- As a semiconductor foundry company, we analyzed its wafer ASP trend and forecasted its wafer pricing to grow by 20% in 2022 amid the tight industry supply.
- We forecasted its wafer capacity growth and determined its $5 bln capacity expansion will not produce meaningful incremental profits, but UMC to still benefit from rising ASPs.
- The company’s revenue by process nodes shows it is focused on the matured process nodes with key customers including Texas Instruments, MediaTek and Realtek.
- While we find shares of UMC attractive at these price levels, we expect them to face tough competition from Samsung and TSMC.
For further details see:
United Microelectronics: Good, But Not As Good As Competitors