{"podcast":{"title":"Charged Alpha Stock Encyclopedia","slug":"charged-alpha-stock-encyclopedia-7819792","podcast_index_feed_id":7819792,"rss_url":"https://feed.podbean.com/chargedalpha/feed.xml","website_url":"https://chargedalpha.podbean.com","image_url":"https://pbcdn1.podbean.com/imglogo/image-logo/22241603/charged_alpha_logo_2048.png","author":"Colton Thomas","episode_count":1630,"summary":"Charged Alpha reviews earnings for each stock in the Russel 1000 every quarter. Each podcast gives thorough analysis, along with an in-depth profile in the beginning of the episode of the company, what they do, how they earn money and what to look for.","last_synced_at":"2026-09-04T06:17:14.359815+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792"},"episode":{"title":"UMC (UMC): Net Income Up 161% - But Two-Thirds Wasn’t From Chips","slug":"umc-umc-net-income-up-161-but-two-thirds-wasn-t-from-chips","published_at":"2026-07-29T21:02:04+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/umc-umc-net-income-up-161-but-two-thirds-wasn-t-from-chips","show_page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792","url":"https://chargedalpha.podbean.com/e/umc-umc-net-income-up-161-but-two-thirds-wasn-t-from-chips/","audio_url":"https://mcdn.podbean.com/mf/web/8wewvkkvld1z9y0k/audio_k.mp3","summary":"United Microelectronics Corporation (UMC) Q2 2026 — United Microelectronics (UMC), Taiwan's mature-node specialty foundry, reported Q2 2026 revenue of NT$68.73B (US$2.18B, +12.6% QoQ, +17.0% YoY) at the top end of guidance, gross margin up to 32.5% from 29.2%, operating income up 32.6% to NT$14.95B on utilization of 85% and wafer shipments up 10.6%. Net income attributable of NT$42.26B was up 161% QoQ - EPS NT$3.39, or US$0.537 per ADS against a consensus of about US$0.158. But NT$30.24B of that pre-tax profit was NET NON-OPERATING INCOME, up 463% QoQ and 67% of pre-tax profit, and the earnings deck never says what it was. Core operating EPS taxed at a normal 17% is about US$0.157 per ADS - almost exactly the consensus. The entire beat was the line the company did not explain. Management also raised 2026 capex from $1.5B to $2.0B, approved roughly $5B of phased expansion across 2026-27 (Singapore P4 cleanroom plus a new Tainan fab shell), and guided depreciation to grow low-teens percent for at least two years. Our call: AVOID, 3/5, fair value $11.50 per ADS versus $17.11 - and no cell in our mid-cycle grid reaches today's price. UMC just reported net income up 161% in a single quarter and beat the analyst estimate by thirty-eight cents a share - and the stock did essentially nothing. That was not a market failure. Q2 2026 revenue was NT$68.73 billion (about US$2.18 billion), up 12.6% sequentially and 17% year over year, at the top end of guidance. Gross margin expanded from 29.2% to 32.5%. Operating income rose 32.6% to NT$14.95 billion. All of that is real. But net income attributable was NT$42.26 billion, and pre-tax profit was NT$45.19 billion - which means NT$30.24 billion, sixty-seven percent of pre-tax profit, was NET NON-OPERATING INCOME, up 463% from NT$5.4 bi…","meta_description":"United Microelectronics Corporation (UMC) Q2 2026 — United Microelectronics (UMC), Taiwan's mature-node specialty foundry, reported Q2 2026 revenue of NT$…","key_points":[],"chapters":[],"topics":[],"duration_seconds":913,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/umc-umc-net-income-up-161-but-two-thirds-wasn-t-from-chips/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/umc-umc-net-income-up-161-but-two-thirds-wasn-t-from-chips.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}