Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Equity Bottom-Up

United Microelectronics Corp / Equity Bottom-Up

<ul>
<li>1Q miss on non-ops and it’s the bottom for margins. Strong 2Q guidance but very low visibility into 2H: tariff uncertainty.  </li>
<li>The JV with Intel for 12nm is proceeding well and demand is strong for Made in US 12nm. Some upside here for 2027</li>
<li>Consensus is probably a tad too low but the stock trading at average PEx ~12x. No arbitrage here.</li>
</ul>


1Q miss on non-ops and it’s the bottom for margins. Strong 2Q guidance but very low visibility into 2H: tariff uncertainty.  
The JV with Intel for 12nm is proceeding well and demand is strong for Made in US 12nm. Some upside here for 2027
Consensus is probably a tad too low but the stock trading at average PEx ~12x. No arbitrage here.


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