If share price sees little action in upcycle, what else to expect?

​As we said before, 2016F could mark UMC’s third consecutive year with little or no EPS growth. 1Q16 was a good example where in general we have seen strong restocking, and yet the company was not even profitable at the operating level (granted, there was a little bit of an impact from the earthquake, but overall performance was still not very exciting). In the past, the market usually loved to play the tier-two names for greater share leverage in an upcycle, but this has not been the case f...