United Microelectronics

United Microelectronics

United Microelectronics Jonathan Poland

United Microelectronics Corporation (UMC) is a leading semiconductor wafer foundry, offering a range of services from circuit design and mask tooling to wafer fabrication, assembly, and testing. Established in 1980 and headquartered in Hsinchu City, Taiwan, the company operates in multiple locations around the world, including Singapore, China, Hong Kong, Japan, the United States, and Europe. It mainly serves fabless design companies and integrated device manufacturers.

as of February 9, 2023

Priced at 11x forward earnings, UMC may be the third largest chip foundry, but it is also the most undervalued when compared to Taiwan Semi and Samsung, both of which are valued in the hundreds of billions while United Micro is priced at just $22 billion. And, when you adjust for net cash it’s closer to $16 billion. The discrepancy is too large to ignore at this level. Especially when gross margins are 45% and return on equity is 28%.

Learn More
James Hardie Industries Jonathan Poland

James Hardie Industries

James Hardie Industries plc (JHX) is a leading global manufacturer and marketer of fiber cement building products, primarily used in…

Icahn Enterprises Jonathan Poland

Icahn Enterprises

Icahn Enterprises L.P. (IEP) is a diversified holding company headquartered in New York City, founded and chaired by billionaire investor…

TravelCenters of America Jonathan Poland

TravelCenters of America

TravelCenters of America Inc. (TA) runs travel centers, truck service facilities, and restaurants across the United States and Canada. These…

Vulcan Materials Jonathan Poland

Vulcan Materials

Vulcan Materials Company (VMC), founded in 1909 and headquartered in Birmingham, Alabama, is the largest producer of construction aggregates in…

Intrepid Potash Jonathan Poland

Intrepid Potash

Intrepid Potash, Inc. (IPI) is an American producer of potash and langbeinite, two essential minerals used primarily as fertilizers in…

UFP Industries Jonathan Poland

UFP Industries

UFP Industries, Inc. (UFPI), a multinational corporation, specializes in designing, manufacturing, and marketing a diverse range of wood, non-wood composites,…

CoStar Group Jonathan Poland

CoStar Group

CoStar Group, Inc. (CSGP) is a commercial real estate information and marketing services company. The company was founded in 1987…

WW International Jonathan Poland

WW International

WW International, Inc. (WW) is a global provider of weight management products and services, offering a variety of nutritional, activity,…

Dow Jonathan Poland

Dow

Dow Inc. (DOW) is a leading multinational chemical corporation headquartered in Midland, Michigan, USA. It was originally established in 1897…

Jonathan Poland (“JP”) is a publisher, not a registered investment advisor, and nothing on this website is intended, and it should not be construed, to be investment advice. Under no circumstances does any information posted on this website represent a recommendation to buy or sell a security. The information on this site is not intended to be, nor does it constitute investment advice or recommendations. In no event shall JP be liable to any visitor or third party for any damages of any kind arising out of the use of any content or other material published or available on this site, or relating to the use of, or inability to use, any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. Past performance does not guarantee future results. Read the full legal disclaimer.

Content Database

Systems Theory Jonathan Poland

Systems Theory

Systems theory is a field of study that focuses on the ways in which independent components or elements interact and…

Technological Change Jonathan Poland

Technological Change

Technological change refers to the development and adoption of new technologies and the ways in which they transform society and…

Settlement Risk Jonathan Poland

Settlement Risk

Settlement risk is the risk that a trading counterparty will not deliver a security or asset as agreed upon in…

Win-Win Negotiation Jonathan Poland

Win-Win Negotiation

Win-win negotiation is a collaborative approach to negotiation that focuses on finding mutually beneficial solutions for all parties involved. This…

Ground Rules Jonathan Poland

Ground Rules

Ground rules are rules or guidelines that are established at the beginning of a meeting, activity, or other situation to…

Industrial Internet of Things Jonathan Poland

Industrial Internet of Things

Industrial IoT describes the ecosystem of devices, sensors, applications, and associated networking equipment that work together to collect, monitor, and analyze data across industrial operations.

Inherent Risk Jonathan Poland

Inherent Risk

Inherent risk is a term used in the field of auditing to describe the risk that a company’s financial statements…

Expectancy Theory Jonathan Poland

Expectancy Theory

Expectancy theory is a motivational concept that suggests people are motivated by their beliefs about the relationship between their efforts…

Abundance Mentality Jonathan Poland

Abundance Mentality

Abundance mentality is the belief that there is enough for everyone and that abundance, rather than scarcity, is the natural…