Intrinsic value of United Microelectronics ADR - UMC

Previous Close

$2.47

  Intrinsic Value

$0.69

stock screener

  Rating & Target

str. sell

-72%

Previous close

$2.47

 
Intrinsic value

$0.69

 
Up/down potential

-72%

 
Rating

str. sell

We calculate the intrinsic value of UMC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.10
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,754
  4,849
  4,961
  5,088
  5,231
  5,390
  5,564
  5,753
  5,958
  6,179
  6,417
  6,670
  6,941
  7,229
  7,536
  7,861
  8,205
  8,570
  8,955
  9,363
  9,793
  10,247
  10,726
  11,230
  11,762
  12,322
  12,911
  13,532
  14,185
  14,872
  15,594
Variable operating expenses, $m
 
  4,529
  4,633
  4,752
  4,886
  5,034
  5,197
  5,374
  5,565
  5,772
  5,993
  6,230
  6,483
  6,752
  7,038
  7,342
  7,664
  8,004
  8,364
  8,745
  9,147
  9,571
  10,018
  10,489
  10,986
  11,509
  12,059
  12,639
  13,249
  13,890
  14,565
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,607
  4,529
  4,633
  4,752
  4,886
  5,034
  5,197
  5,374
  5,565
  5,772
  5,993
  6,230
  6,483
  6,752
  7,038
  7,342
  7,664
  8,004
  8,364
  8,745
  9,147
  9,571
  10,018
  10,489
  10,986
  11,509
  12,059
  12,639
  13,249
  13,890
  14,565
Operating income, $m
  147
  320
  327
  336
  345
  356
  367
  380
  393
  408
  423
  440
  458
  477
  497
  519
  542
  566
  591
  618
  646
  676
  708
  741
  776
  813
  852
  893
  936
  982
  1,029
EBITDA, $m
  1,819
  1,709
  1,748
  1,793
  1,843
  1,899
  1,961
  2,027
  2,100
  2,178
  2,261
  2,351
  2,446
  2,548
  2,656
  2,770
  2,891
  3,020
  3,156
  3,299
  3,451
  3,611
  3,780
  3,958
  4,145
  4,342
  4,550
  4,769
  4,999
  5,241
  5,495
Interest expense (income), $m
  33
  68
  71
  75
  79
  84
  89
  95
  101
  108
  115
  123
  131
  140
  150
  160
  171
  182
  194
  207
  220
  234
  249
  265
  281
  299
  317
  337
  357
  379
  401
Earnings before tax, $m
  156
  252
  256
  261
  266
  272
  278
  285
  292
  300
  308
  317
  327
  337
  348
  359
  371
  384
  397
  411
  426
  442
  459
  476
  495
  514
  535
  556
  579
  603
  628
Tax expense, $m
  32
  68
  69
  70
  72
  73
  75
  77
  79
  81
  83
  86
  88
  91
  94
  97
  100
  104
  107
  111
  115
  119
  124
  129
  134
  139
  144
  150
  156
  163
  170
Net income, $m
  267
  184
  187
  190
  194
  198
  203
  208
  213
  219
  225
  232
  239
  246
  254
  262
  271
  280
  290
  300
  311
  323
  335
  348
  361
  375
  390
  406
  423
  440
  458

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,874
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,431
  10,776
  11,024
  11,307
  11,625
  11,977
  12,364
  12,785
  13,241
  13,732
  14,259
  14,823
  15,424
  16,065
  16,746
  17,468
  18,234
  19,044
  19,901
  20,806
  21,762
  22,771
  23,835
  24,956
  26,137
  27,382
  28,692
  30,071
  31,522
  33,049
  34,654
Adjusted assets (=assets-cash), $m
  10,557
  10,776
  11,024
  11,307
  11,625
  11,977
  12,364
  12,785
  13,241
  13,732
  14,259
  14,823
  15,424
  16,065
  16,746
  17,468
  18,234
  19,044
  19,901
  20,806
  21,762
  22,771
  23,835
  24,956
  26,137
  27,382
  28,692
  30,071
  31,522
  33,049
  34,654
Revenue / Adjusted assets
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
Average production assets, $m
  6,807
  6,944
  7,104
  7,286
  7,491
  7,718
  7,967
  8,239
  8,532
  8,849
  9,189
  9,552
  9,939
  10,352
  10,791
  11,256
  11,750
  12,272
  12,824
  13,408
  14,024
  14,674
  15,359
  16,082
  16,843
  17,645
  18,489
  19,378
  20,313
  21,297
  22,331
Working capital, $m
  1,237
  369
  377
  387
  398
  410
  423
  437
  453
  470
  488
  507
  528
  549
  573
  597
  624
  651
  681
  712
  744
  779
  815
  853
  894
  936
  981
  1,028
  1,078
  1,130
  1,185
Total debt, $m
  2,951
  2,041
  2,146
  2,266
  2,400
  2,549
  2,713
  2,891
  3,084
  3,292
  3,515
  3,753
  4,008
  4,278
  4,566
  4,872
  5,196
  5,539
  5,901
  6,284
  6,688
  7,115
  7,565
  8,039
  8,539
  9,066
  9,620
  10,203
  10,817
  11,463
  12,142
Total liabilities, $m
  5,468
  4,558
  4,663
  4,783
  4,917
  5,066
  5,230
  5,408
  5,601
  5,809
  6,032
  6,270
  6,525
  6,795
  7,083
  7,389
  7,713
  8,056
  8,418
  8,801
  9,205
  9,632
  10,082
  10,556
  11,056
  11,583
  12,137
  12,720
  13,334
  13,980
  14,659
Total equity, $m
  6,963
  6,218
  6,361
  6,524
  6,708
  6,911
  7,134
  7,377
  7,640
  7,923
  8,227
  8,553
  8,900
  9,269
  9,662
  10,079
  10,521
  10,988
  11,483
  12,005
  12,557
  13,139
  13,753
  14,400
  15,081
  15,799
  16,555
  17,351
  18,188
  19,069
  19,996
Total liabilities and equity, $m
  12,431
  10,776
  11,024
  11,307
  11,625
  11,977
  12,364
  12,785
  13,241
  13,732
  14,259
  14,823
  15,425
  16,064
  16,745
  17,468
  18,234
  19,044
  19,901
  20,806
  21,762
  22,771
  23,835
  24,956
  26,137
  27,382
  28,692
  30,071
  31,522
  33,049
  34,655
Debt-to-equity ratio
  0.424
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
Adjusted equity ratio
  0.545
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  267
  184
  187
  190
  194
  198
  203
  208
  213
  219
  225
  232
  239
  246
  254
  262
  271
  280
  290
  300
  311
  323
  335
  348
  361
  375
  390
  406
  423
  440
  458
Depreciation, amort., depletion, $m
  1,672
  1,389
  1,421
  1,457
  1,498
  1,544
  1,593
  1,648
  1,706
  1,770
  1,838
  1,910
  1,988
  2,070
  2,158
  2,251
  2,350
  2,454
  2,565
  2,682
  2,805
  2,935
  3,072
  3,216
  3,369
  3,529
  3,698
  3,876
  4,063
  4,259
  4,466
Funds from operations, $m
  1,112
  1,573
  1,608
  1,648
  1,692
  1,742
  1,796
  1,856
  1,920
  1,989
  2,063
  2,142
  2,226
  2,316
  2,412
  2,513
  2,621
  2,735
  2,855
  2,982
  3,116
  3,258
  3,407
  3,564
  3,730
  3,904
  4,088
  4,282
  4,485
  4,699
  4,925
Change in working capital, $m
  -381
  7
  8
  10
  11
  12
  13
  14
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
Cash from operations, $m
  1,493
  1,565
  1,599
  1,638
  1,681
  1,730
  1,783
  1,841
  1,904
  1,972
  2,045
  2,123
  2,206
  2,294
  2,389
  2,489
  2,595
  2,707
  2,825
  2,951
  3,083
  3,223
  3,370
  3,526
  3,689
  3,862
  4,043
  4,235
  4,436
  4,647
  4,870
Maintenance CAPEX, $m
  0
  -1,361
  -1,389
  -1,421
  -1,457
  -1,498
  -1,544
  -1,593
  -1,648
  -1,706
  -1,770
  -1,838
  -1,910
  -1,988
  -2,070
  -2,158
  -2,251
  -2,350
  -2,454
  -2,565
  -2,682
  -2,805
  -2,935
  -3,072
  -3,216
  -3,369
  -3,529
  -3,698
  -3,876
  -4,063
  -4,259
New CAPEX, $m
  -2,994
  -137
  -160
  -183
  -205
  -227
  -249
  -271
  -294
  -316
  -340
  -363
  -388
  -413
  -439
  -465
  -493
  -522
  -552
  -583
  -616
  -650
  -686
  -723
  -761
  -802
  -844
  -889
  -935
  -984
  -1,035
Cash from investing activities, $m
  -2,575
  -1,498
  -1,549
  -1,604
  -1,662
  -1,725
  -1,793
  -1,864
  -1,942
  -2,022
  -2,110
  -2,201
  -2,298
  -2,401
  -2,509
  -2,623
  -2,744
  -2,872
  -3,006
  -3,148
  -3,298
  -3,455
  -3,621
  -3,795
  -3,977
  -4,171
  -4,373
  -4,587
  -4,811
  -5,047
  -5,294
Free cash flow, $m
  -1,082
  67
  51
  35
  19
  5
  -10
  -24
  -37
  -51
  -65
  -78
  -92
  -106
  -120
  -135
  -150
  -165
  -181
  -197
  -214
  -232
  -250
  -269
  -288
  -309
  -330
  -352
  -375
  -399
  -424
Issuance/(repayment) of debt, $m
  1,547
  89
  105
  120
  135
  149
  164
  178
  193
  208
  223
  238
  254
  271
  288
  306
  324
  343
  362
  383
  404
  427
  450
  474
  500
  526
  554
  583
  614
  646
  679
Issuance/(repurchase) of shares, $m
  -77
  0
  0
  0
  0
  5
  20
  35
  50
  64
  79
  94
  109
  124
  139
  155
  171
  187
  204
  222
  240
  259
  279
  299
  320
  342
  365
  389
  415
  441
  468
Cash from financing (excl. dividends), $m  
  1,469
  89
  105
  120
  135
  154
  184
  213
  243
  272
  302
  332
  363
  395
  427
  461
  495
  530
  566
  605
  644
  686
  729
  773
  820
  868
  919
  972
  1,029
  1,087
  1,147
Total cash flow (excl. dividends), $m
  360
  156
  155
  154
  154
  159
  174
  190
  205
  221
  237
  254
  271
  288
  307
  325
  345
  365
  386
  408
  430
  454
  479
  505
  532
  560
  590
  621
  653
  687
  723
Retained Cash Flow (-), $m
  328
  -130
  -143
  -163
  -184
  -203
  -223
  -243
  -263
  -283
  -304
  -325
  -347
  -370
  -393
  -417
  -442
  -468
  -494
  -522
  -552
  -582
  -614
  -647
  -682
  -718
  -756
  -796
  -837
  -881
  -927
Prev. year cash balance distribution, $m
 
  875
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  902
  12
  -9
  -30
  -45
  -49
  -53
  -58
  -62
  -67
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -193
  -203
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  864
  11
  -8
  -24
  -35
  -36
  -36
  -36
  -36
  -35
  -34
  -33
  -31
  -29
  -27
  -25
  -22
  -20
  -18
  -15
  -13
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  99.9
  99.6
  99.0
  98.3
  97.4
  96.3
  95.1
  93.8
  92.3
  90.8
  89.2
  87.5
  85.8
  84.1
  82.3
  80.5
  78.7
  76.9
  75.0
  73.2
  71.4
  69.6
  67.8
  66.0
  64.3
  62.6

United Microelectronics Corporation is a global semiconductor foundry. The Company provides integrated circuit (IC) production for applications spanning every sector of the electronics industry. The Company operates through two segments: wafer fabrication and new business. The primary operating activity of the Company's wafer fabrication segment is the manufacture of chips to the design specifications of its customers by using its own processes and techniques. The new business segment primarily includes researching, developing, manufacturing, and providing solar energy and new generation light-emitting diode (LED). The Company maintains a customer base across various industries, including communication, consumer electronics, computer, memory and others, while focusing on manufacturing for applications, including networking, telecommunications, Internet, multimedia, personal computers (PCs) and graphics.

FINANCIAL RATIOS  of  United Microelectronics ADR (UMC)

Valuation Ratios
P/E Ratio 112.9
Price to Sales 6.3
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow -20.1
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.2%
Cap. Spend. - 3 Yr. Gr. Rate 21.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 28%
Total Debt to Equity 42.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 20.6%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 39.1%
EBITDA Margin - 3 Yr. Avg. 39.9%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 20.5%
Eff/ Tax Rate - 3 Yr. Avg. 16.6%
Payout Ratio 83.1%

UMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UMC stock intrinsic value calculation we used $4754 million for the last fiscal year's total revenue generated by United Microelectronics ADR. The default revenue input number comes from 2016 income statement of United Microelectronics ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UMC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for UMC is calculated based on our internal credit rating of United Microelectronics ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of United Microelectronics ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UMC stock the variable cost ratio is equal to 93.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for UMC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for United Microelectronics ADR.

Corporate tax rate of 27% is the nominal tax rate for United Microelectronics ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UMC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UMC are equal to 143.2%.

Life of production assets of 4.1 years is the average useful life of capital assets used in United Microelectronics ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UMC is equal to 7.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6963 million for United Microelectronics ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 2519.38 million for United Microelectronics ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of United Microelectronics ADR at the current share price and the inputted number of shares is $6.2 billion.

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COMPANY NEWS

▶ UMC Reports Sales for November 2017   [Dec-08-17 01:00AM  Business Wire]
▶ UMC Reports Sales for October 2017   [Nov-09-17 01:09AM  Business Wire]
▶ UMC Obtains LEED Gold Certification for Fab 12X   [Oct-30-17 05:00AM  Business Wire]
▶ UMC Reports Third Quarter 2017 Results   [Oct-25-17 04:57AM  Business Wire]
▶ UMC Reports Sales for September 2017   [Oct-06-17 05:54AM  Business Wire]
▶ Micron Faces Another Trade Secrets Mess in Taiwan   [Oct-04-17 07:57AM  Motley Fool]
▶ Micron and UMC's Trade Secrets Debacle is a Red Flag   [Sep-13-17 09:49PM  Motley Fool]
▶ UMC Reports Sales for August 2017   [Sep-08-17 02:29AM  Business Wire]
▶ UMC Reports Sales for July 2017   [Aug-09-17 02:11AM  Business Wire]
▶ A Potential Negative for Taiwan Semiconductor   [Jul-26-17 08:30AM  Motley Fool]
▶ UMC Reports Second Quarter 2017 Results   [05:50AM  Business Wire]
▶ UMC Reports Sales for June 2017   [Jul-10-17 02:07AM  Business Wire]
▶ UMC Restructures Executive Team   [Jun-14-17 01:30AM  Business Wire]
▶ UMC Reports Sales for May 2017   [Jun-09-17 02:01AM  Business Wire]
▶ UMC Reports Sales for April 2017   [02:05AM  Business Wire]
▶ UMC Reports First Quarter 2017 Results   [Apr-26-17 05:35AM  Business Wire]
▶ UMC Reports Sales for March 2017   [Apr-10-17 02:20AM  Business Wire]
▶ UMC Reports Sales for February 2017   [Mar-09-17 01:06AM  Business Wire]
▶ UMC Enters Mass Production for 14nm Customer ICs   [Feb-23-17 04:00AM  Business Wire]
▶ UMC Reports Sales for January 2017   [Feb-09-17 01:09AM  Business Wire]
▶ UMC Reports Fourth Quarter 2016 Results   [Jan-23-17 05:08AM  Business Wire]
▶ Hold UMC, buy TSMC: Expert   [Jan-09-17 08:33PM  CNBC Videos]
▶ UMC Reports Sales for December 2016   [01:15AM  Business Wire]
▶ Is Sun Communities Inc (SUI) A Good Stock To Buy?   [Dec-13-16 11:24AM  at Insider Monkey]
▶ Is United Microelectronics Corp (ADR) (UMC) A Good Stock to Buy?   [Dec-12-16 09:14PM  at Insider Monkey]
▶ UMC Reports Sales for November 2016   [Dec-09-16 01:03AM  Business Wire]
▶ UMC Reports Sales for October 2016   [Nov-09-16 01:05AM  Business Wire]
▶ UMC Reports Third Quarter 2016 Results   [05:48AM  Business Wire]
▶ UMC Reports Sales for September 2016   [Oct-07-16 02:05AM  Business Wire]
▶ UMC Reports Sales for August 2016   [Sep-09-16 02:09AM  Business Wire]
▶ UMC Reports Sales for July 2016   [Aug-09-16 02:17AM  Business Wire]
▶ UMC Reports Second Quarter 2016 Results   [Jul-27-16 05:24AM  Business Wire]
▶ UMC Reports Sales for June 2016   [Jul-07-16 04:05AM  Business Wire]
▶ UMC Reports Sales for May 2016   [Jun-08-16 02:04AM  Business Wire]
▶ UMC Reports Sales for April 2016   [May-09-16 02:19AM  Business Wire]
▶ UMC Reports First Quarter 2016 Results   [Apr-27-16 06:01AM  Business Wire]
▶ UNITED MICROELECTRONICS CORP Financials   [01:04PM  EDGAR Online Financials]
▶ UMC Reports Sales for March 2016   [Apr-11-16 02:03AM  Business Wire]
▶ UMC Reports Sales for February 2016   [Mar-09-16 01:17AM  Business Wire]
▶ UMC Reports Sales for January 2016   [Feb-05-16 01:00AM  PR Newswire]
▶ Asia Mixed: Earnings Trump Fed; Eyes On BoJ   [Jan-28-16 02:30AM  at Barrons.com]
Financial statements of UMC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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