SUMCO Corp

3436: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Silicon Wafer Producers End 2024 With a Whimper, but Long-Term Outlook and Expansion Plans Unchanged

Phelix Lee

Nov 11, 2024

We keep our fair value estimates on GlobalWafers, its parent Sino-American Silicon, Sumco, and National Silicon Industry Group, at TWD 620, TWD 255, JPY 1,760, and CNY 3.70 per share, respectively. Because of lower-than-expected utilization, we have cut our 2024 gross margin and EPS forecasts for all these names but leave our afteryears forecasts intact. All wafer names except NSIG are undervalued as we believe the market is still split on the outlook of automotive and industrial semiconductor demand and underestimates the boost on wafer demand from artificial intelligence applications.

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United States

SUMCO Corp

Silicon Wafer Producers End 2024 With a Whimper, but Long-Term Outlook and Expansion Plans Unchanged

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