GlobalWafers Co Ltd

6488: ROCO (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 854.00	Zystmn	Smmsntdp

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

Phelix Lee

May 7, 2024

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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