United Microelectronics Corp

2303: XTAI (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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UMC Earnings: Dull Near-Term Outlook in Automotive and Industrial Markets Creates Entry Opportunity

Phelix Lee

Oct 31, 2024

Our fair value estimate for United Microelectronics stays at TWD 70 per share after unsurprising third-quarter results and fourth-quarter guidance. UMC’s shares are attractive as short-term headwinds in automotive are easing and demand upside in industrial is overlooked if a reported CNY 10 trillion government stimulus package materializes.

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United Microelectronics Corp

UMC Earnings: Dull Near-Term Outlook in Automotive and Industrial Markets Creates Entry Opportunity

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