NAS10029,447+1.73%S&P7,638+1.14%GOLD$4,384−0.08%BTC$76,220+0.09%VIX15.44−12.82%live tape · as of 23:00 UTC · 17 Sep
The Screen · Technology · Semiconductors
United Micro Electronics ADR
UMC · the NYSE · USD · Market cap $56.8B · 20,000 employees
United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally.
Screened 2026-09-11 · the tape above runs as of 23:00 UTC · 17 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
United Micro Electronics ADR holds its Markup at $22.64. Consolidating, no directional conviction, held for 35 days.
As held on the ledger · 2026-09-11
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 35 days
Price at the screen
$22.64
Valuation
21.77 trailing · 25.78 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.70
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
10.54%
Below 33%
Interest-bearing debt is just 10.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
1.61%
Below 33%
Cash held in interest-bearing accounts and securities is 1.6% of assets, under the one-third limit.
Pass
Receivables
24.93%
Below 49%
Money owed to the company is 24.9% of assets, under the 49% limit.
Pass
Revenue purity
0.96%
Below 5%
Only 1.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-11 screen. The gold marker is the market price at the same screen. The price runs 50.0% above the base estimate.
Third-party analyst targets: 4 covering, consensus Underperform. The average target sits −35% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-11 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Taiwan foundry priced well above its cycle
Every time a phone or car rolls off the line it needs chips made on someone else's fab. United Microelectronics is one of those contract makers, yet the shares sit at $21.25 against our fair value of $10.62. That gap, plus a forward multiple of 26 times, tells us the market is paying up for a business that is only growing revenue at 6 percent a year.
The narrow moat and 13 percent return on equity do not justify the premium. Profit margins of 21 percent look solid today, but they sit inside a notoriously cyclical industry where earnings peaks rarely last. Four analysts already see the mismatch and cluster around a $10 target with an underperform rating.
Because the sector moves in sharp waves, a low multiple at the top of the cycle is usually a warning rather than a bargain. Here the multiple is not even low, so the margin of safety is negative. We pass.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to Taiwan and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
UMC trades on the NYSE (the company is based in Taiwan). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-15Markup · changed$22.64+17.9%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 17.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 113% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 154%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (4 analysts) rates it underperform, with a mean price target of $10.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 11.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 113% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 154%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (4 analysts) rates it underperform, with a mean price target of $10.
2026-07-18Markup$21.63+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 113% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 154%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (4 analysts) rates it underperform, with a mean price target of $10.
2026-07-03Markup$21.63+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$21.63Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
