Refreshed semi wafer cycle and material: Continued improvement in semi wafer supply/demand dynamics; new SiC opportunity in sight

研报英文原文证据摘录

Refreshed semi wafer cycle and material: Continued improvement in semi wafer supply/demand dynamics; new SiC opportunity in sight

Global Markets Research

GlobalWafers 6488.TWO 6488 TT 30 June 2026

EQUITY: TECHNOLOGY

Refreshed semi wafer cycle and material RatingRemains Buy

Continued improvement in semi wafer supply/demand Target price

Increased from TWD 1,200.00dynamics; new SiC opportunity in sight TWD 850.00

Closing price

Action: maintain Buy and raise TP to TWD1,200, implying 28% upside 26 June 2026 TWD 936.00

In our Anchor Report of May 2026, “Greater China Semi - A guide to Semi renaissance in

2026-30F,” we highlighted a variety of emerging semiconductor technologies for 2027F, Implied upside +28.2%

such as wafer-bonded NAND, backside power deliver (BPD), and photonics SOI demand,

and noted that improving semiconductor wafer supply/demand dynamics had us believe that Market Cap (USD mn) 14,033.5

some related supply-chain names including Globalwafers (GWC) could be among the key ADT (USD mn) 161.7

beneficiaries of such technologies. We see potential upside for GWC’s fundamentals in the

near and long term, including: (1) continued improvement in the semiconductor wafer cycle Relative performance chart

and pricing environment; and (2) SiC possibly acting as an emerging new material in

advanced packaging toward 2028F. We thus raise our TP for GWC to TWD1,200 (from

TWD850), based on 4.8x 2028F BVPS of TWD252 (previously 3.2x 2028F BVPS). We raise

our 2026-28F earnings by 11-41%. The stock is trading at 3.7x 2028F BVPS of TWD252.

Semi wafer supply/demand: rising demand with continuously improving spot price

In our previously published reports (link 1 , link 2 ), we had indicated some bottom-up