报告名称：UMC(02303.TT)Upgrade to Buy-Multiple inflection points
报告类型：海外市场
报告日期：2016-01-27
研究机构：香港上海汇丰银行有限公司
页数：10
简介：Solid 4Q15 beat with 1Q16 ahead. Headwinds remain, butenough positive inflection points to argue for an upgrade
Cycle bottoming, 28nm coming out of multi-year holding pattern,and China strategy underway. 2Q16 ramp-up a catalyst
Not the cleanest story, but worth an upgrade to Buy o 0.7xPB (0.6x prior) driving new TP of TWD15 (TWD11.5 prior)
下载地址：UMC(02303.TT)Upgrade to Buy-Multiple inflection points
