美银重申欣兴电子(Unimicron)买入、目标价升至1650新台币，但其引用的湖口购地11天前已公开，且27/28年EPS预测低于共识

Accessible version

Unimicron
Extending capacity plan for ABF substrate
and better margins in PCB/HDI; Buy
Reiterate Rating: BUY | PO: 1,650 TWD | Price: 1,270 TWD

Raise PO along with the hike in estimates

10 October 2026

We raise 2026/27/28E EPS by 5%/12%/10% after baking in a strengthened margin
profile, partly thanks to further improved GM (gross margin) in PCB (printed circuit
board) and HDI (high density interconnect) business. Our PO goes to NT$1,650 (was
NT$1,400) same based on 35x 2H27-1H28E P/E. Reiterate Buy on Unimicron in view of
its structurally growing exposure to AI-related (artificial intelligence) products, which in
turn bolsters its GM profile in longer-term.

Equity

Land acquisition to back long-term capacity growth
Unimicron announced that it bought a land/building located in Hukuo (Hsinchu) from
Bridgestone Taiwan, with the amount of NT$10.1bn. Our check with the company
suggests that such property will be used for further capacity expansion beyond its YM
(Yangmei) site, but the timing for output will only take place in 2030 at earliest. Of note,
the company will expand 30+% of its ABF (Ajinomoto build-up film) capacity in 2027 via
the KF2 (KuangFu 2) plant, and there will be YM3 capacity coming on stream in 2029
after the expansion YM2 in 2028 backed by 5-year LTA (long-term agreement). For
2027/28 capex, currently we expect to reach NT$40+bn each year.

Key Changes
(NT$)

Previous

Current

Price Obj.

1,400.00

1,650.00

2026E EPS

19.82

21.18

2027E EPS

32.47

37.14

2028E EPS

58.31

64.80

51,917.0

54,970.7

2027E EBITDA (m)

95,335.5

106,251.2

2028E EBITDA (m)

154,524.1

170,496.9

2026E EBITDA (m)

Mike Yang >>
Research Analyst
Merrill Lynch (Taiwan)
+886 2 2376 3729
mike.c.yang@bofa.com

Rosier margin outlook in PCB/HDI business
Unimicron is one of the major (if not biggest) PCB suppliers to high-end (see report)
optical module, where demand growth is expected to remain robust coupled with spec
upgrades in the upcoming years. Management cites such business carries 30+% GM
currently, while the number by AI HDI in China production lines is moving closer to peers’
level. Yet, the PCB/HDI lines in Taiwan still carry lower GM. Currently, we assume its GM
in HDI business to reach 20+% from mid-2027, along with the continuous yield/output
improvements.
Estimates (Dec) (NT$)
Net Income (Adjusted - mn)
EPS
EPS Change (YoY)
Consensus EPS (Visible Alpha)
Dividend / Share
Free Cash Flow / Share
Valuation (Dec)
P/E
Dividend Yield
EV / EBITDA*
Free Cash Flow Yield*

2024A
5,082
3.34
-57.6%

2025A
6,673
4.38
31.1%

1.50
(10.15)

2.00
(6.13)

2026E
33,655
21.18
383.5%
21.07
10.60
0.408

380.16x
0.118%
92.49x
-0.741%

289.90x
0.157%
183.55x
-0.448%

59.96x
0.835%
37.60x
0.031%

2027E
59,007
37.14
75.3%
40.12
18.60
18.97

2028E
102,959
64.80
74.5%
66.29
32.40
47.72

34.20x
1.46%
19.45x
1.45%

19.60x
2.55%
12.12x
3.64%

* For full definitions of iQ method SM measures, see page 7.

This research report provides general information only. No part of this report may be used
or reproduced or quoted in any manner whatsoever in Taiwan by the press or other
persons without the express written consent of BofA Securities.
>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst
under the FINRA rules.
Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take
responsibility for the information herein in particular jurisdictions.
BofA Securities does and seeks to do business with issuers covered in its research
reports. As a result, investors should be aware that the firm may have a conflict of
interest that could affect the objectivity of this report. Investors should consider this
report as only a single factor in making their investment decision.
Refer to important disclosures on page 8 to 10. Analyst Certification on page 5. Price
Objective Basis/Risk on page 5.
13026676

Stock Data
Price

1,270 TWD

Price Objective

1,650 TWD

Date Established

10-Oct-2026

Investment Opinion
52-Week Range

C-1-7
144.87 TWD-1,420
TWD

Mrkt Val / Shares Out (mn)
Market Value (mn)
Average Daily Value (mn)
Free Float
BofA Ticker / Exchange
Bloomberg / Reuters

65,281 USD / 1,641.3
2,084,440 TWD
828.37 USD
83.6%
UMCRF / TAI
3037 TT / 3037.TW

ROE (2026E)

27.5%

Net Dbt to Eqty (Dec-2025A)

-18.7%

iQprofile Unimicron
SM

Key Income Statement Data (Dec)

2024A

2025A

2026E

2027E

2028E

(NT$ Millions)
Sales
Gross Profit
Sell General & Admin Expense
Operating Profit
Net Interest & Other Income
Associates
Pretax Income
Tax (expense) / Benefit
Net Income (Adjusted)
Average Fully Diluted Shares Outstanding

115,373
16,315
(6,156)
5,117
2,204
NA
7,321
(1,765)
5,082
1,521

131,241
18,292
(6,619)
6,674
2,153
NA
8,827
(1,277)
6,673
1,523

192,526
51,010
(9,078)
34,920
8,794
NA
43,714
(7,520)
33,655
1,589

277,718
99,431
(9,895)
81,615
1,453
NA
83,067
(16,861)
59,007
1,589

395,444
164,126
(11,292)
143,133
1,553
NA
144,685
(29,199)
102,959
1,589

Key Cash Flow Statement Data
Net Income
Depreciation & Amortization
Change in Working Capital
Deferred Taxation Charge
Other Adjustments, Net
Cash Flow from Operations
Capital Expenditure
(Acquisition) / Disposal of Investments
Other Cash Inflow / (Outflow)
Cash Flow from Investing
Shares Issue / (Repurchase)
Cost of Dividends Paid
Cash Flow from Financing
Free Cash Flow
Net Debt
Change in Net Debt

5,082
17,231
(5,229)
NA
(6,791)
10,294
(25,735)
(3,050)
(445)
(29,230)
0
(4,575)
8,336
(15,441)
(14,657)
22,021

6,673
4,587
(4,449)
NA
8,156
14,967
(24,307)
1,730
(440)
(23,018)
2,150
(2,295)
19,073
(9,340)
(20,008)
3,162

33,655
20,051
(12,952)
NA
13,595
54,349
(53,700)
0
0
(53,700)
0
(3,178)
(3,178)
649
(17,479)
2,529

59,007
24,636
(17,996)
NA
7,003
72,650
(42,500)
0
0
(42,500)
0
(16,843)
(16,843)
30,150
(30,786)
(13,307)

102,959
27,364
(24,875)
NA
12,883
118,331
(42,500)
0
0
(42,500)
0
(29,555)
(29,555)
75,831
(77,063)
(46,277)

Key Balance Sheet Data
Property, Plant & Equipment
Other Non-Current Assets
Trade Receivables
Cash & Equivalents
Other Current Assets
Total Assets
Long-Term Debt
Other Non-Current Liabilities
Short-Term Debt
Other Current Liabilities
Total Liabilities
Total Equity
Total Equity & Liabilities

120,536
23,442
23,617
43,753
19,499
230,847
21,909
NA
7,188
102,163
131,260
99,587
230,847

125,866
24,628
27,570
54,872
22,856
255,792
24,019
NA
10,845
113,921
148,785
107,007
255,792

159,515
29,169
40,444
52,343
27,358
308,829
24,019
NA
10,845
136,481
171,345
137,484
308,829

177,379
29,169
58,340
65,650
33,154
363,691
24,019
NA
10,845
149,179
184,043
179,648
363,691

192,515
29,169
83,071
111,926
41,512
458,193
24,019
NA
10,845
170,277
205,140
253,052
458,193

iQmethod SM - Bus Performance*
Return On Capital Employed
Return On Equity
Operating Margin
EBITDA Margin

3.2%
5.2%
4.4%
19.4%

4.2%
6.5%
5.1%
8.6%

18.4%
27.5%
18.1%
28.6%

33.6%
37.2%
29.4%
38.3%

45.5%
47.6%
36.2%
43.1%

iQmethod SM - Quality of Earnings*
Cash Realization Ratio
Asset Replacement Ratio
Tax Rate (Reported)
Net Debt-to-Equity Ratio
Interest Cover

2.0x
1.5x
24.1%
-14.7%
4.0x

2.2x
5.3x
14.5%
-18.7%
5.2x

1.6x
2.7x
17.2%
-12.7%
27.4x

1.2x
1.7x
20.3%
-17.1%
NM

1.1x
1.6x
20.2%
-30.5%
NM

Key Metrics
* For full definitions of iQ method SM measures, see page 7.

2

Unimicron | 10 October 2026

Company Sector
Electronics

Company Description
Unimicron (3037 TT) was founded in 1990 and listed on
the Taiwan Stock Exchange in 1998. The firm manufactures
a wide range of PCB and IC substrates for consumer
electronics, industrial, and automotive. It is also the leading
ABF supplier globally. The company merged with Phoenix
Precision Technology (PPT, delisted) in 2009 and expanded
its exposure in the IC substrate business. UMC is the
biggest shareholder in Unimicron with a 13.3% stake.

Investment Rationale
We have a Buy rating on Unimicron in view of strong
demand from AI accelerators (especially ASICs), which we
expect to boost the utilization rate of the ABF substrate
business from 2H26, in turn bolstering the company's
margin profile and profitability going into 2027.

Stock Data
Price to Book Value

15.2x

Exhibit 1: Earnings estimate change
We raise 2026-28E EPS by 7-14% after baking in the assumptions of stronger revenue growth and operating leverage
(NT$mn)

New
192,526
51,010
26.5%
34,920
18.1%
43,714
22.7%
33,655
17.5%
21.18

Total sales
Gross profit
Gross margin
Operating profit
Operating margin
Pretax income
Pretax margin
Net income
Net margin
EPS (NT$)

BofA 26 (E)
Old
188,122
47,910
25.5%
31,866
16.9%
40,660
21.6%
31,487
16.7%
19.82

Diff (%)
2.3
6.5
1.0 ppt
9.6
1.2 ppt
7.5
1.1 ppt
6.9
0.7 ppt
6.9

New
277,718
99,431
35.8%
81,615
29.4%
83,067
29.9%
59,007
21.2%
37.14

BofA 27 (E)
Old
266,337
88,961
33.4%
71,116
26.7%
72,569
27.2%
51,600
19.4%
32.47

Diff (%)
4.3
11.8
2.4 ppt
14.8
2.7 ppt
14.5
2.7 ppt
14.4
1.9 ppt
14.4

New
395,444
164,126
41.5%
143,133
36.2%
144,685
36.6%
102,959
26.0%
64.80

BofA 28 (E)
Old
376,002
149,767
39.8%
128,688
34.2%
130,241
34.6%
92,653
24.6%
58.31

Diff (%)
5.2
9.6
1.7 ppt
11.2
2.0 ppt
11.1
1.9 ppt
11.1
1.4 ppt
11.1

Source: BofA Global Research estimates
BofA GLOBAL RESEARCH

Exhibit 2: BofAe vs consensus
We are 8-10% lower vs consensus for 2027-28E EPS, given the assumption of higher tax rate
(NT$mn)
Total sales
Gross profit
Gross margin
Operating profit
Operating margin
Pretax income
Pretax margin
Net income
Net margin
EPS (NT$)

BofAe
192,526
51,010
26.5%
34,920
18.1%
43,714
22.7%
33,655
17.5%
21.18

2026E

Consensus
184,975
47,946
25.9%
31,138
16.8%
42,401
22.9%
34,238
18.5%
21.55

Diff (%)
4.1
6.4
0.6 ppt
12.1
1.3 ppt
3.1
-0.2 ppt
-1.7
-1.0 ppt
-1.7

BofAe
277,718
99,431
35.8%
81,615
29.4%
83,067
29.9%
59,007
21.2%
37.14

2027E

Consensus
277,398
100,207
36.1%
78,728
28.4%
80,896
29.2%
65,190
23.5%
41.03

Diff (%)
0.1
-0.8
-0.3 ppt
3.7
1.0 ppt
2.7
0.7 ppt
-9.5
-2.3 ppt
-9.5

BofAe
395,444
164,126
41.5%
143,133
36.2%
144,685
36.6%
102,959
26.0%
64.80

2028E

Consensus
383,627
160,448
41.8%
137,324
35.8%
135,972
35.4%
112,125
29.2%
70.57

Diff (%)
3.1
2.3
-0.3 ppt
4.2
0.4 ppt
6.4
1.1 ppt
-8.2
-3.2 ppt
-8.2

Source: BofA Global Research estimates, Bloomberg
BofA GLOBAL RESEARCH

Unimicron | 10 October 2026

3

Exhibit 3: Income statement
We expect the firm to record 40+% revenue CAGR during 2026-28
(NT$mn)

1Q26

2Q26

3Q26E

4Q26E

1Q27E

2Q27E

3Q27E

4Q27E

2025

2026E

2027E

2028E

Revenue
COGS
Gross Profit
Operating
expenses
SG&A
R&D
Operating
income
Non-operating
income
Interest income
Investment
income
Others
Pre-tax profit
Tax
Net income
EPS (NT$)

37,446
-30,720
6,726
-3,969

42,890
-32,252
10,638
-3,987

52,652
-37,761
14,891
-4,051

59,538
-40,783
18,755
-4,083

61,359
-42,083
19,277
-4,124

65,132
-42,908
22,224
-4,368

72,195
-45,565
26,630
-4,539

79,032
-47,731
31,301
-4,786

131,241
-112,949
18,292
-11,618

192,526
-141,516
51,010
-16,090

277,718
-178,286
99,431
-17,817

395,444
-231,318
164,126
-20,993

-2,382
-1,587
2,757

-2,130
-1,857
6,651

-2,252
-1,799
10,840

-2,314
-1,769
14,672

-2,299
-1,825
15,153

-2,418
-1,950
17,856

-2,515
-2,024
22,091

-2,663
-2,123
26,515

-6,619
-4,999
6,674

-9,078
-7,012
34,920

-9,895
-7,922
81,615

-11,292
-9,702
143,133

3,542

8,925

-4,137

463

1,413

1,413

-687

-687

2,153

8,794

1,453

1,553

-319
-10

-319
9,150

-319
-4,600

-319
0

-319
0

-319
0

-319
0

-319
0

-1,287
-50

-1,274
4,540

-1,274
0

-1,274
0

3,870
6,299
-918
5,043
3.28

94
15,576
-2,234
13,115
8.53

782
6,703
-1,341
4,779
3.01

782
15,135
-3,027
10,718
6.75

1,732
16,566
-2,485
12,711
8.00

1,732
19,269
-3,468
14,207
8.94

-368
21,404
-4,709
14,832
9.33

-368
25,828
-6,199
17,257
10.86

3,489
8,827
-1,277
6,673
4.38

5,527
43,714
-7,520
33,655
21.18

2,727
83,067
-16,861
59,007
37.14

2,827
144,685
-29,199
102,959
64.80

Margin
Gross margin
Operating margin
Pre-tax margin
Net margin

18.0%
7.4%
16.8%
13.5%

24.8%
15.5%
36.3%
30.6%

28.3%
20.6%
12.7%
9.1%

31.5%
24.6%
25.4%
18.0%

31.4%
24.7%
27.0%
20.7%

34.1%
27.4%
29.6%
21.8%

36.9%
30.6%
29.6%
20.5%

39.6%
33.6%
32.7%
21.8%

13.9%
5.1%
6.7%
5.1%

26.5%
18.1%
22.7%
17.5%

35.8%
29.4%
29.9%
21.2%

41.5%
36.2%
36.6%
26.0%

QoQ growth
Revenue
Gross profit
Operating profit
Pre-tax profit
Net profit

7.9%
22.9%
16.5%
51.8%
42.7%

14.5%
58.2%
141.3%
147.3%
160.1%

22.8%
40.0%
63.0%
-57.0%
-63.6%

13.1%
25.9%
35.3%
125.8%
124.2%

3.1%
2.8%
3.3%
9.5%
18.6%

6.1%
15.3%
17.8%
16.3%
11.8%

10.8%
19.8%
23.7%
11.1%
4.4%

9.5%
17.5%
20.0%
20.7%
16.3%

YoY growth
Revenue
Gross profit
Operating profit
Pre-tax profit
Net profit

24.5%
67.1%
117.6%
358.6%
451.4%

32.1%
150.6%
340.6%
4266.1%
44196.8%

54.9%
227.4%
607.3%
127.5%
117.8%

71.6%
242.7%
520.2%
264.7%
203.2%

63.9%
186.6%
449.7%
163.0%
152.1%

51.9%
108.9%
168.5%
23.7%
8.3%

37.1%
78.8%
103.8%
219.3%
210.3%

32.7%
66.9%
80.7%
70.6%
61.0%

13.8%
12.1%
30.4%
20.6%
31.3%

46.7%
178.9%
423.2%
395.2%
404.3%

44.2%
94.9%
133.7%
90.0%
75.3%

42.4%
65.1%
75.4%
74.2%
74.5%

Source: BofA Global Research estimates, company data
BofA GLOBAL RESEARCH

4

Unimicron | 10 October 2026

Price objective basis & risk
Unimicron (UMCRF)
Our PO of NT$1,650 is based on 35x 2H27-1H28E, which is roughly 1 standard deviation
above the historical average of 20x since 2017. In our view, the multiple is appropriate,
as we expect Unimicron's earnings to be supported by its high-end technology offerings,
where end market demand seems more resilient.
Upside risks are (1) tighter ABF supply, (2) greater PC and regular server demand, and (3)
lower competition pressure.
Downside risks are (1) greater ABF expansion from peers, (2) lower ASP content increase
at AI server, and (3) bigger drop in the demand of consumer electronic products.

Analyst Certification
I, Mike Yang, hereby certify that the views expressed in this research report accurately
reflect my personal views about the subject securities and issuers. I also certify that no
part of my compensation was, is, or will be, directly or indirectly, related to the specific
recommendations or view expressed in this research report.

Special Disclosures
Information on securities which are listed on the exchanges where ML Securities
(Taiwan) Limited is not permitted to trade or solicit trades for clients is for
informational purposes only and is not a recommendation or a solicitation to trade
such securities. ML Securities (Taiwan) Limited will not execute transactions for nor
accept orders from clients to trade such securities. Foreign investment in Taiwan
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APR - Technology Hardware Coverage Cluster
Investment rating

Company

BofA Ticker

Bloomberg symbol

Analyst

AAC Technologies
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Asustek
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AACAF
ADTEF
AVMPF
AKCPF
BIZLF
CEOMF
CWLLF
XMKAF
XLETF

2018 HK
2395 TT
3017 TT
2357 TT
3665 TT
8210 TT
1415 HK
002273 CH
DELTA TB

Katherine Zhu
Robert Cheng
Doris Kao
Robert Cheng
Doris Kao
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Katherine Zhu
Katherine Zhu
Suppapong Iemkongaek, CFA, CMT

BUY

Unimicron | 10 October 2026

5

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Kinsus
Largan Precision
Lenovo Group
Lenovo Group
Lens Tech
LG CNS
LG Electronics
LG Innotek
Lotes
Luxshare
Netweb Technologies
NYPCB
Quanta Computer
Samsung Electro-Mechanics
Samsung SDI
Samsung SDS
Shennan Circuits
Taiwan Union Technology Corporation
Unimicron
Universal Display
Victory Giant
Wistron
Wiwynn
Xiaomi Corporation
Yageo
Zhen Ding Tech
Zhongji Innolight

BofA Ticker
DLTEF
XDSXF
XLHCF
ETMCF
XDAZF
XGKCF
GOCCF
XHNNF
HNHAF
XHUAF
XPEZF
IPTYF
XVFSF
XKKRF
KGSLF
KGBLF
KNSUF
LGANF
LNVGF
LNVGY
XLTVF
XLGLF
LGEAF
XLGQF
ZYZTF
XNJQF
XNTZF
NANYF
QUCPF
SMSGF
SSDIF
XWPBF
XAMKF
TWUNF
UMCRF
OLED
XENEF
WICOF
XWIQF
XIACF
YGEQF
XFAGF
XZICF

Bloomberg symbol
2308 TT
213420 KS
3715 TT
2383 TT
601138 CH
002241 CH
2368 TT
HANA TB
2317 TT
603296 CH
3296 HK
007660 KS
3653 TT
KCE TB
2059 TT
1888 HK
3189 TT
3008 TT
992 HK
LNVGY US
6613 HK
064400 KS
066570 KS
011070 KS
3533 TT
002475 CH
NETWEB IN
8046 TT
2382 TT
009150 KS
006400 KS
018260 KS
002916 CH
6274 TT
3037 TT
OLED US
300476 CH
3231 TT
6669 TT
1810 HK
2327 TT
4958 TT
300308 CH

Analyst
Robert Cheng
Simon Woo, CFA
Mike Yang
Mike Yang
Robert Cheng
Katherine Zhu
Doris Kao
Suppapong Iemkongaek, CFA, CMT
Robert Cheng
Katherine Zhu
Katherine Zhu
Matt Shin
Doris Kao
Suppapong Iemkongaek, CFA, CMT
Doris Kao
Katherine Zhu
Mike Yang
Robert Cheng
Robert Cheng
Robert Cheng
Katherine Zhu
Simon Woo, CFA
Simon Woo, CFA
Simon Woo, CFA
Doris Kao
Katherine Zhu
Jatin Kalra, CFA
Mike Yang
Robert Cheng
Simon Woo, CFA
Simon Woo, CFA
Simon Woo, CFA
Katherine Zhu
Mike Yang
Mike Yang
Simon Woo, CFA
Katherine Zhu
Doris Kao
Robert Cheng
Robert Cheng
Robert Cheng
Doris Kao
Katherine Zhu

Auras Technology
BYD Electronic
DS Precision
E Ink Holdings
Lite-On Tech
Sunny Optical

AUTCF
BYDIF
XBASF
PVWIF
LOTZF
SNPTF

3324 TT
285 HK
002384 CH
8069 TT
2301 TT
2382 HK

Doris Kao
Katherine Zhu
Katherine Zhu
Doris Kao
Doris Kao
Katherine Zhu

Acer
Catcher Tech
Compal Electron
Everwin Precision
Genius Electronic Optical
Lens Tech
LG Display
LG Display-ADR
Pegatron
Sanan Opto
Seoul Semiconductor
Shengyi
Sunway Communications

ASIYF
CHERF
XLCPF
XSHZF
GNSEF
XLTGF
LPHLF
LPL
PGTRF
XEQYF
SLSOF
DGUNF
XWSVF

2353 TT
2474 TT
2324 TT
300115 CH
3406 TT
300433 CH
034220 KS
LPL US
4938 TT
600703 CH
046890 KS
600183 CH
300136 CH

Robert Cheng
Robert Cheng
Doris Kao
Katherine Zhu
Robert Cheng
Katherine Zhu
Simon Woo, CFA
Simon Woo, CFA
Robert Cheng
Katherine Zhu
Simon Woo, CFA
Mike Yang
Katherine Zhu

NEUTRAL

UNDERPERFORM

6

Unimicron | 10 October 2026

APR - Technology Hardware Coverage Cluster
Investment rating

Company
Transsion
ZTE Corporation
ZTE Corporation

BofA Ticker
XCINF
SHZZF
ZTCOF

Bloomberg symbol
688036 CH
000063 CH
763 HK

Analyst
Robert Cheng
Katherine Zhu
Katherine Zhu

iQmethod SM Measures Definitions
Business Performance
Return On Capital Employed

Numerator
NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization

Return On Equity
Operating Margin
Earnings Growth
Free Cash Flow

Net Income
Operating Profit
Expected 5 Year CAGR From Latest Actual
Cash Flow From Operations − Total Capex

Denominator
Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill
Amortization
Shareholders’ Equity
Sales
N/A
N/A

Quality of Earnings
Cash Realization Ratio
Asset Replacement Ratio
Tax Rate
Net Debt-To-Equity Ratio
Interest Cover

Numerator
Cash Flow From Operations
Capex
Tax Charge
Net Debt = Total Debt − Cash & Equivalents
EBIT

Denominator
Net Income
Depreciation
Pre-Tax Income
Total Equity
Interest Expense

Valuation Toolkit
Price / Earnings Ratio
Price / Book Value
Dividend Yield
Free Cash Flow Yield
Enterprise Value / Sales

Numerator
Current Share Price
Current Share Price
Annualised Declared Cash Dividend
Cash Flow From Operations − Total Capex
EV = Current Share Price × Current Shares + Minority Equity + Net Debt +
Other LT Liabilities
Enterprise Value

Denominator
Diluted Earnings Per Share (Basis As Specified)
Shareholders’ Equity / Current Basic Shares
Current Share Price
Market Cap = Current Share Price × Current Basic Shares
Sales

EV / EBITDA

Basic EBIT + Depreciation + Amortization

iQ method SMis the set of BofA Global Research standard measures that serve to maintain global consistency under three broad headings: Business Performance, Quality of Earnings, and validations. The key features of

iQmethod are: A consistently structured, detailed, and transparent methodology. Guidelines to maximize the effectiveness of the comparative valuation process, and to identify some common pitfalls.
iQ database ® is our real-time global research database that is sourced directly from our equity analysts’ earnings models and includes forecasted as well as historical data for income statements, balance sheets, and cash
flow statements for companies covered by BofA Global Research.
iQ profile SM, iQ method SM are service marks of Bank of America Corporation. iQ database ® is a registered service mark of Bank of America Corporation.

Unimicron | 10 October 2026

7

Disclosures

Important Disclosures
Unimicron (UMCRF) Price Chart

The Investment Opinion System is contained at the end of the report under the heading "Fundamental Equity Opinion Key". Dark grey shading indicates the security is restricted with the opinion suspended. Medium grey
shading indicates the security is under review with the opinion withdrawn. Light grey shading indicates the security is not covered. Chart is current as of a date no more than one trading day prior to the date of the
report.

Equity Investment Rating Distribution: Electronics Group (as of 30 Sep 2026)
Coverage Universe
Count
Percent
Buy
41
65.08%
Hold
9
14.29%
Sell
13
20.63%
Equity Investment Rating Distribution: Global Group (as of 30 Sep 2026)

Inv. Banking Relationships R1
Buy
Hold
Sell

Count
20
1
7

Percent
48.78%
11.11%
53.85%

Coverage Universe
Buy
Hold
Sell

Inv. Banking Relationships R1
Buy
Hold
Sell

Count
1386
563
446

Percent
67.38%
69.85%
59.95%

Count
2057
806
744

Percent
57.03%
22.35%
20.63%

Issuers that were investment banking clients of BofA Securities or one of its affiliates within the past 12 months. For purposes of this Investment Rating Distribution, the coverage universe includes only stocks. A stock
rated Neutral is included as a Hold, and a stock rated Underperform is included as a Sell.

R1

FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicators
of potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst’s assessment of both a stock’s absolute total return
potential as well as its attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). Our investment ratings are: 1 - Buy stocks
are expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat or
increase in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment
rating of 6 (No Rating) indicates that a stock is no longer trading on the basis of fundamentals. Analysts assign investment ratings considering, among other things,
the 0-12 month total return expectation for a stock and the firm’s guidelines for ratings dispersions (shown in the table below). The current price objective for a
stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price
appreciation (depreciation).

Investment rating

Total return expectation (within 12-month period of date of initial
rating)

Ratings dispersion guidelines for coverage clusterR2

Buy
≥ 10%
≤ 70%
Neutral
≥ 0%
≤ 30%
Underperform
N/A
≥ 20%
R2
Ratings dispersions may vary from time to time where BofA Global Research believes it better reflects the investment prospects of stocks in a Coverage Cluster.
INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be
secure) and 9 - pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry,
sector, region or other classification(s). A stock’s coverage cluster is included in the most recent BofA Global Research report referencing the stock.
Price Charts for the securities referenced in this research report are available on the Price Charts website, or call 1-800-MERRILL to have them mailed.
In the US, retail sales and/or distribution of this report may be made only in states where these securities are exempt from registration or have been qualified for sale: Unimicron.
The country in which this issuer is organized has certain laws or regulations that limit or restrict ownership of the issuer's shares by nationals of other countries: Unimicron.
BofA Global Research personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America
Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overall
profitability of the Bank’s sales and trading businesses relating to the class of securities or financial instruments for which such analyst is responsible.

Other Important Disclosures
From time to time research analysts conduct site visits of covered issuers. BofA Global Research policies prohibit research analysts from accepting payment or reimbursement for travel

8

Unimicron | 10 October 2026

expenses from the issuer for such visits.
Prices are indicative and for information purposes only. Except as otherwise stated in the report, for any recommendation in relation to an equity security, the price referenced is the publicly
traded price of the security as of close of business on the day prior to the date of the report or, if the report is published during intraday trading, the price referenced is indicative of the traded
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Unimicron | 10 October 2026

9

be more or less positive than a stock's fundamental equity rating.
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Unimicron | 10 October 2026