UMC 1Q25 is the bottom, Consensus is low but the stock at average valuations

Consensus is probably a tad too low but the stock trading at average PEx ~12x. No arbitrage here

1Q miss on non-ops and it’s the bottom for margins. Strong 2Q guidance but very low visibility into 2H: tariff uncertainty.

The JV with Intel for 12nm is proceeding well and demand is strong for Made in US 12nm. Some upside here for 2027

Consensus is probably a tad too low but the stock trading at average PEx ~12x. No arbitrage here.