Intrinsic value of United Microelectronics ADR - UMC

Previous Close

$1.64

  Intrinsic Value

$11.97

stock screener

  Rating & Target

str. buy

+630%

Previous close

$1.64

 
Intrinsic value

$11.97

 
Up/down potential

+630%

 
Rating

str. buy

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 0001), $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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  5,507
  6,010
  6,534
  7,080
  7,648
  8,238
  8,851
  9,489
  10,151
  10,840
  11,555
  12,300
  13,075
  13,881
  14,722
  15,597
  16,510
  17,462
  18,456
  19,493
  20,577
  21,709
  22,893
  24,131
  25,426
  26,781
  28,200
  29,686
  31,241
  32,871
Variable operating expenses, $m
  5,148
  5,617
  6,106
  6,615
  7,144
  7,695
  8,266
  8,861
  9,478
  10,120
  10,775
  11,469
  12,192
  12,944
  13,727
  14,544
  15,395
  16,283
  17,209
  18,177
  19,187
  20,243
  21,347
  22,501
  23,709
  24,973
  26,296
  27,681
  29,131
  30,651
Fixed operating expenses, $m
  111
  114
  116
  119
  122
  124
  127
  130
  133
  135
  138
  142
  145
  148
  151
  154
  158
  161
  165
  168
  172
  176
  180
  184
  188
  192
  196
  200
  205
  209
Total operating expenses, $m
  5,259
  5,731
  6,222
  6,734
  7,266
  7,819
  8,393
  8,991
  9,611
  10,255
  10,913
  11,611
  12,337
  13,092
  13,878
  14,698
  15,553
  16,444
  17,374
  18,345
  19,359
  20,419
  21,527
  22,685
  23,897
  25,165
  26,492
  27,881
  29,336
  30,860
Operating income, $m
  248
  279
  312
  347
  382
  419
  458
  498
  540
  584
  642
  689
  738
  790
  843
  899
  957
  1,018
  1,082
  1,148
  1,218
  1,290
  1,366
  1,446
  1,529
  1,617
  1,708
  1,804
  1,905
  2,011
EBITDA, $m
  1,798
  1,970
  2,149
  2,336
  2,530
  2,732
  2,942
  3,160
  3,387
  3,623
  3,868
  4,123
  4,389
  4,665
  4,953
  5,254
  5,567
  5,893
  6,234
  6,591
  6,963
  7,351
  7,758
  8,183
  8,628
  9,094
  9,582
  10,093
  10,628
  11,188
Interest expense (income), $m
  33
  143
  172
  201
  232
  265
  298
  333
  369
  407
  446
  487
  529
  573
  619
  667
  716
  768
  822
  878
  937
  998
  1,063
  1,129
  1,199
  1,273
  1,349
  1,429
  1,513
  1,601
  1,693
Earnings before tax, $m
  105
  108
  111
  114
  118
  121
  125
  129
  133
  138
  155
  160
  165
  171
  176
  183
  189
  196
  203
  211
  219
  228
  237
  247
  257
  268
  279
  291
  304
  318
Tax expense, $m
  28
  29
  30
  31
  32
  33
  34
  35
  36
  37
  42
  43
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  75
  79
  82
  86
Net income, $m
  76
  79
  81
  83
  86
  88
  91
  94
  97
  100
  113
  117
  121
  125
  129
  133
  138
  143
  148
  154
  160
  166
  173
  180
  187
  195
  204
  213
  222
  232

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  13,733
  14,988
  16,295
  17,657
  19,072
  20,544
  22,074
  23,663
  25,315
  27,031
  28,817
  30,673
  32,606
  34,617
  36,712
  38,896
  41,172
  43,546
  46,024
  48,611
  51,314
  54,138
  57,090
  60,177
  63,407
  66,787
  70,324
  74,029
  77,908
  81,973
Adjusted assets (=assets-cash), $m
  13,733
  14,988
  16,295
  17,657
  19,072
  20,544
  22,074
  23,663
  25,315
  27,031
  28,817
  30,673
  32,606
  34,617
  36,712
  38,896
  41,172
  43,546
  46,024
  48,611
  51,314
  54,138
  57,090
  60,177
  63,407
  66,787
  70,324
  74,029
  77,908
  81,973
Revenue / Adjusted assets
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
  0.401
Average production assets, $m
  7,687
  8,390
  9,122
  9,884
  10,677
  11,501
  12,357
  13,246
  14,171
  15,132
  16,131
  17,171
  18,252
  19,378
  20,551
  21,774
  23,048
  24,377
  25,764
  27,212
  28,725
  30,306
  31,959
  33,687
  35,495
  37,387
  39,367
  41,441
  43,613
  45,888
Working capital, $m
  -237
  -258
  -281
  -304
  -329
  -354
  -381
  -408
  -436
  -466
  -497
  -529
  -562
  -597
  -633
  -671
  -710
  -751
  -794
  -838
  -885
  -933
  -984
  -1,038
  -1,093
  -1,152
  -1,213
  -1,276
  -1,343
  -1,413
Total debt, $m
  3,179
  3,730
  4,304
  4,901
  5,523
  6,169
  6,840
  7,538
  8,263
  9,017
  9,801
  10,616
  11,464
  12,347
  13,267
  14,225
  15,225
  16,267
  17,355
  18,491
  19,677
  20,917
  22,213
  23,568
  24,986
  26,469
  28,023
  29,649
  31,352
  33,136
Total liabilities, $m
  6,029
  6,580
  7,154
  7,751
  8,373
  9,019
  9,690
  10,388
  11,113
  11,867
  12,650
  13,466
  14,314
  15,197
  16,117
  17,075
  18,074
  19,117
  20,205
  21,340
  22,527
  23,767
  25,063
  26,418
  27,836
  29,319
  30,872
  32,499
  34,202
  35,986
Total equity, $m
  7,704
  8,408
  9,142
  9,905
  10,700
  11,525
  12,383
  13,275
  14,201
  15,165
  16,166
  17,208
  18,292
  19,420
  20,596
  21,820
  23,097
  24,429
  25,820
  27,271
  28,787
  30,371
  32,027
  33,759
  35,571
  37,467
  39,452
  41,530
  43,707
  45,987
Total liabilities and equity, $m
  13,733
  14,988
  16,296
  17,656
  19,073
  20,544
  22,073
  23,663
  25,314
  27,032
  28,816
  30,674
  32,606
  34,617
  36,713
  38,895
  41,171
  43,546
  46,025
  48,611
  51,314
  54,138
  57,090
  60,177
  63,407
  66,786
  70,324
  74,029
  77,909
  81,973
Debt-to-equity ratio
  0.410
  0.440
  0.470
  0.490
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
Adjusted equity ratio
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  79
  81
  83
  86
  88
  91
  94
  97
  100
  113
  117
  121
  125
  129
  133
  138
  143
  148
  154
  160
  166
  173
  180
  187
  195
  204
  213
  222
  232
Depreciation, amort., depletion, $m
  1,550
  1,691
  1,837
  1,990
  2,148
  2,313
  2,484
  2,662
  2,847
  3,039
  3,226
  3,434
  3,650
  3,876
  4,110
  4,355
  4,610
  4,875
  5,153
  5,442
  5,745
  6,061
  6,392
  6,737
  7,099
  7,477
  7,873
  8,288
  8,723
  9,178
Funds from operations, $m
  1,627
  1,769
  1,918
  2,073
  2,234
  2,401
  2,575
  2,756
  2,944
  3,140
  3,339
  3,551
  3,771
  4,000
  4,239
  4,488
  4,748
  5,018
  5,301
  5,596
  5,905
  6,227
  6,565
  6,917
  7,286
  7,673
  8,077
  8,501
  8,945
  9,409
Change in working capital, $m
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
Cash from operations, $m
  1,647
  1,791
  1,941
  2,096
  2,258
  2,427
  2,602
  2,784
  2,973
  3,169
  3,370
  3,583
  3,804
  4,035
  4,275
  4,526
  4,787
  5,059
  5,344
  5,641
  5,952
  6,276
  6,616
  6,971
  7,342
  7,731
  8,138
  8,565
  9,011
  9,480
Maintenance CAPEX, $m
  -1,403
  -1,537
  -1,678
  -1,824
  -1,977
  -2,135
  -2,300
  -2,471
  -2,649
  -2,834
  -3,026
  -3,226
  -3,434
  -3,650
  -3,876
  -4,110
  -4,355
  -4,610
  -4,875
  -5,153
  -5,442
  -5,745
  -6,061
  -6,392
  -6,737
  -7,099
  -7,477
  -7,873
  -8,288
  -8,723
New CAPEX, $m
  -673
  -703
  -732
  -762
  -793
  -824
  -856
  -890
  -925
  -961
  -999
  -1,039
  -1,082
  -1,126
  -1,173
  -1,222
  -1,274
  -1,329
  -1,387
  -1,448
  -1,513
  -1,581
  -1,653
  -1,728
  -1,808
  -1,892
  -1,980
  -2,074
  -2,172
  -2,275
Cash from investing activities, $m
  -2,076
  -2,240
  -2,410
  -2,586
  -2,770
  -2,959
  -3,156
  -3,361
  -3,574
  -3,795
  -4,025
  -4,265
  -4,516
  -4,776
  -5,049
  -5,332
  -5,629
  -5,939
  -6,262
  -6,601
  -6,955
  -7,326
  -7,714
  -8,120
  -8,545
  -8,991
  -9,457
  -9,947
  -10,460
  -10,998
Free cash flow, $m
  -428
  -449
  -469
  -490
  -511
  -532
  -555
  -577
  -601
  -626
  -655
  -683
  -711
  -742
  -773
  -807
  -842
  -879
  -919
  -960
  -1,004
  -1,050
  -1,098
  -1,149
  -1,203
  -1,260
  -1,320
  -1,382
  -1,449
  -1,518
Issuance/(repayment) of debt, $m
  528
  551
  574
  598
  622
  646
  671
  698
  725
  754
  784
  815
  848
  883
  920
  958
  999
  1,042
  1,088
  1,136
  1,186
  1,240
  1,296
  1,355
  1,418
  1,484
  1,553
  1,626
  1,703
  1,784
Issuance/(repurchase) of shares, $m
  605
  626
  653
  680
  708
  737
  767
  797
  829
  863
  888
  925
  963
  1,004
  1,047
  1,092
  1,139
  1,189
  1,242
  1,297
  1,356
  1,418
  1,483
  1,552
  1,624
  1,701
  1,781
  1,866
  1,955
  2,048
Cash from financing (excl. dividends), $m  
  1,133
  1,177
  1,227
  1,278
  1,330
  1,383
  1,438
  1,495
  1,554
  1,617
  1,672
  1,740
  1,811
  1,887
  1,967
  2,050
  2,138
  2,231
  2,330
  2,433
  2,542
  2,658
  2,779
  2,907
  3,042
  3,185
  3,334
  3,492
  3,658
  3,832
Total cash flow (excl. dividends), $m
  704
  727
  757
  788
  819
  851
  884
  918
  953
  990
  1,016
  1,057
  1,100
  1,145
  1,193
  1,243
  1,296
  1,352
  1,411
  1,473
  1,539
  1,608
  1,681
  1,758
  1,839
  1,924
  2,014
  2,109
  2,209
  2,314
Retained Cash Flow (-), $m
  -681
  -704
  -734
  -764
  -794
  -826
  -858
  -892
  -927
  -963
  -1,001
  -1,042
  -1,084
  -1,128
  -1,175
  -1,225
  -1,277
  -1,332
  -1,390
  -1,451
  -1,516
  -1,584
  -1,656
  -1,732
  -1,812
  -1,896
  -1,985
  -2,078
  -2,176
  -2,280
Prev. year cash balance distribution, $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 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
  23
  23
  24
  24
  25
  25
  26
  26
  27
  27
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
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
  22
  21
  21
  20
  19
  18
  17
  16
  15
  14
  7
  7
  6
  6
  5
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  89.0
  79.8
  71.8
  64.9
  58.9
  53.6
  49.0
  44.8
  41.2
  37.9
  35.0
  32.3
  29.9
  27.7
  25.8
  24.0
  22.3
  20.8
  19.4
  18.1
  16.9
  15.8
  14.7
  13.8
  12.9
  12.1
  11.3
  10.6
  9.9
  9.3

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 75
Price to Sales 4.2
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow -13.3
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 $5024.39102046 million for the last fiscal year's total revenue generated by United Microelectronics ADR. The default revenue input number comes from 0001 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 9.6% 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 93.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $109 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 5.4% 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 139.6%.

Life of production assets of 4 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 -4.3%. 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 - $7022.8927706 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 143.991 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 $0.2 billion.

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COMPANY NEWS

▶ [$$] U.S. Adopts New Battle Plan to Fight Chinas Theft of Trade Secrets   [Nov-12-18 08:04PM  The Wall Street Journal]
▶ UMC Reports Sales for October 2018   [01:10AM  Business Wire]
▶ [$$] A Better China Trade Strategy   [08:29PM  The Wall Street Journal]
▶ [$$] Trump and Xi Talk as U.S.-China Tech Fight Brews   [08:28PM  The Wall Street Journal]
▶ [$$] A Better China Trade Strategy   [07:14PM  The Wall Street Journal]
▶ UMC Reports Third Quarter 2018 Results   [Oct-24-18 07:23AM  Business Wire]
▶ UMC Reports Sales for September 2018   [Oct-09-18 02:00AM  Business Wire]
▶ UMC Reports Sales for August 2018   [Sep-07-18 02:10AM  Business Wire]
▶ UMC Reports Sales for July 2018   [Aug-09-18 02:05AM  Business Wire]
▶ UMC Reports Second Quarter 2018 Results   [Jul-25-18 06:21AM  Business Wire]
▶ UMC Reports Sales for June 2018   [Jul-09-18 02:15AM  Business Wire]
▶ Micron Says China Injunction Will Impact Only 1% Of Revenue   [04:17PM  Investor's Business Daily]
▶ Micron: China Chip Fears Overblown   [11:43AM  Investopedia]
▶ Time for Traders to Panic on Micron?   [09:10AM  TheStreet.com]
▶ [$$] Micron Barred From Selling Some Products in China   [Jul-04-18 08:00PM  The Wall Street Journal]
▶ [$$] Micron Barred From Selling Some Products in China   [06:03AM  The Wall Street Journal]
▶ UMC Reports Sales for May 2018   [02:00AM  Business Wire]
▶ UMC Reports Sales for April 2018   [May-09-18 02:05AM  Business Wire]
▶ UMC Reports First Quarter 2018 Results   [Apr-25-18 05:38AM  Business Wire]
▶ UMC Reports Sales for March 2018   [Apr-10-18 02:28AM  Business Wire]
▶ UMC Reports Sales for February 2018   [Mar-09-18 01:33AM  Business Wire]
▶ UMC Reports Sales for January 2018   [Feb-09-18 01:15AM  Business Wire]
▶ UMC Reports Fourth Quarter 2017 Results   [Jan-24-18 04:56AM  Business Wire]
▶ UMC Files Patent Infringement Lawsuit against Micron   [Jan-12-18 03:47AM  Business Wire]
▶ UMC Reports Sales for December 2017   [Jan-09-18 01:09AM  Business Wire]
▶ 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]

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