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Sino-American Silicon Products Inc 5483

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Stock ROCO Rating as of
TWD 173.00 −3.00 (1.70%)
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As of Delayed Price Closed

Company Report

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

Phelix Lee

Sino-American Silicon Products Inc., or SAS, has 51% stake in GlobalWafers, which 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 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 in 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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5483 is trading at a 745% premium.
Price
TWD 173.00
Fair Value
TWD 185.00
Uncertainty
High
1-Star Price
TWD 583.45
5-Star Price
TWD 626.00
Economic Moat
Prprwwz
Capital Allocation
Zwxqxgr

Bulls Say, Bears Say

Bulls

SAS’ 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 176.00
Day Range
TWD 173.00–177.50
52-Week Range
TWD 155.50–244.50
Bid/Ask
TWD 173.00 / TWD 173.50
Market Cap
TWD 110.93 Bil
Volume/Avg
4.9 Mil / 3.7 Mil

Key Statistics

Price/Earnings (Normalized)
13.54
Price/Sales
1.25
Dividend Yield (Trailing)
5.09%
Dividend Yield (Forward)
5.09%
Total Yield
5.09%

Company Profile

Founded in 1981, Sino-American Silicon Products Inc., or SAS, is a holding company specializing in the semiconductor industry. Its crown jewel is its 47% stake in silicon wafer producer GlobalWafers, which was carved out in 2011. GlobalWafers runs 17 production sites in nine countries across Asia, North America, and Europe. Other notable investments include Advanced Wireless Semiconductor Company, or AWSC, and Taiwan Specialty Materials. SAS started selling renewable energy to power grids in October 2022. SAS is headquartered in Hsinchu, Taiwan. SAS employs more than 8,000 people through its subsidiaries. Through GlobalWafers, SAS had nearly 18% market share in silicon wafers in 2023.
Sector
Technology
Industry
Semiconductor Equipment & Materials
Stock Style Box
Mid Core
Total Number of Employees
403
Website
https://www.saswafer.com

Competitors

Valuation

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Metric
5483
3436
688126
Price/Earnings (Normalized)
 13.5420.22—
Price/Book Value
 2.410.913.16
Price/Sales
 1.251.3413.17
Price/Cash Flow
 3.795.08113.80
Price/Earnings
5483
3436
688126

Financial Strength

Metric
5483
3436
688126
Quick Ratio
 1.121.242.10
Current Ratio
 1.302.442.77
Interest Coverage
 36.1224.15−4.18
Quick Ratio
5483
3436
688126

Profitability

Metric
5483
3436
688126
Return on Assets (Normalized)
 8.98%4.08%−2.14%
Return on Equity (Normalized)
 53.88%7.71%−4.12%
Return on Invested Capital (Normalized)
 13.48%4.98%−2.33%
Return on Assets
5483
3436
688126

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