Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The sales in January 2024 were the lowest during the period of 2022-2024, indicating a likely downtrend for the first quarter of 2024.</li>
<li>Demand is expected to be flat or slightly increase in 2Q24F for GlobalWafers, which is encouraging.</li>
<li>The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.</li>
</ul>


The sales in January 2024 were the lowest during the period of 2022-2024, indicating a likely downtrend for the first quarter of 2024.
Demand is expected to be flat or slightly increase in 2Q24F for GlobalWafers, which is encouraging.
The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.


GlobalWafers (6488.TT): 1Q24F Is a Down Quarter; Anticipating a Much Better Growth Rate in 2025F.

<ul>
<li>The sales of Jan 2024F were the lowest during 2022-2024F, indicating a likely downtrend for 1Q24F.</li>
<li>Demand is expected to remain sluggish in 2Q24F, potentially resulting in decreased raw wafer demand for Logic and Memory in 2Q24F.</li>
<li>The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.</li>
</ul>


The sales of Jan 2024F were the lowest during 2022-2024F, indicating a likely downtrend for 1Q24F.
Demand is expected to remain sluggish in 2Q24F, potentially resulting in decreased raw wafer demand for Logic and Memory in 2Q24F.
The market for 12" raw wafers is expected to have a more stable demand-supply balance, while raw wafers of 8” and smaller sizes could experience reduced demand in 1H24F.


Globalwafers (6488.TT): The Revenue Is Expected to Improve in 2H24F

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>On May 5, 2026, GlobalWafers (6488.TW) reported Q1 2026 revenue of NT$13.98 billion, down 3.6% quarter-on-quarter from Q4 2025’s NT$14.50 billion, and down 10.3% year-on-year from Q1 2025’s NT$15.60 billion.</li>
<li>Gross margin was 20.8%, a 4.9 percentage point sequential decline from Q4 2025’s 25.7%, driven by three distinct and largely non-recurring factors</li>
<li>GlobalWafers now provides simulated financials to show what the numbers would be if they hadn’t gone ahead with their expansion plans. Go figure!</li>
</ul>


On May 5, 2026, GlobalWafers (6488.TW) reported Q1 2026 revenue of NT$13.98 billion, down 3.6% quarter-on-quarter from Q4 2025’s NT$14.50 billion, and down 10.3% year-on-year from Q1 2025’s NT$15.60 billion.
Gross margin was 20.8%, a 4.9 percentage point sequential decline from Q4 2025’s 25.7%, driven by three distinct and largely non-recurring factors
GlobalWafers now provides simulated financials to show what the numbers would be if they hadn’t gone ahead with their expansion plans. Go figure!


GlobalWafers Q1 2026. May Be Viewed As A Relatively Low Point In The Current Cycle !

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

AP Memory Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT)</a>  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



AP Memory Technology (6531 TT)  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: AP Memory Technology GDR Offering - Well Flagged US$422m GDR

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>Record 300mm shipments, three loss-makers: ¥134bn of depreciation — not demand — is the entire gap; it peaks in FY2026 and mechanically rolls to ¥90bn by FY2028.</li>
<li>China has won 200mm and is contesting mature-node 300mm; at the leading edge — where the profit pool sits — no Chinese supplier is qualified below 14nm.</li>
<li>
Constructive on the sector: SUMCO top pick BULLISH ¥4,200 (9.0x FY2028E EBITDA), Shin-Etsu BULLISH ¥7,300 (11.5x FY2027E EBITDA), GlobalWafers NEUTRAL NT$920, Siltronic BEARISH €76. </li>
</ul>


Record 300mm shipments, three loss-makers: ¥134bn of depreciation — not demand — is the entire gap; it peaks in FY2026 and mechanically rolls to ¥90bn by FY2028.
China has won 200mm and is contesting mature-node 300mm; at the leading edge — where the profit pool sits — no Chinese supplier is qualified below 14nm.

Constructive on the sector: SUMCO top pick BULLISH ¥4,200 (9.0x FY2028E EBITDA), Shin-Etsu BULLISH ¥7,300 (11.5x FY2027E EBITDA), GlobalWafers NEUTRAL NT$920, Siltronic BEARISH €76. 


Silicon Wafer Industry Handbook: Primer, Cycle Framework and the 300mm Valuation Map

Taiwan

Globalwafers Co., Ltd. specializes in silicon wafer manufacturing and also provides solar wafers and crystal rods. The Company possesses a complete production line from ingot growth, slicing, etching, diffusion, polishing to epitaxy. Their products include Epi wafers, polished wafers, etched wafers, ultra thin wafers and deep diffusion wafers.

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Globalwafers (6488 TT)