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GlobalWafers Co Ltd 6488

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Company Report

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GlobalWafers Faces Slower Recovery Than Expected Due to Automotive and Industrial Weakness

Phelix Lee

GlobalWafers grew to become the third-largest semiconductor silicon wafer producer via more aggressive expansion than peers. It is the only wafer producer to operate factories in Europe, Asia, and the US. Such a diversified footprint is profitable due to a combination of having customers in all three regions and the firm’s track record to acquire distressed competitors during previous industry troughs. We view GlobalWafers’ new plant in Texas as a continuation of its boldness, and it will offer faster and more reliable supply to customers like Samsung and Texas Instruments.

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Price vs Fair Value

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6488 is trading at a 347% premium.
Price
TWD 450.00
Fair Value
TWD 498.00
Uncertainty
High
1-Star Price
TWD 133.00
5-Star Price
TWD 147.00
Economic Moat
Pxtljn
Capital Allocation
Gxrpytzd

Bulls Say, Bears Say

Bulls

GlobalWafers’ diversified geographical presence gives it an edge in transportation costs.

Bears

Chinese entrants like National Silicon Industry Group will limit industry profitability once they scale up 300mm wafer production.

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
13.33
Price/Sales
3.16
Dividend Yield (Trailing)
4.22%
Dividend Yield (Forward)
4.22%
Total Yield
4.22%

Company Profile

GlobalWafers is 46.64%-owned by Sino-American Silicon Products, after being spun off in 2011. The main source of the company’s revenue is selling silicon wafers to chipmakers like Taiwan Semiconductor and Texas Instruments. It also derives sales from nonsilicon wafers and green energy. GlobalWafers runs 17 production sites in nine countries across Asia, North America, and Europe. GlobalWafers is headquartered in Hsinchu, Taiwan, and employs over 7,300 people. GlobalWafers had nearly 18% market share in silicon wafers in 2023.
Sector
Technology
Industry
Semiconductors
Stock Style Box
Large Core
Total Number of Employees
657
Website
https://www.sas-globalwafers.com

Competitors

Valuation

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Metric
6488
3436
688126
Price/Earnings (Normalized)
 13.3321.58—
Price/Book Value
 2.370.973.96
Price/Sales
 3.161.4316.46
Price/Cash Flow
 9.675.42142.28
Price/Earnings
6488
3436
688126

Financial Strength

Metric
6488
3436
688126
Quick Ratio
 1.191.242.10
Current Ratio
 1.352.442.77
Interest Coverage
 24.6524.15−4.18
Quick Ratio
6488
3436
688126

Profitability

Metric
6488
3436
688126
Return on Assets (Normalized)
 7.76%4.08%−2.14%
Return on Equity (Normalized)
 21.52%7.71%−4.12%
Return on Invested Capital (Normalized)
 10.33%4.98%−2.33%
Return on Assets
6488
3436
688126

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