Global Unichip Corp: Upside well underappreciated; upgrade to Buy

研报英文原文证据摘录

Global Unichip Corp: Upside well underappreciated; upgrade to Buy

Global Markets Research

Global Unichip Corp 3443.TW 3443 TT 2 August 2026

EQUITY: FABLESS

RatingUpside well underappreciated; upgrade to Buy Up from Neutral Buy

Google CPU alone could be USD3.8bn business opportunity in 2027, nearly as big as Target price

TWD 5,800.002027 consensus estimate for the whole company, not to mention other big CSP projects IncreasedTWD 4,600.00from

Upgrade to Buy from Neutral with a higher TP of TWD5,800, implying 52% upside Closing31 July 2026price TWD 3,805.00

We recommended a trading buy call on GUC from Nov2025 given our view that the change of

business model (from GPM sensitive to maximizing business opportunities in project selection) Implied upside +52.4%

would drive significant sales upside (but meaningful GPM downtrend), particularly when GUC got

the Google CPU and US EV maker’s AI business opportunities. With the share price correcting by Market Cap (USD mn) 15,775.6

34% from its May 2026 peak, vs. TAIEX up 3% (following a 263% rally from Nov-2025), we notice ADT (USD mn) 360.9

that overall business visibility has improved, while the valuation has turned favorable again, in our

view – both of which are important factors behind our upgrade to Buy. Our view is simple: the Relative performance chart

Google CPUs “revenue opportunities” for GUC in 2027 is significantly underappreciated by

consensus, not to mention that GUC also has the US EV maker’s AI business opportunities (the

business upside from which, as per Elon Musk’s many comments, could be significant) from 2H26.

At the company’s 31 July earnings meeting, the new Chairlady (first time attending the earnings

meeting) did not deny the company’s opportunity in Google’s TPU (which from our industry survey