National Silicon Industry Group Co Ltd Class A

688126: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥8.80	Ntz	Ydd

National Silicon Earnings: Abysmal Quarter and Investment Losses Limit Options for Expansion

Phelix Lee

Apr 29, 2024

We maintain our fair value estimate for no-moat National Silicon Industry Group, or NSIG, at CNY 3.70 per share after the firm reported disappointing first-quarter results. The letdown is a reminder that aggressive capital expenditure is not enough to chip away leaders’ market share in faster-growing high-performance computing and artificial intelligence applications. Taiwan peers GlobalWafers and its parent Sino-American Silicon Products remain our picks in the sector.

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