United Microelectronics Corporation's (UMC) common stock price has appreciated significantly since our 4Q 08 and FY 2008 update report reflecting broader index movements during the period and an improved business outlook for the company. The company now expects to achieve profitability in 2Q 09 with more than 100% q-o-q growth in wafer shipments and capacity utilization of approximately 75% in 2Q 09, up from 30% in 1Q 09, as well as a significant sequential…

On 08 April 2009 UMC released sales figures for March 2009 registering a 44.5% m-o-m increase in sales compared to a 0.3% m-o-m decline in February 2009, reflecting an improvement in utilization rates and orders from customers. The increase in utilization rate and spurt in demand during the last month of 1Q 09 was primarily due to the current rush in orders from China triggered by the government’s stimulus package…

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United Microelectronics Corporation’s (UMC) results significantly deteriorated in 4Q 08. Y-o-y decline in fab utilization and wafer shipments, coupled with significant losses from equity investments led to a steep decline in earnings in 4Q 08. Management’s net sales guidance for 1Q 09 is lower than our previous expectation. However, we maintain our HOLD rating for the common stock at current price levels and we will reassess our…