Strong 8" price hikes, sporadic 12" price increases, but low capacity growth and rising long-term competition; Stay Neutral and raise PT to NT$140

研报英文原文证据摘录

Strong 8" price hikes, sporadic 12" price increases, but low capacity growth and rising long-term competition; Stay Neutral and raise PT to NT$140

J P M O R G A N Asia Pacific Equity Research

23 June 2026

UMC

Strong 8” price hikes, sporadic 12” price increases, but Neutral

low capacity growth and rising long-term competition; 2303.TW, 2303 TT

Stay Neutral and raise PT to NT$140 Price (23 Jun 26):NT$170.00

▲Price Target (Jun-27):NT$140.00

Prior (Dec-26):NT$70.00

We raise our Jun-27 PT on UMC to NT$140 (based on 20x 12M forward P/E, from

13x previously) to reflect near-term positive sentiment on price increases amidst Technology and Telecoms

tighter mature 12” capacity. However, we stay Neutral and would prefer VIS (OW) Gokul Hariharan AC

and PSMC (OW) due to stronger long-term growth and AI potential for VIS, and (852) 2800-8564

bigger margin uptick from memory Foundry price increases for PSMC. UMC price gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

hikes should kick in from 3Q26, with a 3-10% range for various customers, and if Morgan Broking (Hong Kong) Limited

the current tight capacity situation persists, we could see one more price hike in Jennifer Hsieh

2027. However, we are not confident that gross margins can exceed prior cycle (886-2) 2725-9868

peaks, due to increases in costs and a rising depreciation trend. Longer-term, UMC jennifer.hsieh@jpmorgan.com

is not building any new Fab capacity and the only growth is likely to come from J.P. Morgan Securities (Taiwan) Limited

the Intel 12nnm joint venture ramp in 2027, although the pace of the ramp and profit David Chou

sharing remain uncertain, given manufacturing capacity will belong to Intel. (886-2) 2725-9618

david.chou@jpmorgan.com