trailing PER with a net cash position, UMC remains attractively valued as a strategic asset -- especially if can essentially have its own 'Group' advanced fabs with Intel.</li>
</ul>


UMC’s renewed push into 6nm, paired with Intel’s strategic overhaul under new CEO Lip-Bu Tan, raises the likelihood of an Intel equity stake in UMC.
We maintain our Structural Long view on UMC and reiterate our original thesis: a deeper partnership via a stake from Intel would be transformative.
At 12.5x trailing PER with a net cash position, UMC remains attractively valued as a strategic asset -- especially if can essentially have its own 'Group' advanced fabs with Intel.


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Our Thesis: Intel Should Take a Stake in UMC -- New Signals Reinforce the Case