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Garvit Bhandari

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Equity Bottom-Up

<ul>
<li>Tower's July 2026 METI-backed Japan expansion raises the 2028 model to $3.6B revenue and $1.2B net profit, from Track 1 capacity alone</li>
<li>$1.3B contracted 2027 SiPho deliveries, $290M customer prepayments, and ~$1B in Japanese government grants shift expansion risk off Tower's balance sheet</li>
<li>Based on the current market capitalization of approximately $28 billion, the shares trade at roughly 23x the company’s 2028 earnings target.</li>
</ul>


Tower's July 2026 METI-backed Japan expansion raises the 2028 model to $3.6B revenue and $1.2B net profit, from Track 1 capacity alone
$1.3B contracted 2027 SiPho deliveries, $290M customer prepayments, and ~$1B in Japanese government grants shift expansion risk off Tower's balance sheet
Based on the current market capitalization of approximately $28 billion, the shares trade at roughly 23x the company’s 2028 earnings target.


Tower Semiconductor (TSEM): Japan Expansion and Contracted Demand Support the Bull Case