PDF 原檔：報告_Daiwa_健策3653_20260808_original.pdf
圖片清單（已驗證 2026-08-10）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_Daiwa_健策3653_20260808_001.png |
54KB | 真資料圖 | 健策月營收長條圖（Jul-20 至 Jul-26，單位 TWDm）疊加 YoY 成長率折線；月營收長條與成長率折線在圖右側（2026 年中後）明顯同步攀升，最新一筆逼近圖表新高 |
<40KB 候選（未 Read，預設 logo/裝飾圖）：無其他候選。
原始內容
Jentech Precision Industrial (3653 TT)
Share price (7 Aug):
TWD4,380.00
12-mth rating: Buy (1)
7 August 2026
Information Technology: Taiwan
July 2026 revenue and June unaudited results ahead of estimates
Helen Chien
(886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw
Neil Teng, CFA
(886) 2 8758 6256
neil.teng@daiwacm-cathay.com.tw
Summary: Jentech reported July 2026 revenue of TWD3,213m (+21.3% MoM and +91.0% YoY; +36.0% YoY for 7M26), a record-high level, after market hours on 7 August 2026, which accounted for 36.0% and 40.5% of our and the Bloomberg consensus estimates for 3Q26 revenue, respectively. The company also reported unaudited June 2026 results on 6 August, due to regulatory requirements. Its net profit for June 2026 was TWD946m, accounting for 44.6% and 48.1% of our and the Bloomberg consensus estimates for 2Q26, respectively. The company plans to release its 2Q26 results on 12 August.
We have a Buy (1) call, with a 12-month TP of TWD6,770, based on a PER of 73x on our 1-year-forward EPS. For more information on the company, please refer to our latest memo, June 2026 revenue: another record high , on 7 July 2026.
What's the impact
- Record-high monthly revenue for July, which beat estimates. Jentech posted July 2026 revenue of TWD3,213m (+21.3% MoM and +91.0% YoY; +36.0% YoY for 7M26), setting a record-high level, which accounted for 36.0% and 40.5% of our (TWD8,934m, +25.4% QoQ and +76.2% YoY) and the Bloomberg consensus estimates for 3Q26 revenue, respectively. Revenue mix in July 2026 was heat spreader (79.0%, +112.0% YoY), lead frame (6.9%, +40.6% YoY), electronic component (4.1%, +13.7% YoY), communication (0.7%, -31.0% YoY) and others (9.3%, +60.8% YoY). We attribute the strong July revenue to heat spreaders for Rubin.
Jentech: consolidated monthly sales
Source: Company
- June results running ahead of estimates. Due to regulatory requirements, Jentech posted its unaudited June 2026 results on 6 August after market hours. Its June 2026 pre-tax profit of TWD1,200m accounted for 45.3% and 49.2% of our and the consensus estimates for 2Q26, respectively. Thus, its net profit was TWD946m, accounting for 44.6% and 48.1% of our and the consensus estimates for 2Q26. Its June EPS came in at TWD6.45, running ahead of our estimate (TWD14.45) and the Bloomberg consensus estimate (TWD13.47) for 2Q26.
- Growth to continue in 2H26E. According to the company, revenue in 3Q26 and 4Q26 is likely to continue to grow by 10%+ QoQ and 10% QoQ, respectively. The removable lids are expected to start shipping from 4Q26, with an ASP of >USD200.
What we recommend
We have a Buy (1) call, with a 12-month TP of TWD6,770, based on a PER of 73x on our 1-year-forward EPS. Based on our 2026/27 EPS estimates, the stock is currently trading at PERs of 64.5x/32.8x, vs. its past-3-year trading range of 16-61x. Key risks: weaker-thanexpected global AI server demand; slower-than-expected thermal spec upgrades.
In the interests of timeliness, this document has not been edited.