Vanguard International Semiconductor Corp. Strong 12” expansion, more AI revenues and further 8” price hikes; Stay OW and raise PT to NT$220

研报英文原文证据摘录

Vanguard International Semiconductor Corp. Strong 12” expansion, more AI revenues and further 8” price hikes; Stay OW and raise PT to NT$220

Gokul Hariharan AC Asia Pacific Equity Research

(852) 2800-8564 23 June 2026 J P M O R G A N

gokul.hariharan@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

We rate VIS OW, supported by strong AI-driven revenue growth

on the back of robust demand for AI power semiconductors and

incremental CoWoS interposer outsourcing from TSMC. We

now expect VIS’s AI revenue exposure to reach 30% by 2028,

up from mid-teens currently. We also see robust 8" demand for

AI power semis and industrial power (5–15% price hikes already

implemented in 1H26) and anticipate a second round of price

hikes in 2H26, extending to consumer products. Despite some

potential GM dilution in the early stage of the Singapore Fab

YTD 1m 3m 12m ramp, we expect VIS to announce its second 12" Fab (Phase 2)

Abs 107.9% 18.2% 65.1% 105.0% in Singapore soon, with an additional 40k wfpm capacity, given

Rel 43.1% 5.3% 22.8% -14.7%

strong demand for non-Greater China 12" wafers, and

Company Data technology support from TSMC.

Shares O/S (mn) 1,639

Valuation52-week range (NT$) 201.50-87.60

Market cap ($ mn) 9,661 Our Jun-27 PT of NT$220 is based on a 25x P/E. This multiple

Exchange rate 31.64 is higher than the five-year average multiple due to better Power

Free float (%) 62.2%

3M ADV (mn) 34.04 Management demand and rising 8” utilization.

3M ADV ($ mn) 166.3

Volatility (90 Day) 74

Index TAIEX Performance Drivers

BBG ANR (Buy | Hold | Sell) 13|8|0

Key Metrics (FYE Dec)

NT$ in millions FY25A FY26E FY27E FY28E

Financial Estimates

Revenue 48,591 58,873 74,971 100,861

Adj. EBIT 7,774 11,965 13,212 22,382

Adj. EBITDA 16,326 22,149 29,783 44,748