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原始內容
United Microelectronics (2303 TT)
United Microelectronics
Target price: TWD145.00 (from TWD108.00)
Shareprice(7Oct):TWD148.50 | Up/downside:-2.4%
A beneficiary of the AI ripple effect, but …
- UMC looks set to benefit from AI demand spillover
- Yet we believe the AI ripple effect is being priced in
- Maintain our Hold (3) call, with a higher 12M TP of TWD145
What's new: Given its longstanding position in the global foundry industry, ever challenging TSMC's leadership during the late 1990s, we believe UMC stands well to benefit from a ripple effect in demand spurred by AI scaling, as detailed in the main section of this report. We expect UMC's wafer loadings to reach 100% from 1Q27, with price hikes to go through (see Price hike to go through? Still likely, 31 July). That said, we believe the equity market has priced in this AI strength on extra volume and pricing power for UMC. Hence, we stick with our Hold (3) rating on the counter.
What's the impact: 3Q26 preview and 4Q26 outlook. We expect UMC to report 3Q26 net profit of TWD16.4bn (+9% YoY), varying not much from the Bloomberg consensus. Its monthly revenue finished at c.TWD49bn QTD, reaching 65% of our/consensus 3Q26 estimates, which we consider tracking inline. For 4Q26, we expect UMC to earn net profit of TWD16bn, 13% below consensus, as the street seems to be assuming higher nonoperating gains. UMC is scheduled to report results on 28 October; we will be offering updates in due course.
<=28nm ramp on AI scaling and fab optimisation. UMC's 28/22nm-andbelow revenue contribution has hovered around the high-30% range over the past 2 years, after meaningful ramp during the COVID period on broadened demand applications from display drivers and TV SoCs to power management. With AI scaling creating a ripple effect in companion chip demand for connectivity (ie, silicon photonics) and power (ie, server PMICs), we believe UMC is well positioned to benefit from any spillover demand, with the strength augmented by TSMC's fab optimisation, which could strengthen UMC's pricing power. Given that UMC's wafer loadings are likely to reach 100% from 1Q27, we expect its price hikes to go through and model increases of 2-5%, effective from 1Q27, across nodes related to AI applications. This should resume its <=28nm ramp to exceed a half of revenue in 2028. All in, we raise our 2027-28E EPS by 22%.
What we recommend: Despite our forecast revisions, we remain comfortable with our Hold (3) rating for UMC, as we believe its AI strength is already priced in. We raise our 12M TP to TWD145 (previous: TWD108), based on our higher ROE-adjusted PBR target of 4.2x (previous: 3.3x) applied to 1-year-forward BVPS on a higher ROE trajectory. Upside/ downside risks would be any price hikes above our expectations/ geopolitical overhangs (war, FX, interest rate) weighing on end-demand.
How we differ: Our 2026-28E EPS do not vary much from consensus, indicating that UMC's AI strength is already reflected in its valuation.
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Rick Hsu (886) 2 8758 6261 rick.hsu@daiwacm-cathay.com.tw
Sam Weng (886) 2 8758 6255 sam.weng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 0.9 | 7.5 | 7.9 |
| Net profit change | 1.5 | 21.9 | 21.6 |
| Core EPS (FD) change | 1.5 | 21.9 | 21.6 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 12-month range | 43.85-178.50 |
|---|---|---|
| Market cap (USDbn) | Market cap (USDbn) | 58.71 |
| 3m avg daily turnover (USDm) | 3m avg daily turnover (USDm) | 726.45 |
| Shares outstanding (m) | Shares outstanding (m) | 12,577 |
| Major shareholder | United Microelectronics Corp (5.8%) | United Microelectronics Corp (5.8%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 281,729 | 358,798 | 393,029 |
| Operating profit (m) | 63,045 | 99,484 | 115,376 |
| Net profit (m) | 90,829 | 89,289 | 103,534 |
| Core EPS (fully-diluted) | 7.222 | 7.099 | 8.232 |
| EPS change (%) | 117.9 | (1.7) | 16.0 |
| Daiwa vs Cons. EPS (%) | 2.4 | (1.6) | (3.5) |
| PER (x) | 20.6 | 20.9 | 18.0 |
| Dividend yield (%) | 1.8 | 2.7 | 2.7 |
| DPS | 2.6 | 4.0 | 4.0 |
| PBR (x) | 4.8 | 4.4 | 3.9 |
| EV/EBITDA (x) | 13.8 | 10.1 | 9.1 |
| ROE (%) | 23.6 | 21.8 | 22.8 |
Source: FactSet, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Capacity utilisation (%) | 104 | 99 | 68 | 69 | 75 | 87 | 99 | 100 |
| Blended ASP (USD) | 774 | 941 | 994 | 933 | 876 | 862 | 914 | 916 |
| Wafer shipment (8" equ., '000) | 9,860 | 9,946 | 7,190 | 7,754 | 8,712 | 10,270 | 12,266 | 13,406 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Wafer Foundry Revenue | 213,011 | 278,705 | 222,533 | 232,303 | 237,553 | 281,729 | 358,798 | 393,029 |
| New Business Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Revenue | 213,011 | 278,705 | 222,533 | 232,303 | 237,553 | 281,729 | 358,798 | 393,029 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (140,961) | (152,941) | (144,789) | (156,649) | (168,647) | (188,965) | (224,020) | (239,340) |
| SG&A | (7,429) | (8,518) | (6,569) | (8,425) | (7,233) | (10,215) | (13,024) | (14,368) |
| Other op.expenses | (12,935) | (12,954) | (13,284) | (15,616) | (17,725) | (19,504) | (22,271) | (23,945) |
| Operating profit | 51,686 | 104,293 | 57,891 | 51,613 | 43,949 | 63,045 | 99,484 | 115,376 |
| Net-interest inc./(exp.) | (1,387) | 156 | 3,283 | 1,914 | 676 | 1,110 | 2,095 | 3,270 |
| Assoc/forex/extraord./others | 11,504 | 1,649 | 9,739 | 2,693 | 5,023 | 36,244 | 4,403 | 4,608 |
| Pre-tax profit | 61,803 | 106,097 | 70,912 | 56,220 | 49,648 | 100,399 | 105,981 | 123,255 |
| Tax | (6,691) | (18,079) | (9,472) | (9,113) | (8,113) | (9,660) | (16,692) | (19,721) |
| Min. int./pref. div./others | 668 | (820) | (450) | 105 | 182 | 91 | 0 | 0 |
| Net profit (reported) | 55,780 | 87,198 | 60,990 | 47,211 | 41,716 | 90,829 | 89,289 | 103,534 |
| Net profit (adjusted) | 55,780 | 87,198 | 60,990 | 47,211 | 41,716 | 90,829 | 89,289 | 103,534 |
| EPS (reported)(TWD) | 4.552 | 7.086 | 4.930 | 3.796 | 3.341 | 7.222 | 7.099 | 8.232 |
| EPS (adjusted)(TWD) | 4.552 | 7.086 | 4.930 | 3.796 | 3.341 | 7.222 | 7.099 | 8.232 |
| EPS (adjusted fully-diluted)(TWD) | 4.468 | 6.973 | 4.868 | 3.759 | 3.314 | 7.222 | 7.099 | 8.232 |
| DPS (TWD) | 1.622 | 3.043 | 3.639 | 3.022 | 2.866 | 2.602 | 4.004 | 4.004 |
| EBIT | 51,686 | 104,293 | 57,891 | 51,613 | 43,949 | 63,045 | 99,484 | 115,376 |
| EBITDA | 98,762 | 148,462 | 98,374 | 99,780 | 103,206 | 129,845 | 173,179 | 185,068 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 61,803 | 106,097 | 70,912 | 56,220 | 49,648 | 100,399 | 105,981 | 123,255 |
| Depreciation and amortisation | 47,075 | 44,169 | 40,484 | 48,168 | 59,257 | 66,800 | 73,695 | 69,692 |
| Tax paid | (6,691) | (18,079) | (9,472) | (9,113) | (8,113) | (9,660) | (16,692) | (19,721) |
| Change in working capital | (10,151) | (8,262) | 916 | (2,889) | 1,617 | (10,600) | (10,000) | (400) |
| Other operational CF items | (1,685) | 21,935 | (16,840) | 1,488 | (2,545) | (27,454) | (3,803) | (4,008) |
| Cash flow from operations | 90,352 | 145,861 | 86,000 | 93,872 | 99,864 | 119,484 | 149,182 | 168,817 |
| Capex | (48,035) | (80,128) | (91,474) | (88,545) | (47,744) | (63,647) | (51,200) | (52,801) |
| Net (acquisitions)/disposals | (14,290) | 28,229 | (4,678) | 2,625 | (7,670) | 8,411 | 0 | 0 |
| Other investing CF items | 162 | (2,528) | (1,635) | (21) | 2,259 | 0 | 0 | 0 |
| Cash flow from investing | (62,163) | (54,427) | (97,787) | (85,941) | (53,154) | (55,237) | (51,200) | (52,801) |
| Change in debt | 18,818 | (34,087) | 27,377 | (337) | (1,812) | (4,188) | (18,843) | (19,757) |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (19,871) | (37,445) | (45,015) | (37,586) | (35,784) | (32,729) | (50,353) | (50,353) |
| Other financing CF items | 11,439 | 21,296 | (11,840) | 2,438 | (3,454) | 0 | 0 | 0 |
| Cash flow from financing | 10,386 | (50,237) | (29,478) | (35,484) | (41,050) | (36,917) | (69,196) | (70,110) |
| Forex effect/others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in cash | 38,574 | 41,197 | (41,265) | (27,553) | 5,660 | 27,330 | 28,786 | 45,907 |
| Free cash flow | 42,317 | 65,732 | (5,474) | 5,327 | 52,120 | 55,837 | 97,982 | 116,016 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 171,224 | 178,973 | 145,621 | 115,865 | 129,071 | 147,990 | 176,776 | 222,683 |
| Inventory | 23,011 | 31,070 | 35,713 | 35,782 | 37,228 | 38,228 | 41,728 | 41,228 |
| Accounts receivable | 35,190 | 36,975 | 29,586 | 33,343 | 31,274 | 40,774 | 50,774 | 50,674 |
| Other current assets | 3,848 | 5,353 | 5,878 | 4,688 | 7,211 | 5,000 | 5,500 | 5,500 |
| Total current assets | 233,273 | 252,371 | 216,797 | 189,678 | 204,783 | 231,992 | 274,778 | 320,085 |
| Fixed assets | 129,942 | 170,982 | 237,377 | 277,344 | 271,395 | 247,287 | 231,137 | 220,390 |
| Goodwill & intangibles | 28,665 | 44,852 | 30,758 | 30,691 | 27,445 | 24,500 | 27,400 | 27,300 |
| Other non-current assets | 72,547 | 64,847 | 74,255 | 72,487 | 75,373 | 102,917 | 106,720 | 110,728 |
| Total assets | 464,427 | 533,052 | 559,187 | 570,201 | 578,996 | 606,697 | 640,036 | 678,503 |
| Short-term debt | 39,256 | 7,587 | 29,537 | 19,510 | 27,597 | 19,751 | 20,666 | 15,726 |
| Accounts payable | 8,364 | 8,982 | 7,526 | 7,633 | 9,170 | 9,070 | 12,570 | 11,570 |
| Other current liabilities | 57,833 | 91,996 | 61,952 | 48,117 | 50,832 | 73,412 | 81,958 | 92,119 |
| Total current liabilities | 105,454 | 108,565 | 99,015 | 75,260 | 87,598 | 102,234 | 115,194 | 119,415 |
| Long-term debt | 39,830 | 39,877 | 45,236 | 55,533 | 45,372 | 49,029 | 29,272 | 14,454 |
| Other non-current liabilities | 37,941 | 49,159 | 55,358 | 61,222 | 66,170 | 66,000 | 66,000 | 66,000 |
| Total liabilities | 183,224 | 197,601 | 199,608 | 192,016 | 199,141 | 217,263 | 210,466 | 199,869 |
| Share capital | 124,832 | 125,047 | 125,298 | 125,607 | 125,882 | 125,882 | 125,882 | 125,882 |
| Reserves/R.E./others | 156,147 | 210,060 | 233,939 | 252,321 | 253,887 | 263,366 | 303,401 | 352,366 |
| Shareholders' equity | 280,980 | 335,107 | 359,238 | 377,928 | 379,768 | 389,247 | 429,283 | 478,247 |
| Minority interests | 223 | 344 | 341 | 257 | 87 | 187 | 287 | 387 |
| Total equity & liabilities | 464,427 | 533,052 | 559,187 | 570,201 | 578,996 | 606,697 | 640,036 | 678,503 |
| EV | 1,775,767 | 1,736,517 | 1,797,175 | 1,827,118 | 1,811,667 | 1,788,660 | 1,741,130 | 1,675,567 |
| Net debt/(cash) | (92,138) | (131,509) | (70,849) | (40,821) | (56,102) | (79,210) | (126,839) | (192,503) |
| BVPS (TWD) | 22.508 | 26.798 | 28.671 | 30.090 | 30.169 | 30.949 | 34.132 | 38.026 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 20.5 | 30.8 | (20.2) | 4.4 | 2.3 | 18.6 | 27.4 | 9.5 |
| EBITDA (YoY) | 39.3 | 50.3 | (33.7) | 1.4 | 3.4 | 25.8 | 33.4 | 6.9 |
| Operating profit (YoY) | 134.9 | 101.8 | (44.5) | (10.8) | (14.8) | 43.5 | 57.8 | 16.0 |
| Net profit (YoY) | 91.1 | 56.3 | (30.1) | (22.6) | (11.6) | 117.7 | (1.7) | 16.0 |
| Core EPS (fully-diluted) (YoY) | 93.7 | 56.0 | (30.2) | (22.8) | (11.8) | 117.9 | (1.7) | 16.0 |
| Gross-profit margin | 33.8 | 45.1 | 34.9 | 32.6 | 29.0 | 32.9 | 37.6 | 39.1 |
| EBITDA margin | 46.4 | 53.3 | 44.2 | 43.0 | 43.4 | 46.1 | 48.3 | 47.1 |
| Operating-profit margin | 24.3 | 37.4 | 26.0 | 22.2 | 18.5 | 22.4 | 27.7 | 29.4 |
| Net profit margin | 26.2 | 31.3 | 27.4 | 20.3 | 17.6 | 32.2 | 24.9 | 26.3 |
| ROAE | 21.6 | 28.3 | 17.6 | 12.8 | 11.0 | 23.6 | 21.8 | 22.8 |
| ROAA | 13.3 | 17.5 | 11.2 | 8.4 | 7.3 | 15.3 | 14.3 | 15.7 |
| ROCE | 15.7 | 28.1 | 14.2 | 11.6 | 9.7 | 13.8 | 21.2 | 23.3 |
| ROIC | 23.5 | 44.0 | 20.4 | 13.8 | 11.1 | 18.0 | 27.3 | 32.9 |
| Net debt to equity | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 10.8 | 17.0 | 13.4 | 16.2 | 16.3 | 9.6 | 15.7 | 16.0 |
| Accounts receivable (days) | 53.5 | 47.3 | 54.6 | 49.4 | 49.6 | 46.7 | 46.6 | 47.1 |
| Current ratio (x) | 2.2 | 2.3 | 2.2 | 2.5 | 2.3 | 2.3 | 2.4 | 2.7 |
| Net interest cover (x) | 37.3 | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 68.1 | 67.1 | 51.6 | 61.6 | 75.8 | 78.5 | 55.4 | 56.3 |
| Free cash flow yield | 2.3 | 3.5 | n.a. | 0.3 | 2.8 | 3.0 | 5.2 | 6.2 |
Source: FactSet, Daiwa forecasts
Company profile
Incorporated in Taiwan, United Microelectronics Corp (UMC) is one of the leading semiconductor foundries in the world and second largest in Taiwan. UMC offers a series of foundry services from photo-mask, wafer fabrication to wafer probe & test. Its wafer fabs are spread over Taiwan, China and Singapore, with technology offerings ranging from 0.25u and above, 0.18/0.15u, 0.13u, 90nm, 65nm, 45/40nm, 28/22nm to 14nm FF.
UMC: key operating assumptions, quarterly P&L estimates and forecasts
| TWDm | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Wafer shipment (12" equ) ('000 units) | 1,021 | 1,129 | 1,201 | 1,213 | 1,213 | 1,359 | 1,454 | 1,425 | 3,872 | 4,564 | 5,451 | 5,958 |
| Capacity utilisation | 80% | 86% | 91% | 91% | 92% | 100% | 103% | 100% | 75% | 87% | 99% | 100% |
| Blended ASP (USD) | 1,890 | 1,926 | 1,967 | 1,966 | 2,017 | 2,056 | 2,081 | 2,067 | 1,970 | 1,940 | 2,057 | 2,061 |
| Total revenue | 61,038 | 68,733 | 75,612 | 76,347 | 78,296 | 89,428 | 96,841 | 94,232 | 237,553 | 281,729 | 358,798 | 393,029 |
| Total revenue (USDm) | 1,930 | 2,174 | 2,363 | 2,386 | 2,447 | 2,795 | 3,026 | 2,945 | 7,629 | 8,853 | 11,212 | 12,282 |
| COGS | -43,219 | -46,410 | -49,163 | -50,173 | -51,247 | -55,577 | -59,216 | -57,980 | -168,647 | -188,965 | -224,020 | -239,340 |
| Gross profit | 17,818 | 22,323 | 26,449 | 26,174 | 27,049 | 33,852 | 37,625 | 36,252 | 68,906 | 92,764 | 134,778 | 153,690 |
| Opex | -6,542 | -7,373 | -7,864 | -7,940 | -8,143 | -8,764 | -9,200 | -9,188 | -24,958 | -29,719 | -35,294 | -38,313 |
| Operating profit | 11,276 | 14,950 | 18,585 | 18,234 | 18,907 | 25,088 | 28,425 | 27,065 | 43,949 | 63,045 | 99,484 | 115,376 |
| EBITDA | 27,263 | 31,188 | 35,485 | 35,909 | 36,607 | 43,288 | 47,125 | 46,160 | 103,206 | 129,845 | 173,179 | 185,068 |
| Non-op gain/loss | 5,367 | 30,236 | 900 | 850 | 900 | 1,420 | 2,135 | 2,043 | 5,699 | 37,354 | 6,498 | 7,878 |
| Pre-tax profit | 16,644 | 45,186 | 19,485 | 19,084 | 19,807 | 26,508 | 30,560 | 29,107 | 49,648 | 100,399 | 105,981 | 123,255 |
| Income taxes | -527 | -2,962 | -3,118 | -3,053 | -3,169 | -3,976 | -4,890 | -4,657 | -8,113 | -9,660 | -16,692 | -19,721 |
| Net profit | 16,171 | 42,260 | 16,367 | 16,031 | 16,637 | 22,532 | 25,670 | 24,450 | 41,716 | 90,829 | 89,289 | 103,534 |
| FD O/S (m) | 12,579 | 12,577 | 12,577 | 12,577 | 12,577 | 12,577 | 12,577 | 12,577 | 12,588 | 12,577 | 12,577 | 12,577 |
| FD EPS (TWD) | 1.29 | 3.36 | 1.30 | 1.27 | 1.32 | 1.79 | 2.04 | 1.94 | 3.31 | 7.22 | 7.10 | 8.23 |
| Margin | ||||||||||||
| Gross | 29% | 32% | 35% | 34% | 35% | 38% | 39% | 38% | 29% | 33% | 38% | 39% |
| Operating | 18% | 22% | 25% | 24% | 24% | 28% | 29% | 29% | 19% | 22% | 28% | 29% |
| EBITDA | 45% | 45% | 47% | 47% | 47% | 48% | 49% | 49% | 43% | 46% | 48% | 47% |
| Net | 26% | 61% | 22% | 21% | 21% | 25% | 27% | 26% | 18% | 32% | 25% | 26% |
| Growth (QoQ) | ||||||||||||
| Total revenue | -1% | 13% | 10% | 1% | 3% | 14% | 8% | -3% | ||||
| Gross profit | -6% | 25% | 18% | -1% | 3% | 25% | 11% | -4% | ||||
| Operating profit | -8% | 33% | 24% | -2% | 4% | 33% | 13% | -5% | ||||
| EBITDA | -2% | 14% | 14% | 1% | 2% | 18% | 9% | -2% | ||||
| Net profit | 61% | 161% | -61% | -2% | 4% | 35% | 14% | -5% | ||||
| FD EPS | 61% | 161% | -61% | -2% | 4% | 35% | 14% | -5% | ||||
| Growth (YoY) | ||||||||||||
| Total revenue | 5% | 17% | 28% | 24% | 28% | 30% | 28% | 23% | 2% | 19% | 27% | 10% |
| Gross profit | 15% | 32% | 50% | 38% | 52% | 52% | 42% | 39% | -9% | 35% | 45% | 14% |
| Operating profit | 15% | 38% | 67% | 49% | 68% | 68% | 53% | 48% | -15% | 43% | 58% | 16% |
| EBITDA | 14% | 23% | 36% | 29% | 34% | 39% | 33% | 29% | 3% | 26% | 33% | 7% |
| Net profit | 108% | 375% | 9% | 59% | 3% | -47% | 57% | 53% | -12% | 118% | -2% | 16% |
| FD EPS | 108% | 374% | 9% | 60% | 3% | -47% | 57% | 53% | -12% | 118% | -2% | 16% |
Source: Company, Daiwa estimates and forecasts
UMC: 3Q26 results preview and 4Q26 business outlook
| TWDm | 3Q26E - Daiwa | 3Q26E - Consensus | 3Q26E - Variance | 4Q26E - Daiwa | 4Q26E - Consensus | 4Q26E - Variance |
|---|---|---|---|---|---|---|
| Revenue | 75,612 | 75,517 | 0% | 76,347 | 78,272 | -2% |
| Gross profit | 26,449 | 26,392 | 0% | 26,174 | 27,621 | -5% |
| Operating profit | 18,585 | 18,234 | ||||
| Pretax profit | 19,485 | 19,084 | ||||
| Net profit | 16,367 | 17,018 | -4% | 16,031 | 18,371 | -13% |
| Adjusted EPS (TWD) | 1.30 | 1.35 | -4% | 1.27 | 1.46 | -13% |
| Margin | ||||||
| Gross | 35.0% | 34.9% | 34.3% | 35.3% | ||
| Operating | 24.6% | 23.9% | ||||
| Net | 21.6% | 21.0% | ||||
| Operation | ||||||
| Shipments (12" equ. wafers) ('000 units) | 1,201 | 1,213 | ||||
| Utilization* | 91% | 91% | ||||
| <=28nm sales contribution | 40% | 40% |
Source: Bloomberg, Daiwa estimates and forecasts
Note: * Calculated as wafer shipment divided installed capacity
UMC: 28/22nm-and-below revenue contribution*
Source: Company, Daiwa estimates and forecasts
Note: * Including 14nm FF
Source: Company, TEJ, Daiwa forecasts
ESG analysis
ESG risks
| Risks | Management | Analystcomments |
|---|---|---|
| G Executive/board quality | 1 | UMC's Board of Directors consists of nine members whose expertise covers industry, academia, finance, accounting, and management. Among these directors, six are independent directors, representing 67% of total directors in 2024. The percentage of independent directors is high relative to the regulatory requirement of at least 20% or at least 2 independent directors. Although some of UMC's executive management are also directors, UMC's Chairman and President are not the same person. Considering this and its relative-high percentage of independent directors, we believe the board can perform its functionalities well |
| Capital management | 2 | It kept its dividend payout ratios above 50% in 2017-25, which is at a healthy, sustainable level. Overall, we see the balance between investment and dividend as appropriate. |
| Related party & transaction | 1 | Sales to related parties were around 1-2% of its total revenue each year. The percentage is insignificant and thus we see limited risk for UMC. |
| S Supplychain management | 2 | UMC has constructed an evaluation framework for reviewing the sustainable development of its supply chains based on UMC's GG-026-004-C sustainable supply-chain management review guidelines to ensure its suppliers fulfil environmental protection, social responsibility, labour and human rights, safety & health and sustainable development guidelines. We believe these efforts could reduce its supply-chain risk. |
| E Water&wastewater management | 2 | UMC developed its 'Water Management Policy and Commitment' in 2015 to promote more effective utilisation of water resources. In line with this policy, UMC continues to enhance recycling through increased use of reclaimed and desalinated water, ongoing wastewater treatment R&D, and optimised discharge management. In 2024, the company achieved a 30.3% reduction in water withdrawal per unit product, surpassing its 14% goal and meeting its 2030 target ahead of schedule, which demonstrates UMC's strong commitment to water conservation. |
| E Waste & hazardous materials management | 2 | To achieve the goal of zero pollution, UMC has established a comprehensive new material evaluation process to effectively screen and control new materials introduced into the development of new processes. Through this effort, it can avoid or reduce the use of raw materials and the associated environmental impact. UMC was the first semiconductor manufacturer company in the world to obtain QC-080000 IECQ Hazardous Substance Process Management (HSPM) certification for all its fabs by leading global semiconductor manufacturers in completing the third-party verification and audit of its HSPM system in 2006. |
| E GHGemissions | 2 | UMC was the first semiconductor company in Taiwan to pass integrated environmental protection, safety and health management system certifications in 2001. UMC has established the UMC Low Carbon Commitment as a guide for future carbon reduction projects. Its GHG emission reduction goals include: 1) to reduce fluorinated greenhouse gas emissions intensity by 65% over 2013-25 vs. 2010, and 2) to reduce electricity consumption intensity by 15% in 10 years over 2016-25 vs. 2015. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 8 Oct 2026
Source: Daiwa, Company
Daiwa's Asia Pacific Research Directory
| HONG KONG | ||
|---|---|---|
| Hiroyuki GOTO Regional Head of Equity, Regional Head | (852) 2773 8870 Asia & Oceania; | hiroyuki.goto@hk.daiwacm.com of Asia Pacific Research |
| John HETHERINGTON | (852) 2773 8787 | john.hetherington@hk.daiwacm.com |
| Co-Head of Asia Pacific Research and Head of Research Publications | ||
| Li XIONG Strategy (Hong | (852) 2773 8878 Kong/China) | li.xiong@hk.daiwacm.com |
| Kelvin LAU | (852) 2848 4467 | kelvin.lau@hk.daiwacm.com |
| Regional Head of Automobiles, Industrials and Transportation | ||
| Evelyn ZHANG | (852) 2848 4970 | evelyn.zhang@hk.daiwacm.com |
| Automobiles and Components (Hong Kong/China) | ||
| Carol XIA | (852) 2532 4349 | carol.xia@hk.daiwacm.com |
| Head of China Consumer; Consumer (Hong Kong/China) | ||
| Steven NIE | (852) 2848 4464 | steven.nie@hk.daiwacm.com |
| Consumer (Hong Kong/China); Global Cryptocurrency | ||
| Siman CHEN | (852) 2532 4350 | siman.chen@hk.daiwacm.com |
| Consumer (Hong Kong/China) | ||
| Jing YANG | (852) 2532 4308 | jing.yang@hk.daiwacm.com |
| Head of China Healthcare | ||
| John CHOI Head of China Internet; of Emerging | (852) 2773 8730 Regional Head | john.choi@hk.daiwacm.com Opportunities |
| Lily LIU | (852) 2848 4435 | lily.liu@hk.daiwacm.com |
| Internet (Hong Kong/China) | ||
| Dennis IP | (852) 2848 4068 | dennis.ip@hk.daiwacm.com |
| Head of Asia ex-Japan Power, Utilities, Renewables & ESS (PURE) Research; US & China Power Equipment (Gas, Nuclear, Solar, Grid, Battery & Rare Earth Materials); | ||
| Derek | ||
| Power, Utilities, Renewables and ESS (PURE) - Gas & Gas Equipment, Rare Earth | ||
| Materials | 2848 | |
| Power, Utilities, Renewables and ESS (PURE) - US Power, PCB (China) | ||
| (852) | ||
| Marco ZENG | ||
| 4430 | ||
| marco.zeng@hk.daiwacm.com | ||
| (China), | ||
| Equipment (US) | ||
| ZHANG | ||
| (852) 2532 4341 derek.zhang@hk.daiwacm.com | ||
| Utilities (Hong | ||
| Kong), Power | ||
| (China) | ||
| Tech Hardware - AIDC Power, PCB, Optical Fiber |
| CHINA | CHINA | CHINA |
|---|---|---|
| Louis LUO | (86) 21 6841 3282 | louis.luo@daiwacm.cn |
| Automobiles and Components, Industrials (China) | Automobiles and Components, Industrials (China) | Automobiles and Components, Industrials (China) |
| William WU Banking, Property | (86) 21 6841 3200 (China/Hong Kong) | william.wu@daiwacm.cn |
| Mavis MA Battery Components; | (86) 21 6841 3288 Industrials (China) | mavis.ma@daiwacm.cn |
| Leo LU Power, Utilities, | (86) 21 6841 3286 Renewables and ESS (PURE) | leo.lu@daiwacm.cn - Solar, ESS, Lithium, AIDC Power (China) |
| Skye LIANG Power, Utilities, | (86) 21 6841 3207 Renewables and ESS (PURE) | skye.liang@daiwacm.cn - Grid, Wind and Optical Fibre (China) |
| Bintuo NI Tech Hardware and | (86) 21 6841 3228 Semiconductors (China) | bintuo.ni@daiwacm.cn |
| SOUTH KOREA | SOUTH KOREA | SOUTH KOREA |
|---|---|---|
| Yoonki BAE Automobile Components, | (82) 2 787 9168 Healthcare | yoonki.bae@kr.daiwacm.com |
| Mike OH Banking, Capital Goods | (82) 2 787 9179 - Defence, Construction | mike.oh@kr.daiwacm.com and Shipbuilding, and Utilities |
| Youngho JANG Consumer, Healthcare | (82) 2 787 9838 | youngho.jang@kr.daiwacm.com |
| Henny JUNG EV Batteries and Battery Components | (82) 2 787 9182 Materials, IT/Electronics | henny.jung@kr.daiwacm.com (Small/Mid Cap), Automobiles and |
| Daeho SON Industrials - Robotics | (82) 2 787 9176 | dh.son@kr.daiwacm.com |
| Joon LEE Media, Software and IT | (82) 2 787 9151 Services | hj.lee@kr.daiwacm.com |
| Thomas Y KWON Pan-Asia Head of Internet | (82) 2 787 9181 & Telecommunications; | yskwon@kr.daiwacm.com Online Games |
| SK KIM Head of Global Memory; | (82) 2 787 9173 IT/Electronics - | sk.kim@kr.daiwacm.com Semiconductors/Displays and Tech Hardware |
| TAIWAN | TAIWAN | TAIWAN |
|---|---|---|
| Rick HSU | (886) 2 8758 6261 | rick.hsu@daiwacm-cathay.com.tw |
| Head of Regional Technology; Head of Taiwan Research; Semiconductors (Regional) | Head of Regional Technology; Head of Taiwan Research; Semiconductors (Regional) | Head of Regional Technology; Head of Taiwan Research; Semiconductors (Regional) |
| Sheng CHENG IT/Technology Hardware | (886) 2 8758 6253 (Automation, Datacentre | sheng.cheng@daiwacm-cathay.com.tw Components and PCB/CCL) (Greater |
| China) Leon CHEN | (886) 2 8758 6247 | leon.chen@daiwacm-cathay.com.tw |
| IT/Technology - Semiconductors Supply Chain (Taiwan) | IT/Technology - Semiconductors Supply Chain (Taiwan) | IT/Technology - Semiconductors Supply Chain (Taiwan) |
| Stacy LIN | (886) 2 8758 6252 | stacy.lin@daiwacm-cathay.com.tw |
| IT/Technology - Semiconductors Supply Chain (Taiwan) | IT/Technology - Semiconductors Supply Chain (Taiwan) | IT/Technology - Semiconductors Supply Chain (Taiwan) |
| Helen CHIEN Small/Mid Cap | (886) 2 8758 6254 | helen.chien@daiwacm-cathay.com.tw |
Daiwa's Offices
| Office / Branch / Affiliate | Address | Tel | Fax |
|---|---|---|---|
| DAIWA SECURITIES GROUP INC | |||
| HEAD OFFICE | Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6753 | (81) 3 5555 3111 | (81) 3 5555 0661 |
| Daiwa Securities Trust Company | One Evertrust Plaza, Jersey City, NJ 07302, U.S.A. | (1) 201 333 7300 | (1) 201 333 7726 |
| Daiwa Securities Trust and Banking (Europe) PLC (Head Office) | 5 King William Street, London EC4N 7JB, United Kingdom | (44) 207 320 8000 | (44) 207 410 0129 |
| Daiwa Europe Trustees (Ireland) Ltd | Level 3, Block 5, Harcourt Centre, Harcourt Road, Dublin 2, Ireland | (353) 1 603 9900 | (353) 1 478 3469 |
| Daiwa Capital Markets America Inc. New York Head Office | 1251 Avenue of the Americas, 49th Floor, New York, NY 10020 | (1) 212 612 7000 | (1) 212 612 7100 |
| Daiwa Capital Markets America Inc. San Francisco Branch | 1 California St, Suite 200, San Francisco, CA 94111, U.S.A. | (1) 415 955 8100 | (1) 415 956 1935 |
| Daiwa Capital Markets Europe Limited, London Head Office | 5 King William Street, London EC4N 7AX, United Kingdom | (44) 20 7597 8000 | (44) 20 7597 8600 |
| Daiwa Capital Markets Deutschland GmbH | Tower 185, 26 O.G., Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt am Main, Germany | (49) 69 27139 8100 | (49) 69 27139 8190 |
| Daiwa Capital Markets Europe Limited, Paris Representative Office | 40 rue du Colisée, 75008 Paris, France | (33) 1 56 262 200 | (33) 1 47 550 808 |
| Daiwa Capital Markets Europe Limited, Bahrain Branch | Office 3503, 35th Floor, United Tower, Bahrain Bay, P.O. Box 30069, Manama, Bahrain | (973) 17 534 452 | (973) 17 535 113 |
| Daiwa Capital Markets Hong Kong Limited | Level 26, One Pacific Place, 88 Queensway, Hong Kong | (852) 2525 0121 | (852) 2845 1621 |
| Daiwa Capital Markets Singapore Limited | 7 Straits View, Marina One East Tower, #16-05 & #16-06, Singapore 018936, Republic of Singapore | (65) 6387 8888 | (65) 6282 8030 |
| Daiwa Capital Markets Australia Limited | Level 34, Rialto North Tower, 525 Collins Street, Melbourne, Victoria 3000, Australia | (61) 3 9916 1300 | (61) 3 9916 1330 |
| Daiwa-Cathay Capital Markets Co Ltd | 14/F, 200, Keelung Road, Sec 1, Taipei, Taiwan, R.O.C. | (886) 2 2723 9698 | (886) 2 2345 3638 |
| Daiwa Securities Capital Markets Korea Co., Ltd. | 20 Fl.& 21Fl. One IFC, 10 Gukjegeumyung-Ro, Yeongdeungpo-gu, Seoul, Korea | (82) 2 787 9100 | (82) 2 787 9191 |
| Daiwa Securities Co. Ltd., Beijing Representative Office | Room 301/302，Kerry Center，1 Guanghua Road，Chaoyang District， Beijing 100020, People's Republic of China | (86) 10 6500 6688 | (86) 10 6500 3594 |
| Daiwa (Shanghai) Corporate Strategic Advisory Co. Ltd. | 7th Floor, Hang Seng Bank Tower, 1000 Lujiazui Ring Road, Pudong, Shanghai, People's Republic of China | (86) 21 3858 2000 | (86) 21 3858 2111 |
| Daiwa Securities Co. Ltd., Bangkok Representative Office | 18 th Floor, M Thai Tower, All Seasons Place, 87 Wireless Road, Lumpini, Pathumwan, Bangkok 10330, Thailand | (66) 2 252 5650 | (66) 2 252 5665 |
| Daiwa Securities Co. Ltd., Hanoi Representative Office | Suite 1101, Tower 2, Capital Place Building, 29 Lieu Giai, Ba Dinh District, Hanoi, Vietnam | (84) 4 3946 0460 | (84) 4 3946 0461 |
| DAIWA INSTITUTE OF RESEARCH LTD | |||
| HEAD OFFICE | 15-6, Fuyuki, Koto-ku, Tokyo, 135-8460, Japan | (81) 3 5620 5100 | (81) 3 5620 5603 |
| MARUNOUCHI OFFICE | Gran Tokyo North Tower, 1-9-1, Marunouchi, Chiyoda-ku, Tokyo, 100-6756 | (81) 3 5555 7011 | (81) 3 5202 2021 |
| New York Research Center | 11th Floor, Financial Square, 32 Old Slip, NY, NY 10005-3504, U.S.A. | (1) 212 612 6100 | (1) 212 612 8417 |
| London Research Centre | 3/F, 5 King William Street, London, EC4N 7AX, United Kingdom | (44) 207 597 8000 | (44) 207 597 8550 |