報告_UBS_創意3443_20260730

PDF 原檔：報告_UBS_創意3443_20260730_original.pdf

圖片清單（已驗證 2026-07-31）

原始內容

Fast Take

Global Unichip

Headline

GUC posted Q2 EPS of NT$11.61, ahead of upwardly revised UBSe and consensus due to operating leverage.

Our Take

Q226 GM came in at 21.5%, down 5.7 ppts QoQ, in line with UBSe/VA's ~22% likely due to higher sales mix from advanced node projects for both NRE and turnkey, in our view. GUC will host a physical result meeting tomorrow at 2pm TW time.

Jerry Su

Analyst jerry.su@ubs.com +886-28-722 7306

Annie Chen

Associate Analyst annie.chen@ubs.com +886-2-8722 7281

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$ 3,460.00 on 30-Jul-2026

Forecast returns

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.

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".

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