10.08.2001
Updated forecast points to 4Q01 uptick over 15%

• UMC's updated forecast targets revenue of NT$63.5bn and pretax loss of NT$6.4bn, both marginally above our current estimates. The new forecast points to 4Q01 revenue uptick of 17.6%, beating our expectation. The company states that the 11 September events have not led to material 4Q01 order cancellations from customers yet may prolong the downturn later into 2002. We project UMC will marginally breakeven in 2002. We remain bearish on this counter due to a lack of visibility on industry recovery.