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 (2303.TT; UMC.US): A Slightly Further Improvement 1Q25 Outlook

United Microelectronics: Key QCOM Advanced Packaging Win Signals Client Shift Away from TSMC

UMC (2303.TT; UMC.US): Earthquake Alters 1Q25 Outlook; 2025 Growth Expected to Low Single Digits YoY

NVIDIA's >5x YoY "Singapore" Revenue Growth Is A Red Flag

Japan Banks - Near End of Negative Rates BOJ, Deposits with BOJ to See Big Yield Rise, Not Only JGBs

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 Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue</li>
<li>UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model</li>
<li>Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories</li>
</ul>


UMC Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue
UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model
Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories


United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future