Winning more CSP projects; upgrade to OW

研报英文原文证据摘录

Winning more CSP projects; upgrade to OW

Idea

June 24, 2026 07:05 AM GMT

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

Equity Analyst

Winning more CSP projects; Charlie.Chan@morganstanley.comDaniel Yen, CFA +886 2 2730-1725

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

upgrade to OW Morgan Stanley Asia Limited+

Daisy Dai, CFA

What’s Changed Equity Analyst

Global Unichip Corp (3443.TW) From To Daisy.Dai@morganstanley.com +852 2848-7310

Rating Equal-weight Overweight

Morgan Stanley Taiwan Limited+

Price Target NT$4,888.00 NT$5,688.00

Tiffany Yeh

The company’s partnership with TSMC in CPO should also Tiffany.Yeh@morganstanley.com +886 2 7712-3032

strengthen its position in the future AI ASIC design service for LucasResearch WangAssociate

the US CSPs. We raise our price target to NT$5,688. Lucas.Wang@morganstanley.com +886 2 2730-2875

GUC 60k CoWoS booking at TSMC likely related to new CSP project design wins:

Our latest AI supply chain tracker noted that GUC booked 60k CoWoS wafers with

TSMC for 2027. We believe this should relate to new CSP design wins since none of

GUC's existing projects would request such significant CoWoS demand. We note

that GUC has been actively engaging potential new customers including Meta Global Unichip Corp (3443.TW, 3443 TT)

(MTIA) and/or another US CSP (AI accelerator). Assuming 10–20 chips per CoWoS Greater China Technology Semiconductors | Taiwan

Stock Rating Overweight

wafer, we now forecast additional revenue from these projects of US$500-600mn

Industry View Attractive

for 2H27 and US$1.5-1.6bn for 2028. Price target NT$5,688.00

Up/downside to price target (%) 17

CPO could serve as potential upside in the following years: GUC announced its Shr price, close (Jun 24, 2026) NT$4,880.00