Global Unichip Corp: Samsung foundry design service competition creates market share concern; downgrade to EW

研报英文原文证据摘录

Global Unichip Corp: Samsung foundry design service competition creates market share concern; downgrade to EW

Idea

May 28, 2026 12:34 PM GMT

Morgan Stanley Taiwan Limited+MGlobal Unichip Corp | Asia Pacific Charlie Chan

Equity Analyst

Samsung foundry design service Charlie.Chan@morganstanley.comDaniel Yen, CFA +886 2 2730-1725

Daniel.Yen@morganstanley.com +886 2 2730-2863

competition creates market Morgan Stanley Asia Limited+

Daisy Dai, CFA

Equity Analystshare concern; downgrade to Daisy.Dai@morganstanley.com +852 2848-7310

Morgan Stanley Taiwan Limited+EW Tiffany Yeh

What’s Changed Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Global Unichip Corp (3443.TW) From To Lucas Wang

Rating Overweight Equal-weight Research Associate

Lucas.Wang@morganstanley.com +886 2 2730-2875

Despite robust CPU demand over the next few years, Morgan Stanley Asia Limited+

Ethan Jia

competition has risen from other foundry peers. Downgrade to Research Associate

EW after the share price rally. Ethan.Jia@morganstanley.com +852 3963-2287

Global Unichip Corp (3443.TW, 3443 TT)

1) Tesla AI chip market share gets diluted by Samsung foundry: GUC stock fell

Greater China Technology Semiconductors | Taiwan

10% today (vs. Taiex -2%). Investors are concerned about potential competition/

Stock Rating Equal-weight

share loss for GUC's existing projects/customers. Given leading-edge capacity Industry View Attractive

shortages and higher TSMC wafer costs, our recent industry checks show that the Price target NT$4,888.00

Up/downside to price target (%) 6

AI5 packaging configuration could shift from two AI5 chips to one AI5 plus a co- Shr price, close (May 28, 2026) NT$4,590.00

packaged backup AI4 built on Samsung 5nm. What’s more, both Samsung and Intel 52-Week Range NT$5,950.00-

1,030.00