$United Microelectronics (UMC.US)$In the March 2022 analysis...

Launched in 2000, it is mainly in the semiconductor foundry business. The main market is in Asia, and the current price is 7.6.

In the past 5 years, with the exception of 2019, revenue grew at an average rate of 13.2%. Operating profit increased sharply in 2020 due to an increase in gross margin, doubled in 2022, and net profit increased 79% in 2022. There is no interest burden in 2022. The gross margin increased sharply from 15.1% to 45.1% in the past 5 years, and the return on net assets increased from 3.7% to 30.5%.

In the first three quarters of 2023, revenue shrank by 20.5%, operating profit shrank by 43.8%, and net profit shrank by 30%.

Currently, the price-earnings ratio is 6.6, the price-earnings ratio is TTM 8.7, and the price-earnings ratio corresponding to the 5-year average net profit is 18. Taken together, the valuation is high within a reasonable range and is not very attractive.