2024-07-01 06:42:44 ET
Summary
- UMC's revenue declined by 20% in 2023, underperforming expectations, but analyst consensus expects growth of 1.5% in 2024 and 15% in 2025.
- The company's market share remained stable at 6.1% in 2023, despite declines in its three main segments.
- We believe UMC's expansion into 12nm process technology through partnerships could support long-term growth, but demand recovery remains a risk in 2024.
In our previous analysis of United Microelectronics Corporation ( UMC ), we analyzed the company’s revenue growth outlook based on demand (end-markets) and supply (wafer production and ASP), anticipating single-digit revenue growth of around 9% through 2023 driven by its automotive segment growth....
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United Microelectronics: Stock Valued Just Right