PDF 原檔:報告_Daiwa_健策3653_20260929_original.pdf
圖片清單(已驗證 2026-10-01)
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
報告_Daiwa_健策3653_20260929_001.png |
23.9KB | 真資料圖 | Jentech 股價走勢圖(Jentech Pr,TWD,左軸)+ Relative to TWSE Index(%,右軸),Sep-25 至 Jun-26 |
報告_Daiwa_健策3653_20260929_002.png |
40.1KB | 真資料圖 | Jentech 營收組合堆疊長條圖 2020-2028E:Thermal heat spreader/Lead frame/Electronic Components/Communication connectors/Others 占比,Thermal heat spreader 由 2020 年 47% 升至 2028E 88% |
報告_Daiwa_健策3653_20260929_003.png |
33.2KB | 真資料圖 | Jentech 股價對 12x/24x/36x/48x/60x 遠期 PER 倍數帶走勢圖,Sep-20 至 Sep-26 |
001/003 皆 <40KB,但內容明確為股價走勢與估值倍數帶真實圖表,故逐張 Read 後列為真資料圖(非預設略過)。
原始內容
JentechPrecisionIndustrial (3653TT)
Target price: TWD10,000.00 (from TWD9,420.00)
Shareprice(29Sep):TWD6,895.00 | Up/downside:+45.0%
3Q26 preview: impressive rising ASP trend
- We are confident in Jentech's product roadmap to drive its margins
- Likely upward EPS revision trend in the following months
- Reaffirming our Buy (1) call; raising 12-month TP to TWD10,000
What's new: Jentech released its unaudited August 2026 results today (29 September) after the market close, due to recent share price volatility. We maintain our positive view on its ongoing product-upgrade roadmap and expect the rising ASP trend to continue in the coming years, underpinning its revenue and margin expansion. We reaffirm our Buy (1) call (see our flash, 3Q26 preview: stronger-than-expected spec upgrades, 18 September).
What's the impact: 3Q26 results preview likely to be a beat. We forecast Jentech to record an all-time high quarterly revenue of TWD9.65bn (+32.7% QoQ; +90.4% YoY) in 3Q26. We now expect its 3Q26 EPS to be TWD22.77 (previously TWD17.67) vs. the Bloomberg consensus forecast of TWD20.37, mainly on a stronger-than-expected gross margin of 51.0% (previously 50.5%), an all-time quarterly high (vs. the Bloomberg consensus of 48.7%). We also expect a 3Q26 operating margin of 42.0% (previously 32.4%), an all-time quarterly high vs. the Bloomberg consensus of 39.0%, on ASP increases, a better product mix and operating efficiency. For 4Q26, we forecast revenue of TWD10.6bn (+10.1% QoQ) vs. the Bloomberg consensus forecast of TWD10.4bn and expect the gross margin to further expand to 52.3% (previously 51.2%). Jentech announced an unaudited August pre-tax income of TWD1.36bn (+100% YoY), net income of TWD1.08bn (+101% YoY) and EPS of TWD7.35 (+95% YoY).
Promising rising ASP trend given higher TDP and warpage concerns.
Due to rising thermal design power (TDP) and warpage risk, we expect rising revenue contribution from removable lids in 2027, with these being implemented in Vera Rubin and Rubin Ultra from 1Q27E to prevent warpage and increase thermal efficiency. We expect removable lids to be adopted largely in the next 2-3 years by both GPU and ASIC clients. We raise our 2026-28E EPS by 1-16%, mainly on our more aggressive revenue and gross and operating-margin assumptions.
What we recommend: We reiterate our Buy (1) call and raise the 12M TP to TWD10,000 (from TWD9,420), still based on a target PER of 73x (vs. its past-3-year PER range of 16-53x) applied to our 1-year forward EPS forecast (4Q26E-3Q27E). Downside risks: weaker-than-expected global AI server demand and slower-than-expected thermal spec upgrades.
How we differ: Our 2027-28E EPS are 14-21% above the Bloomberg consensus, likely as we are more aggressive in our revenue and gross and operating-margin assumptions.
5
4
3
2
1
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
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | - | 7.9 | 13.3 |
| Net profit change | 1.2 | 12.5 | 15.5 |
| Core EPS (FD) change | 1.2 | 12.5 | 15.5 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 2,020.00-6,920.00 |
|---|---|
| Market cap (USDbn) | 31.79 |
| 3m avg daily turnover (USDm) | 200.35 |
| Shares outstanding (m) | 147 |
| Major shareholder | Chao family (40.0%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 32,852 | 65,059 | 97,916 |
| Operating profit (m) | 12,372 | 32,074 | 49,839 |
| Net profit (m) | 10,145 | 25,844 | 40,090 |
| Core EPS (fully-diluted) | 69.064 | 175.953 | 272.941 |
| EPS change (%) | 91.1 | 154.8 | 55.1 |
| Daiwa vs Cons. EPS (%) | 0.1 | 20.7 | 14.0 |
| PER (x) | 99.8 | 39.2 | 25.3 |
| Dividend yield (%) | 0.8 | 2.0 | 3.2 |
| DPS | 55.3 | 140.9 | 218.6 |
| PBR (x) | n.a. | 20.9 | 14.9 |
| EV/EBITDA (x) | 75.6 | 30.3 | 19.5 |
| ROE (%) | 38.0 | 65.5 | 69.1 |
Source: FactSet, Daiwa forecasts
Jentech: revenue and earnings forecasts revisions
| (TWDm) | 2026E - New | 2026E - Previous | 2026E - Change | 2027E - New | 2027E - Previous | 2027E - Change | 2028E - New | 2028E - Previous | 2028E - Change |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 32,852 | 32,852 | 0.0% | 65,059 | 60,276 | 7.9% | 97,916 | 86,449 | 13.3% |
| Gross profit | 16,098 | 15,933 | 1.0% | 35,782 | 31,946 | 12.0% | 54,833 | 47,547 | 15.3% |
| Gross margin | 49.0% | 48.5% | 0.5pp | 55.0% | 53.0% | 2pp | 56.0% | 55.0% | 1pp |
| Operating profit | 12,372 | 12,221 | 1.2% | 32,074 | 28,511 | 12.5% | 49,839 | 43,138 | 15.5% |
| Operating margin | 37.7% | 37.2% | 0.5pp | 49.3% | 47.3% | 2pp | 50.9% | 49.9% | 1pp |
| Net profit | 10,145 | 10,023 | 1.2% | 25,844 | 22,972 | 12.5% | 40,090 | 34,696 | 15.5% |
| Net margin | 30.9% | 30.5% | 0.4pp | 39.7% | 38.1% | 1.6pp | 40.9% | 40.1% | 0.8pp |
| Fully Diluted EPS (TWD) | 69.06 | 68.24 | 1.2% | 175.95 | 156.40 | 12.5% | 272.94 | 236.22 | 15.5% |
Source: Daiwa forecasts
Jentech: 3Q26 results preview
| (TWDm) | Daiwa's 3Q26 forecast | Our previous forecast | Differ | Bloomberg consensus | Differ |
|---|---|---|---|---|---|
| Revenue | 9,650 | 9,650 | 0.0% | 9,766 | -1.2% |
| Gross profit | 4,922 | 4,873 | 1.0% | 4,756 | 3.5% |
| Operating profit | 4,050 | 3,127 | 29.5% | 3,811 | 6.3% |
| Profit before tax | 4,137 | 3,214 | 28.7% | 3,826 | 8.1% |
| Net profit | 3,341 | 2,593 | 28.8% | 3,047 | 9.6% |
| EPS | 22.77 | 17.67 | 28.8% | 20.37 | 11.8% |
| Margin | |||||
| Gross margin | 51.0% | 50.5% | 0.5pp | 48.7% | 2.3pp |
| Operating margin | 42.0% | 32.4% | 9.6pp | 39.0% | 2.9pp |
| Pre-tax margin | 42.9% | 33.3% | 9.6pp | 39.2% | 3.7pp |
| Net margin | 34.6% | 26.9% | 7.7pp | 31.2% | 3.4pp |
Source: Company, Bloomberg, Daiwa forecasts
Jentech: quarterly and annual P&L
| (TWDm) | 1Q26 | 2Q26 | 3Q26E | 2026E - 4Q26E | 2026E - 1Q27E | 2026E - 2027E 2Q27E | 2026E - 3Q27E | 2026E - 4Q27E | 2026E | 2026E 2027E 2028E | 2026E 2027E 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,305 | 7,275 | 9,650 | 10,623 | 11,938 | 14,398 | 17,457 | 21,266 | 32,852 | 65,059 | 97,916 |
| Gross profit | 2,217 | 3,405 | 4,922 | 5,555 | 6,327 | 7,775 | 9,601 | 12,079 | 16,098 | 35,782 | 54,833 |
| Operating profit | 1,697 | 2,749 | 4,050 | 3,877 | 5,492 | 6,882 | 8,711 | 10,989 | 12,372 | 32,074 | 49,839 |
| Pre-tax profit | 1,776 | 2,841 | 4,137 | 3,914 | 5,524 | 6,915 | 8,744 | 11,022 | 12,667 | 32,204 | 49,949 |
| Net profit | 1,398 | 2,318 | 3,341 | 3,087 | 4,430 | 5,548 | 7,018 | 8,849 | 10,145 | 25,844 | 40,090 |
| Basic EPS (TWD)* | 9.53 | 15.80 | 22.77 | 21.04 | 30.19 | 37.81 | 47.83 | 60.31 | 69.14 | 176.13 | 273.21 |
| Margin | |||||||||||
| Gross margin | 41.8% | 46.8% | 51.0% | 52.3% | 53.0% | 54.0% | 55.0% | 56.8% | 49.0% | 55.0% | 56.0% |
| Operating margin | 32.0% | 37.8% | 42.0% | 36.5% | 46.0% | 47.8% | 49.9% | 51.7% | 37.7% | 49.3% | 50.9% |
| Pre-tax margin | 33.5% | 39.1% | 42.9% | 36.8% | 46.3% | 48.0% | 50.1% | 51.8% | 38.6% | 49.5% | 51.0% |
| Net margin | 26.4% | 31.9% | 34.6% | 29.1% | 37.1% | 38.5% | 40.2% | 41.6% | 30.9% | 39.7% | 40.9% |
| YoY | |||||||||||
| Revenue | 11.6% | 40.4% | 90.4% | 101.5% | 125.0% | 97.9% | 80.9% | 100.2% | 62.0% | 98.0% | 50.5% |
| Gross profit | 3.8% | 58.4% | 149.1% | 155.4% | 185.4% | 128.3% | 95.1% | 117.5% | 90.9% | 122.3% | 53.2% |
| Operating profit | 1.8% | 61.8% | 172.8% | 135.2% | 223.7% | 150.3% | 115.1% | 183.5% | 90.4% | 159.2% | 55.4% |
| Pre-tax profit | 2.0% | 114.1% | 140.1% | 115.4% | 211.1% | 143.4% | 111.4% | 181.6% | 91.7% | 154.2% | 55.1% |
| Net profit | 2.0% | 106.8% | 146.4% | 116.0% | 216.8% | 139.3% | 110.0% | 186.6% | 92.2% | 154.8% | 55.1% |
| QoQ | |||||||||||
| Revenue | 0.6% | 37.1% | 32.7% | 10.1% | 12.4% | 20.6% | 21.3% | 21.8% | |||
| Gross profit | 1.9% | 53.6% | 44.5% | 12.9% | 13.9% | 22.9% | 23.5% | 25.8% | |||
| Operating profit | 2.9% | 62.0% | 47.3% | -4.3% | 41.7% | 25.3% | 26.6% | 26.2% | |||
| Pre-tax profit | -2.3% | 60.0% | 45.6% | -5.4% | 41.1% | 25.2% | 26.5% | 26.1% | |||
| Net profit | -2.2% | 65.8% | 44.1% | -7.6% | 43.5% | 25.2% | 26.5% | 26.1% |
Source: Company, Daiwa forecasts Note: * slightly differently from fully-diluted core EPS
Jentech: product mix
Jentech: 1-year forward PER

Source: Company, Daiwa forecasts
Source: Bloomberg, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal heat spreader revenue growth (%) | 10.4 | 73.8 | 21.2 | 25.7 | 58.2 | 69.6 | 119.1 | 57.2 |
| Lead frame revenue growth (%) | 51.0 | 2.3 | (13.1) | (5.8) | (4.1) | 48.9 | 30.2 | 0.0 |
| Electronic Components revenue growth (%) | 41.4 | 4.7 | (43.5) | 3.5 | 15.9 | 17.9 | 23.2 | 21.6 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal heat spreader | 3,533 | 6,139 | 7,444 | 9,358 | 14,804 | 25,106 | 55,002 | 86,471 |
| Lead frame | 2,326 | 2,380 | 2,068 | 1,948 | 1,868 | 2,780 | 3,620 | 3,620 |
| Other Revenue | 2,942 | 3,513 | 2,551 | 2,972 | 3,604 | 4,965 | 6,438 | 7,825 |
| Total Revenue | 8,801 | 12,032 | 12,063 | 14,278 | 20,276 | 32,852 | 65,059 | 97,916 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (6,043) | (7,706) | (8,020) | (8,913) | (11,842) | (16,755) | (29,277) | (43,083) |
| SG&A | (658) | (838) | (838) | (969) | (1,196) | (2,740) | (2,407) | (3,035) |
| Other op.expenses | (390) | (454) | (527) | (598) | (740) | (986) | (1,301) | (1,958) |
| Operating profit | 1,710 | 3,034 | 2,677 | 3,799 | 6,498 | 12,372 | 32,074 | 49,839 |
| Net-interest inc./(exp.) | (25) | (16) | 83 | 83 | 54 | 135 | 70 | 50 |
| Assoc/forex/extraord./others | (93) | 351 | 25 | 364 | 54 | 160 | 60 | 60 |
| Pre-tax profit | 1,592 | 3,369 | 2,786 | 4,245 | 6,607 | 12,667 | 32,204 | 49,949 |
| Tax | (354) | (712) | (534) | (830) | (1,297) | (2,486) | (6,320) | (9,802) |
| Min. int./pref. div./others | (42) | (42) | 46 | 13 | (33) | (37) | (40) | (57) |
| Net profit (reported) | 1,196 | 2,614 | 2,298 | 3,428 | 5,277 | 10,145 | 25,844 | 40,090 |
| Net profit (adjusted) | 1,196 | 2,614 | 2,298 | 3,428 | 5,277 | 10,145 | 25,844 | 40,090 |
| EPS (reported)(TWD) | 9.884 | 19.536 | 16.594 | 24.149 | 36.753 | 69.138 | 176.129 | 273.215 |
| EPS (adjusted)(TWD) | 9.884 | 19.536 | 16.594 | 24.149 | 36.753 | 69.138 | 176.129 | 273.215 |
| EPS (adjusted fully-diluted)(TWD) | 9.407 | 18.643 | 16.280 | 24.074 | 36.140 | 69.064 | 175.953 | 272.941 |
| DPS (TWD) | 6.000 | 11.660 | 9.850 | 14.500 | 22.000 | 55.310 | 140.904 | 218.572 |
| EBIT | 1,710 | 3,034 | 2,677 | 3,799 | 6,498 | 12,372 | 32,074 | 49,839 |
| EBITDA | 2,047 | 3,855 | 3,238 | 4,759 | 7,201 | 13,235 | 32,860 | 50,709 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 1,592 | 3,369 | 2,786 | 4,245 | 6,607 | 12,667 | 32,204 | 49,949 |
| Depreciation and amortisation | 430 | 469 | 536 | 597 | 648 | 703 | 726 | 810 |
| Tax paid | (230) | (313) | (848) | (563) | (887) | (2,486) | (6,320) | (9,802) |
| Change in working capital | (952) | (840) | 662 | (1,211) | (1,348) | (4,464) | (10,550) | (11,441) |
| Other operational CF items | 65 | 110 | (78) | (177) | (246) | (135) | (70) | (50) |
| Cash flow from operations | 905 | 2,795 | 3,057 | 2,891 | 4,774 | 6,286 | 15,991 | 29,466 |
| Capex | (684) | (805) | (453) | (613) | (1,173) | (1,200) | (1,200) | (1,500) |
| Net (acquisitions)/disposals | (653) | (21) | 270 | 179 | 146 | 131 | 131 | 131 |
| Other investing CF items | (15) | (279) | (103) | (2,129) | 13 | 0 | 0 | 0 |
| Cash flow from investing | (1,352) | (1,105) | (287) | (2,563) | (1,014) | (1,069) | (1,069) | (1,369) |
| Change in debt | 770 | (246) | (222) | (744) | 5,197 | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (733) | (785) | (1,662) | (1,436) | (2,072) | (3,187) | (8,116) | (20,675) |
| Other financing CF items | (14) | (19) | (33) | (35) | (48) | 0 | 0 | 0 |
| Cash flow from financing | 22 | (1,050) | (1,917) | (2,215) | 3,077 | (3,187) | (8,116) | (20,675) |
| Forex effect/others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in cash | (425) | 640 | 853 | (1,887) | 6,837 | 2,029 | 6,805 | 7,422 |
| Free cash flow | 221 | 1,897 | 2,597 | 2,371 | 3,791 | 5,086 | 14,791 | 27,966 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 2,648 | 3,317 | 4,156 | 2,267 | 9,134 | 11,163 | 17,969 | 25,390 |
| Inventory | 3,359 | 3,596 | 2,481 | 3,062 | 3,810 | 5,619 | 9,444 | 14,013 |
| Accounts receivable | 2,373 | 2,730 | 2,713 | 4,115 | 5,538 | 9,058 | 17,654 | 26,783 |
| Other current assets | 70 | 43 | 62 | 51 | 85 | 85 | 85 | 85 |
| Total current assets | 8,450 | 9,686 | 9,411 | 9,495 | 18,567 | 25,925 | 45,151 | 66,270 |
| Fixed assets | 4,436 | 4,675 | 4,833 | 4,852 | 8,073 | 8,570 | 9,044 | 9,733 |
| Goodwill & intangibles | 12 | 10 | 13 | 12 | 14 | 14 | 14 | 14 |
| Other non-current assets | 623 | 1,407 | 1,588 | 4,104 | 1,315 | 1,315 | 1,315 | 1,315 |
| Total assets | 13,521 | 15,777 | 15,846 | 18,462 | 27,969 | 35,824 | 55,524 | 77,333 |
| Short-term debt | 773 | 1,743 | 397 | 0 | 0 | 0 | 0 | 0 |
| Accounts payable | 1,882 | 2,176 | 2,052 | 2,790 | 3,521 | 4,442 | 6,368 | 8,680 |
| Other current liabilities | 224 | 619 | 335 | 630 | 932 | 99 | 99 | 99 |
| Total current liabilities | 2,878 | 4,537 | 2,785 | 3,420 | 4,453 | 4,541 | 6,467 | 8,779 |
| Long-term debt | 437 | 432 | 348 | 5 | 5 | 5 | 5 | 5 |
| Other non-current liabilities | 2,194 | 350 | 375 | 379 | 445 | 445 | 445 | 445 |
| Total liabilities | 5,509 | 5,319 | 3,507 | 3,804 | 4,904 | 4,991 | 6,918 | 9,230 |
| Share capital | 1,223 | 1,368 | 1,408 | 1,429 | 1,467 | 1,467 | 1,467 | 1,467 |
| Reserves/R.E./others | 5,854 | 8,152 | 10,070 | 13,037 | 21,370 | 29,101 | 46,835 | 66,275 |
| Shareholders' equity | 7,078 | 9,520 | 11,478 | 14,466 | 22,837 | 30,569 | 48,302 | 67,742 |
| Minority interests | 934 | 938 | 860 | 192 | 227 | 264 | 304 | 361 |
| Total equity & liabilities | 13,521 | 15,777 | 15,846 | 18,462 | 27,969 | 35,824 | 55,524 | 77,333 |
| EV | 1,011,220 | 1,011,520 | 1,009,174 | 1,009,653 | 1,002,823 | 1,000,830 | 994,065 | 986,700 |
| Net debt/(cash) | (1,438) | (1,143) | (3,411) | (2,262) | (9,129) | (11,158) | (17,963) | (25,385) |
| BVPS (TWD) | 58.480 | 71.142 | 82.877 | 101.919 | 159.052 | 208.329 | 329.185 | 461.670 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 28.6 | 36.7 | 0.3 | 18.4 | 42.0 | 62.0 | 98.0 | 50.5 |
| EBITDA (YoY) | 30.6 | 88.3 | (16.0) | 47.0 | 51.3 | 83.8 | 148.3 | 54.3 |
| Operating profit (YoY) | 52.8 | 77.4 | (11.8) | 41.9 | 71.1 | 90.4 | 159.2 | 55.4 |
| Net profit (YoY) | 19.6 | 118.6 | (12.1) | 49.2 | 54.0 | 92.2 | 154.8 | 55.1 |
| Core EPS (fully-diluted) (YoY) | 14.3 | 98.2 | (12.7) | 47.9 | 50.1 | 91.1 | 154.8 | 55.1 |
| Gross-profit margin | 31.3 | 36.0 | 33.5 | 37.6 | 41.6 | 49.0 | 55.0 | 56.0 |
| EBITDA margin | 23.3 | 32.0 | 26.8 | 33.3 | 35.5 | 40.3 | 50.5 | 51.8 |
| Operating-profit margin | 19.4 | 25.2 | 22.2 | 26.6 | 32.0 | 37.7 | 49.3 | 50.9 |
| Net profit margin | 13.6 | 21.7 | 19.1 | 24.0 | 26.0 | 30.9 | 39.7 | 40.9 |
| ROAE | 17.7 | 31.5 | 21.9 | 26.4 | 28.3 | 38.0 | 65.5 | 69.1 |
| ROAA | 9.6 | 17.8 | 14.5 | 20.0 | 22.7 | 31.8 | 56.6 | 60.3 |
| ROCE | 20.1 | 27.8 | 20.8 | 27.4 | 34.4 | 45.9 | 80.7 | 85.4 |
| ROIC | 23.6 | 30.1 | 23.7 | 28.7 | 39.7 | 59.2 | n.a | n.a |
| Net debt to equity | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 22.2 | 21.1 | 19.2 | 19.6 | 19.6 | 19.6 | 19.6 | 19.6 |
| Accounts receivable (days) | 87.2 | 77.4 | 82.4 | 87.3 | 86.9 | 81.1 | 74.9 | 82.8 |
| Current ratio (x) | 2.9 | 2.1 | 3.4 | 2.8 | 4.2 | 5.7 | 7.0 | 7.5 |
| Net interest cover (x) | 67.9 | 183.9 | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 60.7 | 59.7 | 59.4 | 60.0 | 59.9 | 80.0 | 80.0 | 80.0 |
| Free cash flow yield | 0.0 | 0.2 | 0.3 | 0.2 | 0.4 | 0.5 | 1.5 | 2.8 |
Source: FactSet, Daiwa forecasts
Company profile
Established in 1987, Jentech Precision Industrial is a leading global thermal-solutions and precisionmetal components maker that serves leading semiconductor and server vendors. As of 2025, its revenue comprised thermal heat spreaders (73%), lead frames (9%), electronic components (7%), communication connectors (1%) and others (10%).
ESG analysis
ESG risks
| Risks | Risks | Management | Analystcomments |
|---|---|---|---|
| Executive/board quality | 1 | The CEO and chairperson of Jentech is the same individual, Mr. Zhao Zongxin. We note that Mr. Zhao has extensive long-term experience in senior management within the company and across its subsidiaries, which is a positive sign from an executive perspective. | |
| G | Capital management | 1 | Between 2021-25, Jentech has maintained a dividend payout ratio of around 60%, which we consider reasonable for balancing shareholder returns with reinvestment needs. This consistent approach reflects prudent capital management discipline and a stable financial policy. |
| Related party & transaction | 1 | The company engages in transactions with subsidiaries primarily for normal operational purposes, such as purchase of materials and components. The proportion of these costs to overall COGS remains low, and no irregular or non-transparent transactions were identified. | |
| E | Supplychain management | 1 | Jentech has a structured procurement process, including supplier evaluation, signature of procurement contracts, and requirements for compliance with environmental and safety regulations. The company also diversifies sourcing channels (major suppliers from Taiwan, Japan, Europe, Korea, USA) and maintains stable supply relationships, with clear communication protocols for prompt response to supplier issues. This reflects strong supply chain transparency and robust quality control measures. |
| E | Datasecurity | 1 | The company has established an information security team, conducts annual internal control audits, and implements procedures such as asset inventory, network security monitoring, virus prevention systems, firewall management, and access rights control. Backup systems and disaster recovery mechanisms are in place, allowing the company to restore information system operations and minimize damage during major incidents or equipment failures. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 29 May 2026
Source: Daiwa, Company