Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

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