United Microelectronics On The Rise

  • The company has done very well since our last inspection. It has mastered the art of ROI-focused decision-making.
  • There is a secular tailwind with ever more silicon going into ever more stuff. Industry supply and demand balance matters for capacity utilization.
  • This matters for capacity utilization and ASPs, and is not under management’s control.
  • Given the recent rise in the shares, we think they’re due for a breather.
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