Title UMC (4763 TT) Buy, TP: NT$36
  Largan (3008 TT) Maintain Neutral
  TCI (8436 TT) Buy, TP: NT$403
  Landmark (3081 TT) Buy, TP: NT$375
  Jinan Acetate Chemical (4763 TT) Buy, TP: NT$190
  Kinsus (3189 TT) Buy, TP: NT$90
  Ginko (8406 TT) Buy, TP: NT$185
  Gold Circuit Electronics (2368 TT) Buy, TP: NT$64
  Golden Friends (4506 TT) Buy, TP: NT$65
  Aspeed (5274 TT) Buy, TP: NT$1,586
More Titles
Title:UMC (4763 TT) Buy, TP: NT$36
Download File:2303 TT UMC note 201014--sinopac.pdf 
Summary:Raise TP by 25% to NT$36 (1.8x 2021F P/B); Maintain Buy: 1) UMC initiated price hikes for 8¡± capacity in OCT amid high UTR; 2) 8¡± capacity will tighten further in 2021 amid reviving automobile sales; 3) UMC¡¯s process development is progressing similar to SMIC¡¯s, which makes UMC a potential beneficiary of US restrictions on SMIC. We believe UMC is primed for a re-rating.
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