저자: JoseNajarro · 외국인
요약 보기
글로벌파운드리(GFS)는 TSMC보다 작지만 특정 제품군에서 경쟁력이 있는 파운드리 기업으로 소개됨. 2분기 매출 약 19.4억달러(전분기比 5%↑, 전년比 크게 증가), 조정 매출총이익률 약 25%, 조정EBITDA 마진 약 36%. 현금 약 32억달러로 부채(장기 약 18억달러)보다 많고 영업현금흐름 흑자. 국방·데이터센터·AI 관련 파트너십(브로드컴, 마벨, 엔비디아 협업 등) 강조. 발표자는 매수 버튼은 아직 누르지 않았지만 주시하겠다고 함.
다듬은 글
so today we're going to take a closer look at the kind of manufacturing aspect of semiconductors and no it's not going to be tsm but it's definitely one of the top five players in this base and later on i'm actually going to do a video of tsm versus this company because they both have their bullish reasons to own and ing for a lot of great links and also my today we're taking a closer look at global foundries traded under the nasdaq as ticker gfs right now sitting at a price point of 45.42 and with a market cap of 24.5 billion we can see this is a company that's much smaller compared to one the number one in the space which is tsm and this is also does not pay a dividend so jose what's the point of investing in this company and that's we're gonna find out all right so like i mentioned global foundries is one of the top five global foundries and forms of revenue it's actually number four its most recent quarter came in with about 1.94 billion dollars and that was up five percent quarter over a quarter it was also up dramatically year over year right now this does have market share of 5.9 for kind of reference the number three has 6.9 number two has 16.3 and number one which is tsmc holds the majority of the market with 53.6 percent but just because it's not as big as tsmc does not mean it doesn't have a place in this market i do want to say sometimes when we think about the manufacturing and semiconductors we believe it's a one winner take all but semiconductors are made in different ways different sizes and for different reasons so there might be certain strengths where obviously tsmc is a lot stronger but global foundries that definitely has certain products that have an advantage compared to some of those other foundries so pretty much what i'm trying to say is certain customers would go to taiwan semiconductors for certain products and certain other customers would go to global foundries for other products it does just because they focus on the manufacturing doesn't mean they are true competitors and one of those reasons is global foundries a few years ago mentioned that they are no longer focusing in advanced kind of technology notes which is those smaller chips work tsm is very very popular for for example this article by tech power up mentions that global foundries is one of the major wave wave foundries in the united states global foundries has helped produce made in america chips for national security and aerospace related applications for many years and we're going to take a closer look at some recent press release this is something that has kind of continued to be a push for this company if we take a closer look at their locations we can see the manufacturing centers and trusted foundries are located here in the united states some in the east coast but they also obviously have manufacturing centers in countries like singapore and in europe as well and i do believe this is very important because a lot of countries are trying to diversify their exposure of semiconductors in certain markets and they want to become more independent or more kind of chips made in their own country so it is pretty cool to see foundries being in different locations now if we take a closer look at their most recent revenue we can see wafer shipments increase 14 year-over-year revenue increased 37 year-over-year and their adjusted ebitda and margins did increase dramatically uh we can see their margins on adjusted ebitda was about 36 percent this most recent quarter where at the same time last year was about 20.7 and i am going to take a closer look at where they're seeing some of these margin improvements in a bit but before that i want to take a closer look at some revenue trend we can see quarter over quarter this company has continuous in growth in revenue of course the chip shortage is a strong reason for that but the chip shortage is something that's continuing to happen with things like data centers artificial intelligence machine learning autonomous driving and the list goes on and on if we take a closer look their adjusted gross margins have also increased dramatically about a year ago it was around seven percent now they're pushing about 25.3 and they are growing over time during their most recent earnings call they do mention that one of the main reasons for this kind of growth in gross profit margins is because the foundry business is a business that's technically very fixed cost right or everything is a bulk load when investing in the equipment investing in the foundry that comes at the beginning but during a shortage like we're seeing today you kind of see the increase of average sale prices go up you also see demand going up you also see longer pricing contracts happening in the business and all those are are increasing over time while at the same time the cost of to kind of produce all these items stay at a nearly fixed rate or very very marginally increase so this is one of the major reasons why gross margins continue to go up management does believe that it's going to stay within this kind of mid 20s to low 20s in the long term of things so we can see we won't expect much more growth margin expansion in the long term of things now i want to take a closer look at the revenue mix by end market and this is when i first looked at it it looked a bit scary and this is why i kind of do a little bit of research in the back end we can see 50 of their most recent quarter the revenue came from smart mobile devices 17 came in came from communication infrastructures and data centers and way too i mentioned who are some of the data centers they're partnering up let me just say it's one of my favorite companies at the moment another 17 comes from home and industrial internet of things robotics is definitely an important market that i believe is continuing to grow four percent comes from automotive two percent comes from personal computing 10 comes from non-wafer and some form of other businesses this could be kind of their designs revenue which they do kind of help other companies design chips as well so the first thing i want to say i'm happy that they're only two percent in personal computing personal computing is a very consumer based product and during the times that we're in right now with the macro economics we know consumer spending is kind of in the decreasing mode so i'm glad that they have low exposure here but then you might be like jose they have 50 in smart mobile devices well they do mention that most of these smart mobile devices are in the higher tier system and these high tier systems don't usually see that trend in the that the consumer market hits they have very very low exposure in the lower end of mobile devices which tend to kind of get hit with the consumer spending kind of fluctuation in their most recent earnings they mentioned that yes they are probably seeing a bit of a slowdown here in the mobile devices but because they are not exposed to the lower end mobile devices then it means that they are not seeing that kind of slowdown that some other foundries might be experiencing next they do give us guidance for the upcoming quarter it does show a very very small quarter over quarter growth but they do maintain a strong year-over-year growth and like i mentioned they do expect a nice amount of gross margins within that mid 25 which is what we're seeing right now so if we take a closer look at this company's balance sheet we can see cash and cash equivalents are about 3.2 billion dollars and in forms of short-term debt is about 280 million and long-term debt is about 1.8 billion so they roughly have about 2 billion dollars in that but they have about 3.2 billion dollars in cash if we also take a closer look at their cash flow this is a company that is positive in cash flow from operations i do want to say right this is a company that ipo'd i believe uh in october of 2021 so it is a recent company and it's one that has definitely fallen from its eyes and that's why i'm looking at it i do believe when it came out it might have been a little bit crazily valued but now with that drop look 42 down from its all-time highs with a market cap of about 25 billion on the fourth largest foundry business i think things are looking a lot more attractive right now so now that we saw that this is a company that looks financially stable right strong balance sheet positive cash flow strong revenue expansion and gross margins let's take a closer look at the future growth this company is seeing one of their most recent is on may 19th global foundries announced the launch of gf labs which is going to be a program that extends the development horizon of innovative differentiated semiconductor technology so pretty much this company is investing for new ways to kind of provide better solutions for their customers like i mentioned earlier on global foundries is not focusing in the kind of shrinking of chips and again many people believe that's the only way to advance in ships but there's numerous other ways on may 19th global foundries and motorola solutions also announced a strategic agreement for chip supply so pretty much these are those long-term contracts which help with kind of the revenue volatility for a company like global foundries not only that on may 2nd the united states department of defense and global foundry's partner to secure supply of chips critical to national security systems now this is probably my favorite favorite solutions like i mentioned they are partnering up with one of if not my favorite company in the market right now global foundry announces next generation in silicon photonic solutions and collaborates with industry leaders to advance a new era of more in the data center they are collaborating with companies like broadcom marvel and nvidia and some might wonder why are some of these big telecommunication companies like nvidia broadcom partnering up with global foundries and nvidia actually mentions why global foundries helps them design high bandwidth low power optical interconnects for some of their leading edge data center products like i mentioned before even in some of these emerging markets like artificial intelligence like data centers it's not always the smallest chips that wins and obviously those small chips are very important in data centers it helps with accelerators for the cpus for gpus going in data centers and numerous other solutions but inside the data centers you are also using chips for other kind of products that don't necessarily have the that don't necessarily have to be the smallest to kind of provide the best efficiency and that's where global foundries comes in so my final thoughts global foundries definitely looks pretty interesting right it's a completely different company compared to tsm and unfortunately some people might compare it to it which might create some form of valuation opportunity obviously this company comes with risk but there's also some bullish thesis at the moment i personally haven't pulled the trigger on purchasing this stock but it's one that i'm definitely gonna keep my eyes on let me know what you guys think of global foundries at the moment take care have a good day and see you next time
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