Sino-American Silicon Products Inc

5483: ROCO (TWN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	TWD 788.00	Yxjcrtx	Rqjrwpwg

SASP Earnings: Solar Segment Outlook Highly Uncertain; Resilient Semiconductor Performance

Phelix Lee

May 13, 2024

We maintain our fair value estimate for Sino-American Silicon Products at TWD 281 per share after aligning our forecasts with its subsidiary GlobalWafers. SASP is our top pick in the semiconductor silicon wafer sector as it trades at a more than 25% discount to GlobalWafers. Compared with other peers, it is likely to enjoy a monopoly in the US once its new plant in Texas is completed in 2025.

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