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Global Unichip
2026 Taiwan Summit: CPU momentum and ADAS projects support 2027F outlook
FY26 revenue outlook revised higher on improved wafer support
GUC attended our 2026 Taiwan Summit on Sep 14th. August revenue of NT$5,840mn (+1%MoM/+111%YoY) is tracking above at 73%/75% of UBSe/Street +15%/+11% QoQ. Following better-than-expected wafer support from TSMC, management raised its FY26 revenue growth guidance from 36% YoY to approximately 100% in late-July, with turnkey revenue expected to grow by over 100% and NRE revenue by high teens %. Management maintained its 2026 corporate GM target of 20%+, despite rising revenue contribution from its top CPU customer. OPEX is expected to increase by high teens % YoY, due to the new Turing center and higher employee bonuses, but strong revenue growth should still drive meaningful operating leverage.
CPU project supports near-term growth and deepen CSP engagement
CPU turnkey project for the top CSP remains the main growth driver in H226F, supported by increased wafer allocations for both the CPU project and GUC's other top customers. While the current CPU project carries a relatively lower margin given leading CSP's extensive in-house design efforts, it has also strengthened GUC's customer relationships. This has helped it secure the next-generation dual-die CPU project, which carries higher content and ASP and should see initial revenue from late-2026 with more significant revenue contribution in 2027E. GUC is also pursuing ASIC accelerator opportunities with the top CSP customer and the other major CSPs, although management does not expect meaningful turnkey revenue before 2028.
Broader customer exposure supports medium-term growth
Beyond the current CPU ramp, GUC sees incremental growth opportunities across ADAS, other CSP CPU/ASIC business, and CPO. Chinese customers' ADAS turnkey revenue is expected to begin in late 2026F, followed by a its U.S. 3nm ADAS project in H227F, with both carrying higher margins than the current CPU program, although the U.S. customer's ramp will depend on TSMC's capacity support. For the other CSP customer, management expects revenue contribution from both CPU and ASIC to begin in H226F and could become another key revenue driver in 2027. It is also working with this CSP customer for Gen 3 and bidding on Gen 4 project. Although CPO remains at an early stage, GUC and its partners plan for tape out on TSMC's COUPE by end-2026, offering longer-term margin support given GUC's greater involvement in chip design.
Valuation: Maintain Buy rating with a P/E-based price target of NT$6,700
We rate GUC BUY with a PT of NT$6,700, based on 50x average 2027-28E EPS (vs historical 15-62x range), supported by 52% CAGR in earnings over 2025-30E. We reiterate that GUC should benefit from Google CPU upside and multiple automotive project ramps.
| Highlights (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
|---|---|---|---|---|---|---|---|---|
| Revenues | 26,241 | 25,044 | 34,141 | 64,972 | 119,701 | 170,824 | 227,625 | 241,043 |
| EBIT (UBS) | 3,969 | 3,803 | 4,350 | 8,728 | 16,755 | 24,846 | 31,849 | 34,386 |
| Net earnings (UBS) | 3,508 | 3,451 | 3,770 | 7,774 | 14,485 | 21,396 | 27,613 | 30,163 |
| EPS (UBS, diluted) (NT$) | 26.19 | 25.75 | 28.13 | 58.01 | 108.09 | 159.66 | 206.05 | 225.08 |
| DPS (net) (NT$) | 13.99 | 14.00 | 16.00 | 20.00 | 25.00 | 30.00 | 35.00 | 40.00 |
| Net (debt) / cash | 7,638 | 10,427 | 6,650 | 9,390 | 6,981 | 24,334 | 31,438 | 63,252 |
| Profitability/valuation | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| EBIT (UBS) margin% | 15.1 | 15.2 | 12.7 | 13.4 | 14.0 | 14.5 | 14.0 | 14.3 |
| ROIC (EBIT)% | 320.5 | 261.3 | 122.0 | 117.1 | 108.7 | 111.9 | 105.7 | 99.6 |
| EV/EBITDA (UBS core) x | 38.2 | 38.6 | 35.0 | 88.7 | 48.2 | 32.7 | 25.3 | 23.0 |
| P/E (UBS, diluted) x | 52.1 | 52.1 | 48.9 | NM | 59.2 | 40.1 | 31.1 | 28.4 |
| Equity FCF (UBS) yield% | 2.2 | 3.0 | (1.3) | 0.4 | 0.2 | 2.5 | 1.4 | 4.4 |
| Dividend yield (net)% | 1.0 | 1.0 | 1.2 | 0.3 | 0.4 | 0.5 | 0.5 | 0.6 |
Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share price of NT$ 6,400.00 on 14-Sep-2026
| Equities | Equities |
|---|---|
| Taiwan | Taiwan |
| Semiconductors | Semiconductors |
| 12-month rating | Buy |
| 12m price target | NT$6,700.00 |
| Price (14 Sep 2026) | NT$6,400 |
| RIC: 3443.TW BBG: 3443 TT | RIC: 3443.TW BBG: 3443 TT |
| Trading data and key metrics | Trading data and key metrics |
| 52-wk range | NT$6,400.00-1,255.00 |
| Market cap. | NT$857b/US$27.0b |
| Shares o/s | 134m (ORD) |
| Free float | 64% |
| Avg. daily volume ('000) | 2,180 |
| Avg. daily value (m) | NT$10,729.6 |
| Common s/h equity (12/26E) | NT$18.0b |
| P/BV (12/26E) | 47.5x |
| Net debt to EBITDA (12/26E) | NM |
| EPS (UBS, diluted) (NT$) | EPS (UBS, diluted) (NT$) |
| UBS | Cons. |
| 12/26E 58.01 | 51.22 |
| 12/27E 108.09 | 111.22 |
| 12/28E 159.66 | 169.90 |
Jerry Su
Analyst jerry.su@ubs.com +886-28-722 7306
Annie Chen
Associate Analyst annie.chen@ubs.com +886-2-8722 7281
Forecast returns
| Forecast price appreciation | 4.7% |
|---|---|
| Forecast dividend yield | 0.3% |
| Forecast stock return | 5.0% |
| Market return assumption | 6.3% |
| Forecast excess return | -1.3% |
Company Description
Global Unichip (GUC) is a leading IC design service company in Taiwan, founded in 1998. The company's business is to design chipsets for customers that do not have IC design capability, with the goal of reducing entry barriers and risks for chipset design and shortening the time to market. The company's target to enable more IC design for start-ups and system companies is complimentary with TSMC, which would benefit from a growing customer and application base, in addition to the company's existing IC design and IDM customers.
Valuation Method and Risk Statement
We value Global Unichip based on a PE methodology. Downside risks include a slower-than-expected business recovery for mature node, lack of new project wins, and wafer capacity constraints.
Quantitative Research Review
UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research Team on the email above.
Global Unichip
| Question | Response |
|---|---|
| 1. Is the industry structure facing the firm likely to improve or deteriorate over the next six months? Rate on a scale of 1-5 (1 = getting worse, 3 = no change, 5 = getting better, N/A = no view) | 4 |
| 2. Is the regulatory/government environment facing the firm likely to improve or deteriorate over the next six months? Rate on a scale of 1-5 (1 = getting tougher 3 = no change, 5 = getting better, N/A = no view) | 3 |
| 3. Over the last 3-6 months in broad terms have things been improving/no change/getting worse for this stock? Rate on a scale of 1-5 (1 = getting a lot worse, 3 = not much change, 5 = getting a lot better, N/A = no view) | 4 |
| 4. Relative to the current CONSENSUS EPS forecast, is the next company EPS update likely to lead to: (1 = negative surprise vs consensus, 3 = in-line with consensus, 5 = positive surprise vs consensus expectations, N/A = no view) | 4 |
| 5. What's driving the difference? | |
| 6. Relative to YOUR current earnings forecast, is there relatively greater risk at the next earnings result of:(1 = downside skew risk to earnings, 3 = equal upside or downside risk to earnings, 5 = upside skew risk to earnings, N/A = no view) | 4 |
| 7. What's driving the difference? | |
| 8. Is there an upcoming catalyst for the company over the next three months? | Positive Catalyst |
| 9. Is there an actual or approximate date for the catalyst? | |
| 10. Is the catalyst date an actual or approximate date? | N/A |
| 11. What is the catalyst? |
Required Disclosures
This document has been prepared by UBS Securities Pte. Ltd., Taipei Branch, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates, including former Credit Suisse AG and its subsidiaries, branches and affiliates are referred to herein as "UBS".
For information on the ways in which UBS manages conflicts and maintains independence of its UBS Global Research product; historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms and conditions for certain third party data used in research report, please visit https://www.ubs.com/disclosures. Unless otherwise indicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterly reports and other company announcements. The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principal in the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 14 September 2026 04:52 PM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts where those department members publish research principally on the analysis of the price or market for a derivative, and provide information reasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts co-author research reports with Equity Research Analysts or Economists, the Derivatives Research Analyst is responsible for the derivatives investment views, forecasts, and/or recommendations. Quantitative Research Review: UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For the latest responses, please see the Quantitative Research Review Addendum at the back of this report, where applicable. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https:// neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubsquant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research team on the email above.