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Wed, Jan. 27, 4:53 AM
- United Microelectronics (NYSE:UMC): Q4 EPS of NT$0.25
- Revenue of NT$33.85B (-9.1% Y/Y)
Tue, Jan. 26, 5:30 PM
Thu, Jan. 14, 11:50 AM
- TSMC (TSM +4.1%) is above $21 after beating Q4 EPS estimates (revenue was already known via monthly sales reports) and guiding for Q1 revenue of NT$198B-NT$201B ($5.94B-$6.03B), in-line with an NT$200.2B consensus. Soft smartphone demand and reports of iPhone sales weakness/order cuts had led to low expectations - TSMC is both directly exposed to Apple via A-series CPU manufacturing, and indirectly exposed via manufacturing work for Apple chip suppliers.
- The world's biggest chip foundry also set a 2016 capex budget of $9B-$10B, higher than 2015 capex of $8.12B. TSMC plans to ramp production for its 16nm FinFET process this year, and begin volume production for its 10nm process by year's end.
- Q4 details: Gross margin fell rose 40 bps Q/Q and fell 110 bps Y/Y to 48.6%, and was in-line with guidance of 47.5%-49.5%. Q1 GM guidance is at 47%-49%. 16/20nm chips were 24% of wafer revenue, and 28nm chips 25%. That respectively compares with 21% and 27% in Q3.
- TSMC's commentary remains subdued. Chairman Morris Chang: "I had expected the first quarter to be stronger than what we’re forecasting now. I am not repeating my pledge, my prediction, that ’17, ’18, ’19 will continue to grow at 10 percent." CFO Lora Ho: "While China's smartphone market shows signs of recovery, customers remain cautious in general."
- Smaller rival UMC (UMC +2.7%) is also up.
- TSMC's Q4 results, earnings release
Oct. 28, 2015, 6:13 AM
- United Microelectronics (NYSE:UMC): Q3 EPS of $0.02
- Revenue of $1.07B (flat Y/Y) misses by $30M.
Oct. 27, 2015, 5:30 PM
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Jul. 29, 2015, 5:53 AM
- United Microelectronics (NYSE:UMC): Q2 EPS of $0.06 beats by $0.02.
- Revenue of $1.23B (+2.5% Y/Y) misses by $10M.
Jul. 8, 2015, 11:37 AM
- Chip stocks are underperforming as the Nasdaq registers a 1.2% decline. The Philadelphia Semi Index (SOXX -2.6%) is now down 13% from a June 1 peak of $101.80, and 4% YTD; it's still up 87% from a Nov. 2012 low of $47.58.
- Plunging Chinese equity markets could be weighing on the group. With retail Chinese investors having set up brokerage accounts en masse over the last year, there are plenty of concerns about the reverse wealth effect of a crash. The Economist reccently downplayed those worries, noting a relatively modest 15% of Chinese household assets are invested in stocks.
- Major decliners among chip developers include Skyworks (SWKS -4.9%), Qorvo (QRVO -5.6%), InvenSense (INVN -5.6%), NXP (NXPI -4.7%), Freescale (FSL -4%), MoSys (MOSY -9.4%), AppliedMicro (AMCC -5.1%), Cavium (CAVM -3.8%), and Silicon Motion (SIMO -6.4%). SIMO also fell yesterday after favorably adjusting its Q2 sales guidance. Skyworks and Qorvo sold off yesterday morning before rebounding in afternoon trading.
- Other names tied to the industry that are seeing heavy selling pressure include ARM (ARMH -4%), TowerJazz (TSEM -5.1%), UMC (UMC -4.4%), Veeco (VECO -4.3%), and Axcelis (ACLS -4.6%).
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
May 8, 2015, 4:53 PM
- TSMC (NYSE:TSM) had April revenue of NT$75.33B ($2.45B), +4.2% Q/Q and +21.7% Y/Y.
- Annual growth slowed noticeably from March's 44.7% and Q1's 50%. TSMC offered soft Q2 sales guidance last month, while citing weak demand from certain mobile chipmakers. Samsung's decision not to use Qualcomm's Snapdragon 810 processor (made by TSMC) in the Galaxy S6 in favor of exclusively using its (internally-manufactured) Exynos 7420 is playing a role. At the same time, Apple A8 CPU orders continue to provide a boost.
- Smaller rival UMC has reported April revenue of NT$13.02B ($424M), +2.4% M/M and +12.9% Y/Y. Annual growth was nearly even with March's 12.6%, though below the 18.8% seen for the whole of Q1.
- TSMC rose 0.7% in regular trading. UMC fell 2.6%.
Apr. 29, 2015, 7:16 AM
- United Microelectronics (NYSE:UMC): Q1 EPS of NT$0.32
- Revenue of NT$37.65B (+1.1% Y/Y)
Apr. 21, 2015, 1:54 PM
Apr. 16, 2015, 1:13 PM
- JPMorgan has downgraded UMC (UMC -2.8%) to Neutral ahead of the foundry's April 29 Q1 report.
- The downgrade comes 6 days after UMC reported March sales of NT$12.7B ($407M), which in turn implied Q1 revenue of NT$37.65B ($1.2B). It also comes shortly after larger rival TSMC provided light Q2 sales guidance (as expected) to go with a Q1 EPS beat.
Jan. 28, 2015, 6:27 AM
- United Microelectronics (NYSE:UMC): Q4 EPS of NT$0.36
- Revenue of NT$37.24B (+21.2% Y/Y).
United Microelectronics Corp. engages in the semiconductor foundry business. It offers complementary metal-oxide semiconductor (CMOS) logic wafers, mixed signal wafers, radio frequency complementary metal-oxide semiconductor wafers, embedded memory products, high voltage integrated circuits... More
Industry: Semiconductor Equipment & Materials
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