United Microelectronics Corporation

TWSE:2303 Stock Report

Market Cap: NT$813.6b

United Microelectronics Valuation

Is 2303 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of 2303 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: 2303 (NT$64.8) is trading below our estimate of future cash flow value (NT$73.18)

Significantly Below Future Cash Flow Value: 2303 is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2303?

Key metric: As 2303 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2303. This is calculated by dividing 2303's market cap by their current earnings.
What is 2303's PE Ratio?
PE Ratio20.3x
EarningsNT$40.16b
Market CapNT$813.58b

Price to Earnings Ratio vs Peers

How does 2303's PE Ratio compare to its peers?

The above table shows the PE ratio for 2303 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average64.9x
3711 ASE Technology Holding
38.1x29.34%NT$1.3t
2449 King Yuan Electronics
51.9x27.11%NT$350.3b
8299 Phison Electronics
64x31.74%NT$416.2b
3443 Global Unichip
105.6x22.12%NT$365.2b
2303 United Microelectronics
20.3x10.48%NT$813.6b

Price-To-Earnings vs Peers: 2303 is good value based on its Price-To-Earnings Ratio (20.3x) compared to the peer average (64.9x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does 2303's PE Ratio compare vs other companies in the TW Semiconductor Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
4944 Crystalwise Technology
4xn/aUS$15.69m
No more companies available in this PE range
2303 20.3xIndustry Avg. 33.7xNo. of Companies25PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2303 is good value based on its Price-To-Earnings Ratio (20.3x) compared to the TW Semiconductor industry average (33.7x).

Price to Earnings Ratio vs Fair Ratio

What is 2303's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2303 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.3x
Fair PE Ratio23.3x

Price-To-Earnings vs Fair Ratio: 2303 is good value based on its Price-To-Earnings Ratio (20.3x) compared to the estimated Fair Price-To-Earnings Ratio (23.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2303 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$64.80
NT$47.50
-26.70%
21.09%NT$80.00NT$31.50n/a22
Jan ’27NT$49.25
NT$46.00
-6.60%
16.19%NT$60.00NT$31.50n/a22
Dec ’26NT$46.50
NT$45.80
-1.52%
16.00%NT$60.00NT$31.50n/a22
Nov ’26NT$46.40
NT$46.36
-0.094%
15.02%NT$60.00NT$31.50n/a23
Oct ’26NT$44.25
NT$46.05
+4.08%
12.86%NT$60.00NT$32.00n/a22
Sep ’26NT$40.75
NT$45.87
+12.57%
12.29%NT$60.00NT$32.00n/a22
Aug ’26NT$41.05
NT$46.06
+12.20%
12.67%NT$60.00NT$32.00n/a21
Jul ’26NT$43.95
NT$47.09
+7.15%
13.96%NT$60.00NT$32.00n/a23
Jun ’26NT$46.75
NT$46.74
-0.014%
14.06%NT$60.00NT$32.00n/a23
May ’26NT$45.20
NT$46.92
+3.80%
13.76%NT$60.00NT$32.00n/a23
Apr ’26NT$45.95
NT$46.46
+1.11%
14.61%NT$60.00NT$32.00n/a22
Mar ’26NT$43.70
NT$45.87
+4.96%
14.73%NT$60.00NT$32.00n/a22
Feb ’26n/a
NT$46.60
0%
17.01%NT$70.00NT$32.00n/a22
Jan ’26NT$43.05
NT$51.49
+19.61%
15.32%NT$70.00NT$36.00NT$49.2522
Dec ’25NT$43.55
NT$51.81
+18.96%
15.14%NT$70.00NT$36.00NT$46.5022
Nov ’25NT$46.60
NT$52.84
+13.39%
15.13%NT$70.00NT$36.00NT$46.4022
Oct ’25NT$53.70
NT$58.45
+8.85%
13.30%NT$70.00NT$34.00NT$44.2522
Sep ’25NT$55.50
NT$58.27
+5.00%
12.95%NT$70.00NT$34.00NT$40.7522
Aug ’25NT$53.90
NT$58.05
+7.69%
13.03%NT$70.00NT$34.00NT$41.0522
Jul ’25NT$56.90
NT$55.35
-2.72%
14.04%NT$70.00NT$33.00NT$43.9522
Jun ’25NT$55.00
NT$54.85
-0.26%
13.40%NT$70.00NT$33.00NT$46.7522
May ’25NT$50.70
NT$55.69
+9.84%
14.69%NT$74.00NT$33.00NT$45.2023
Apr ’25NT$51.70
NT$56.00
+8.33%
14.62%NT$74.00NT$34.00NT$45.9522
Mar ’25NT$48.30
NT$55.78
+15.48%
14.60%NT$74.00NT$34.00NT$43.7022
Feb ’25NT$49.05
NT$54.85
+11.82%
14.20%NT$74.00NT$34.00n/a23
Jan ’25NT$52.60
NT$53.78
+2.25%
18.55%NT$74.02NT$34.00NT$43.0523
NT$47.5
Fair Value
36.4% overvalued intrinsic discount
22
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/23 21:13
End of Day Share Price 2026/01/23 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

United Microelectronics Corporation is covered by 41 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brett SimpsonArete Research Services LLP
Andrew LuBarclays
Mark LiBernstein