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Morningstar

GlobalWafers Co Ltd 6488

Morningstar Rating
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Stock ROCO Rating as of
TWD 519.00 +2.00 (0.39%)
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As of Delayed Price Post-Trading: TWD 520.00 +1.00
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Company Report

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GlobalWafers Earnings: Auto and Industrials Offer a Longer Window for Investors to Enter

Phelix Lee

We maintain our fair value estimate on GlobalWafers at TWD 710 despite trimming near-term forecasts. Our long-term view is unchanged, where GlobalWafers is likely to enjoy at least a few years of monopoly in US advanced wafer supply while competitors balk at new US sites. GlobalWafers is undervalued, in our view, as incrementally weaker automotive and industrial outlooks are pressuring the stock.

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Price vs Fair Value

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6488 is trading at a 848% premium.
Price
TWD 517.00
Fair Value
TWD 191.00
Uncertainty
High
1-Star Price
TWD 2,486.10
5-Star Price
TWD 424.00
Economic Moat
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Capital Allocation
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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
TWD 518.00
Day Range
TWD 515.00–520.00
52-Week Range
TWD 447.00–639.00
Bid/Ask
TWD 519.00 / TWD 520.00
Market Cap
TWD 248.14 Bil
Volume/Avg
1.0 Mil / 2.3 Mil

Key Statistics

Price/Earnings (Normalized)
14.22
Price/Sales
3.39
Dividend Yield (Trailing)
3.38%
Dividend Yield (Forward)
3.38%
Total Yield
3.41%

Company Profile

GlobalWafers is 51.14%-owned by Sino-American Silicon Products Inc, 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 7,000 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
688126
SOI
Price/Earnings (Normalized)
 14.22466.0817.28
Price/Book Value
 3.432.662.75
Price/Sales
 3.3911.353.98
Price/Cash Flow
 10.99—13.11
Price/Earnings
6488
688126
SOI

Financial Strength

Metric
6488
688126
SOI
Quick Ratio
 1.202.642.72
Current Ratio
 1.393.403.51
Interest Coverage
 31.01−2.7714.58
Quick Ratio
6488
688126
SOI

Profitability

Metric
6488
688126
SOI
Return on Assets (Normalized)
 8.73%−0.48%9.76%
Return on Equity (Normalized)
 25.08%−0.89%17.64%
Return on Invested Capital (Normalized)
 12.25%−0.71%12.11%
Return on Assets
6488
688126
SOI
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