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

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Break Down Again; ASE Spread Near 1-Year Lows

Taiwan Dual-Listings Monitor: TSMC Strong Spread Rebound Into Short Zone; ASE Remains Broken Down

Taiwan Dual-Listings Monitor: History Implies TSMC Spread to Trade Down; ASE Still Broken Down

United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel

UMC (2303.TT; UMC.US): 3Q24 Sales Were Slightly Below Consensuses

Intel's UMC Partnership Is A Big Deal. For UMC.

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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 latest results indicate a mild recovery for consumer, communications, and computing industries. UMC's capacity utilization to continue improving but industry inventory correction could last until end-2024E.</li>
<li>UMC maintained 2024E capex guidance however it's increasingly clear UMC can't keep up the capex arms race alone. Hence we see UMC &amp; Intel becoming closer and closer partners.</li>
<li>We continue to view UMC as a long-term accumulate, and rate the stock as Structural Long, this however requires a longer than usual multi-year holding period.</li>
</ul>


UMC's latest results indicate a mild recovery for consumer, communications, and computing industries. UMC's capacity utilization to continue improving but industry inventory correction could last until end-2024E.
UMC maintained 2024E capex guidance however it's increasingly clear UMC can't keep up the capex arms race alone. Hence we see UMC &amp; Intel becoming closer and closer partners.
We continue to view UMC as a long-term accumulate, and rate the stock as Structural Long, this however requires a longer than usual multi-year holding period.


UMC Signals Non-AI Industry Inventory Correction Through 2024E; Why Intel Is Increasingly Important