PDF 原檔：報告_Daiwa_邁科6831_20260728_original.pdf
圖片清單（已驗證 2026-07-29）
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24KB | 真資料圖 | 邁科股價（藍實線，TWD，左軸）與相對 TWSE 指數（橘虛線，%，右軸）走勢圖，Jul-25 至 Jul-26 |
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43KB | 真資料圖 | 邁科月營收柱狀圖（TWDm，左軸）與 YoY 成長率折線圖（%，右軸），Jun-21 至 Jun-26，2025 下半年起營收與成長率同步跳升 |
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35KB | 真資料圖 | 邁科 1 年期遠期 PER 圖，股價實線疊加 8x/16x/24x/32x/40x 估值倍數帶（TWD，Jul-22 至 Jul-26），股價自 2025 年中起穿越上緣區間 |
三張皆為本份報告內文明確標題引用（Share price performance／Microloops: monthly sales／Microloops: 1-year-forward PER），故雖 001、003 略低於 40KB 篩選門檻，仍逐張 Read 確認為真資料圖。
原始內容
Taiwan
Taiwan Microloops (6831 TT)
Target price:
TWD1,325.00 (from TWD1,325.00)
Share price (28 Jul): TWD567.00 | Up/downside: +133.7%
Positive outlook over 2026-28
- Strong earnings visibility over 2026-28E on liquid-cooling penetration
- Better-than-expected gross and operating margins outlook in 2H26
- Reaffirming our Buy (1) rating and 12-month TP of TWD1,325
What's new: We received an update from Microloops. We believe the progress on its project with its key CSP client is better than we previously expected, and its gross margin profile in 2H26 appears more upbeat. In 2027, we believe there is revenue upside potential from one new CSP client (as it transitions from air-cooling products to liquid-cooling products) and liquid cooling for probe cards. The company is underway to obtain RVL for its cold plate from Nvidia, per management. The stock is currently trading at 15.1x PER on our 2027E EPS, in addition to 139.7% earnings CAGR over 2026-28E. We reaffirm our Buy (1) rating, as we believe Microloops' progress in liquid-cooling projects will continue to gain order share in ASIC AI servers. See our latest flash , 22 July 2026.
What's the impact: Intact revenue outlook over 2026-28E - at least double YoY. Due to likely rising liquid-cooling penetration over 2026-28 in ASIC and NIC cards, management maintains its revenue guidance of at least doubling YoY over 2026-28. Besides, amid a rising level of automation and improving production procedures, management expects its gross and operating margins to improve QoQ in 2H26. Management also expects its revenue momentum to pick up MoM in 2H26, translating into record-high monthly revenue from July to December 2026. In 4Q26, the revenue drivers will include ASICs and CPUs, in our view. Microloops aims for a new CSP client to start contributing revenue in 2Q27, with another new CSP client expected to come on board in 2028.
Order share gain potential; progress on key ASIC orders better than expected. Microloops is a key partner of its main ODM client for air- and liquid-cooling solutions. Its air-cooling order share for one of its key US CSPs has currently surpassed 40% (vs. 60%+ in the previous generation). Additionally, it is looking to target a 30% order share in liquid cooling in 2027. We believe its better quality, pricing, R&D, manufacturing and delivery would be the key factors for order share wins in the coming years. The company has also expanded its liquid cooling capacity in China and Vietnam. Our 2026-28E EPS remains unchanged.
What we recommend: We reaffirm our Buy (1) call, with an unchanged 12M TP of TWD1,325, based on a target PER of 40x, equivalent to a 0.29x PEG over 2026-28E, on our 1-year-forward EPS. Key downside risks: weaker-than-expected global AI server demand and slower-than-expected progress in ASIC AI server development.
How we differ: Our 2027E EPS is 18% above the Bloomberg consensus, likely on our more aggressive revenue and gross/operating margin assumptions.
Daiwa
5
3
→
2
1
Buy
Helen Chien
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 | - | - | - |
| Net profit change | - | - | - |
| Core EPS (FD) change | - | - | - |
Source: Daiwa forecasts
Share price performance
| 12-month range | 155.00-956.00 |
|---|---|
| Market cap (USDbn) | 1.19 |
| 3m avg daily turnover (USDm) | 30.34 |
| Shares outstanding (m) | 68 |
| Major shareholder | Chao family (20.0%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 7,407 | 14,813 | 29,626 |
| Operating profit (m) | 1,369 | 3,377 | 7,792 |
| Net profit (m) | 1,017 | 2,533 | 5,844 |
| Core EPS (fully-diluted) | 15.067 | 37.527 | 86.575 |
| EPS change (%) | 205.1 | 149.1 | 130.7 |
| Daiwa vs Cons. EPS (%) | (0.1) | 17.8 | (0.0) |
| PER (x) | 37.6 | 15.1 | 6.5 |
| Dividend yield (%) | 1.6 | 4.0 | 9.2 |
| DPS | 9.0 | 22.5 | 51.9 |
| PBR (x) | 10.9 | 7.1 | 3.9 |
| EV/EBITDA (x) | 23.9 | 10.6 | 5.0 |
| ROE (%) | 32.2 | 57.2 | 77.6 |
Source: FactSet, Daiwa forecasts
Microloops: 2Q26 results preview
| (TWDm) | Daiwa's 2Q26 forecasts | Our previous forecasts | Differ | Bloomberg consensus | Differ |
|---|---|---|---|---|---|
| Revenue | 1,047 | 1,047 | 0.0% | 1,447 | -27.7% |
| Gross profit | 230 | 230 | 0.0% | 365 | -36.9% |
| Operating profit | 114 | 114 | 0.0% | 238 | -52.1% |
| Profit before tax | 100 | 100 | 0.0% | 225 | -55.7% |
| Net profit | 74 | 74 | 0.0% | 171 | -56.8% |
| EPS | 1.09 | 1.09 | 0.0% | 2.35 | -53.5% |
| Margin | |||||
| Gross margin | 22.0% | 22.0% | 0pp | 25.2% | -3.2pp |
| Operating margin | 10.9% | 10.9% | 0pp | 16.5% | -5.6pp |
| Pre-tax margin | 9.5% | 9.5% | 0pp | 15.5% | -6pp |
| Net margin | 7.1% | 7.1% | 0pp | 11.8% | -4.8pp |
Source: Company, Bloomberg, Daiwa forecasts
Microloops: quarterly and annual P&L
| 2026E | 2026E | 2026E | 2026E | 2027E | 2026E 2027E | 2026E 2027E | 2026E 2027E | 2028E | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | 1Q26 | 2Q26E | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | |||
| Revenue | 854 | 1,047 | 2,400 | 3,105 | 3,000 | 3,300 | 3,900 | 4,613 | 7,407 | 14,813 | 29,626 |
| Gross profit | 156 | 230 | 648 | 892 | 780 | 891 | 1,092 | 1,385 | 1,926 | 4,148 | 8,888 |
| Operating profit | 56 | 114 | 504 | 695 | 630 | 726 | 917 | 1,105 | 1,369 | 3,377 | 7,792 |
| Pre-tax profit | 56 | 100 | 505 | 696 | 630 | 726 | 917 | 1,105 | 1,356 | 3,377 | 7,792 |
| Net profit | 45 | 74 | 373 | 525 | 473 | 545 | 687 | 829 | 1,017 | 2,533 | 5,844 |
| Basic EPS (TWD) | 0.66 | 1.09 | 5.53 | 7.78 | 7.00 | 8.07 | 10.18 | 12.28 | 15.07 | 37.53 | 86.58 |
| Margin | |||||||||||
| Gross margin | 18.2% | 22.0% | 27.0% | 28.7% | 26.0% | 27.0% | 28.0% | 30.0% | 26.0% | 28.0% | 30.0% |
| Operating margin | 6.5% | 10.9% | 21.0% | 22.4% | 21.0% | 22.0% | 23.5% | 24.0% | 18.5% | 22.8% | 26.3% |
| Pre-tax margin | 6.5% | 9.5% | 21.0% | 22.4% | 21.0% | 22.0% | 23.5% | 24.0% | 18.3% | 22.8% | 26.3% |
| Net margin | 5.2% | 7.1% | 15.6% | 16.9% | 15.8% | 16.5% | 17.6% | 18.0% | 13.7% | 17.1% | 19.7% |
| YoY | |||||||||||
| Revenue | 50.7% | 0.6% | 107.9% | 230.1% | 251.1% | 215.3% | 62.5% | 48.6% | 100.0% | 100.0% | 100.0% |
| Gross profit | 30.7% | 10.0% | 102.1% | 306.7% | 401.6% | 286.9% | 68.5% | 55.2% | 121.8% | 115.4% | 114.3% |
| Operating profit | 150.6% | 3.4% | 137.1% | 759.0% | 1025.9% | 536.3% | 81.8% | 58.9% | 221.3% | 146.7% | 130.7% |
| Pre-tax profit | 232.5% | 143.5% | 147.3% | 703.1% | 1030.3% | 627.7% | 81.6% | 58.8% | 289.2% | 149.1% | 130.7% |
| Net profit | 232.5% | 190.9% | 150.1% | 366.5% | 959.7% | 637.5% | 84.1% | 57.8% | 238.3% | 149.1% | 130.7% |
| QoQ | |||||||||||
| Revenue | -9.2% | 22.5% | 129.3% | 29.4% | -3.4% | 10.0% | 18.2% | 18.3% | |||
| Gross profit | -29.1% | 48.1% | 181.4% | 37.6% | -12.5% | 14.2% | 22.6% | 26.8% | |||
| Operating profit | -30.9% | 103.9% | 341.7% | 37.9% | -9.4% | 15.2% | 26.2% | 20.6% | |||
| Pre-tax profit | -35.7% | 79.0% | 405.8% | 37.9% | -9.5% | 15.2% | 26.2% | 20.6% | |||
| Net profit | -60.4% | 65.6% | 405.8% | 40.6% | -10.0% | 15.2% | 26.2% | 20.6% |
Source: Company, Daiwa forecasts
Microloops: monthly sales
Source: Company, Daiwa forecasts
Taiwan Microloops (6831 TT): 28 July 2026
Microloops: 1-year-forward PER
Source: Bloomberg, Daiwa forecasts
Daiwa
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal module revenue growth (%) | 74.4 | 7.6 | 2.1 | 22.1 | 84.7 | 100.0 | 100.0 | 100.0 |
| Others revenue growth (%) | 111.1 | 81.5 | (51.9) | (9.7) | 289.9 | 100.0 | 100.0 | 100.0 |
| Key ASIC project revenue (TWDm) | 0 | 0 | 0.0 | 0.0 | 0 | 2,520.0 | 6,804.0 | 15,750.0 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Thermal module | 1,493 | 1,607 | 1,641 | 2,005 | 3,702 | 7,403 | 14,806 | 29,612 |
| Others | 1 | 1 | 1 | 0 | 2 | 4 | 7 | 14 |
| Other Revenue | 30 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Revenue | 1,524 | 1,608 | 1,642 | 2,005 | 3,703 | 7,407 | 14,813 | 29,626 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (1,245) | (1,245) | (1,258) | (1,542) | (2,835) | (5,481) | (10,666) | (20,739) |
| SG&A | (141) | (169) | (184) | (205) | (268) | (348) | (489) | (681) |
| Other op.expenses | (100) | (85) | (91) | (130) | (174) | (208) | (281) | (415) |
| Operating profit | 38 | 108 | 109 | 127 | 426 | 1,369 | 3,377 | 7,792 |
| Net-interest inc./(exp.) | (6) | (7) | 8 | 8 | (9) | 3 | 0 | 0 |
| Assoc/forex/extraord./others | (5) | 9 | 17 | 6 | (69) | (16) | 0 | 0 |
| Pre-tax profit | 28 | 111 | 134 | 141 | 348 | 1,356 | 3,377 | 7,792 |
| Tax | 18 | (23) | (31) | (35) | (48) | (339) | (844) | (1,948) |
| Min. int./pref. div./others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit (reported) | 46 | 87 | 103 | 106 | 301 | 1,017 | 2,533 | 5,844 |
| Net profit (adjusted) | 46 | 87 | 103 | 106 | 301 | 1,017 | 2,533 | 5,844 |
| EPS (reported)(TWD) | 1.215 | 2.223 | 2.033 | 1.800 | 4.943 | 15.067 | 37.527 | 86.575 |
| EPS (adjusted)(TWD) | 1.215 | 2.223 | 2.033 | 1.800 | 4.943 | 15.067 | 37.527 | 86.575 |
| EPS (adjusted fully-diluted)(TWD) | 1.214 | 2.214 | 2.024 | 1.794 | 4.938 | 15.067 | 37.527 | 86.575 |
| DPS (TWD) | 0.000 | 0.190 | 0.780 | 1.250 | 3.000 | 9.040 | 22.516 | 51.945 |
| EBIT | 38 | 108 | 109 | 127 | 426 | 1,369 | 3,377 | 7,792 |
| EBITDA | 112 | 185 | 204 | 246 | 493 | 1,602 | 3,742 | 8,325 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 28 | 111 | 134 | 141 | 348 | 1,356 | 3,377 | 7,792 |
| Depreciation and amortisation | 79 | 67 | 78 | 113 | 136 | 249 | 364 | 534 |
| Tax paid | (3) | (7) | (9) | (3) | (53) | (339) | (844) | (1,948) |
| Change in working capital | (141) | 29 | (12) | (114) | (679) | (1,113) | (2,888) | (5,023) |
| Other operational CF items | 53 | 74 | (12) | (0) | 6 | (3) | 0 | 0 |
| Cash flow from operations | 16 | 274 | 180 | 137 | (240) | 150 | 10 | 1,355 |
| Capex | (393) | (85) | (167) | (511) | (325) | (520) | (900) | (1,200) |
| Net (acquisitions)/disposals | 19 | (17) | 325 | 10 | (105) | (105) | (105) | (105) |
| Other investing CF items | (13) | (17) | (18) | (17) | (12) | 0 | 0 | 0 |
| Cash flow from investing | (387) | (119) | 140 | (518) | (442) | (625) | (1,005) | (1,305) |
| Change in debt | 274 | (95) | (248) | 20 | 363 | 617 | 2,500 | 2,500 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | 0 | 0 | (23) | (44) | (75) | (203) | (610) | (1,520) |
| Other financing CF items | (12) | 268 | (42) | 320 | 956 | 0 | 0 | 0 |
| Cash flow from financing | 262 | 172 | (313) | 296 | 1,245 | 414 | 1,890 | 980 |
| Forex effect/others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in cash | (109) | 327 | 7 | (85) | 563 | (61) | 895 | 1,030 |
| Free cash flow | (377) | 121 | 16 | (382) | (563) | (370) | (890) | 155 |
Source: FactSet, Daiwa forecasts
Taiwan Microloops (6831 TT): 28 July 2026
Daiwa
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 277 | 603 | 609 | 528 | 1,106 | 1,046 | 1,940 | 2,971 |
| Inventory | 226 | 207 | 194 | 207 | 439 | 790 | 1,394 | 2,648 |
| Accounts receivable | 546 | 442 | 657 | 869 | 1,932 | 3,403 | 7,121 | 13,927 |
| Other current assets | 37 | 23 | 25 | 69 | 188 | 188 | 188 | 188 |
| Total current assets | 1,086 | 1,275 | 1,485 | 1,673 | 3,665 | 5,427 | 10,643 | 19,734 |
| Fixed assets | 498 | 534 | 329 | 809 | 1,017 | 1,422 | 2,153 | 3,104 |
| Goodwill & intangibles | 12 | 8 | 10 | 36 | 24 | 24 | 24 | 24 |
| Other non-current assets | 96 | 138 | 93 | 312 | 312 | 312 | 312 | 312 |
| Total assets | 1,692 | 1,956 | 1,917 | 2,830 | 5,018 | 7,184 | 13,132 | 23,174 |
| Short-term debt | 126 | 38 | 0 | 20 | 383 | 500 | 1,500 | 2,500 |
| Accounts payable | 587 | 535 | 697 | 888 | 1,379 | 2,246 | 3,838 | 7,033 |
| Other current liabilities | 29 | 41 | 67 | 91 | 217 | 217 | 217 | 217 |
| Total current liabilities | 743 | 613 | 764 | 999 | 1,980 | 2,963 | 5,555 | 9,751 |
| Long-term debt | 218 | 210 | 0 | 0 | 0 | 500 | 2,000 | 3,500 |
| Other non-current liabilities | 44 | 54 | 18 | 257 | 220 | 220 | 220 | 220 |
| Total liabilities | 1,004 | 877 | 781 | 1,257 | 2,200 | 3,683 | 7,775 | 13,471 |
| Share capital | 374 | 434 | 509 | 600 | 675 | 675 | 675 | 675 |
| Reserves/R.E./others | 313 | 644 | 626 | 973 | 2,143 | 2,826 | 4,682 | 9,029 |
| Shareholders' equity | 688 | 1,079 | 1,135 | 1,573 | 2,818 | 3,501 | 5,357 | 9,704 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 1,692 | 1,956 | 1,917 | 2,830 | 5,018 | 7,184 | 13,132 | 23,174 |
| EV | 38,340 | 37,918 | 37,664 | 37,765 | 37,550 | 38,227 | 39,832 | 41,302 |
| Net debt/(cash) | 67 | (355) | (609) | (508) | (723) | (46) | 1,560 | 3,029 |
| BVPS (TWD) | 18.370 | 27.413 | 22.313 | 26.725 | 46.337 | 51.872 | 79.364 | 143.757 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 70.8 | 5.5 | 2.1 | 22.1 | 84.7 | 100.0 | 100.0 | 100.0 |
| EBITDA (YoY) | 3.7 | 64.5 | 10.6 | 20.5 | 100.7 | 224.8 | 133.5 | 122.5 |
| Operating profit (YoY) | (51.7) | 181.1 | 0.9 | 16.9 | 234.4 | 221.3 | 146.7 | 130.7 |
| Net profit (YoY) | (32.0) | 92.2 | 18.2 | 2.4 | 183.8 | 238.3 | 149.1 | 130.7 |
| Core EPS (fully-diluted) (YoY) | (40.3) | 82.3 | (8.6) | (11.4) | 175.3 | 205.1 | 149.1 | 130.7 |
| Gross-profit margin | 18.3 | 22.6 | 23.4 | 23.1 | 23.4 | 26.0 | 28.0 | 30.0 |
| EBITDA margin | 7.4 | 11.5 | 12.4 | 12.3 | 13.3 | 21.6 | 25.3 | 28.1 |
| Operating-profit margin | 2.5 | 6.7 | 6.6 | 6.4 | 11.5 | 18.5 | 22.8 | 26.3 |
| Net profit margin | 3.0 | 5.4 | 6.3 | 5.3 | 8.1 | 13.7 | 17.1 | 19.7 |
| ROAE | 6.8 | 9.9 | 9.3 | 7.8 | 13.7 | 32.2 | 57.2 | 77.6 |
| ROAA | 3.2 | 4.8 | 5.3 | 4.5 | 7.7 | 16.7 | 24.9 | 32.2 |
| ROCE | 4.4 | 9.2 | 8.9 | 9.3 | 17.8 | 35.6 | 50.6 | 63.4 |
| ROIC | 11.7 | 11.6 | 13.4 | 12.0 | 23.3 | 37.0 | 48.8 | 59.5 |
| Net debt to equity | 9.8 | n.a. | n.a. | n.a. | n.a. | n.a. | 29.1 | 31.2 |
| Effective tax rate | (64.9) | 20.9 | 22.9 | 25.1 | 13.7 | 25.0 | 25.0 | 25.0 |
| Accounts receivable (days) | 102.2 | 112.2 | 122.2 | 138.9 | 138.0 | 131.5 | 129.7 | 129.7 |
| Current ratio (x) | 1.5 | 2.1 | 1.9 | 1.7 | 1.9 | 1.8 | 1.9 | 2.0 |
| Net interest cover (x) | 6.7 | 16.4 | n.a. | n.a. | 48.1 | n.a. | n.a. | n.a. |
| Net dividend payout | 0.0 | 8.5 | 38.4 | 69.4 | 60.7 | 60.0 | 60.0 | 60.0 |
| Free cash flow yield | n.a. | 0.3 | 0.0 | n.a. | n.a. | n.a. | n.a. | 0.4 |
Source: FactSet, Daiwa forecasts
Company profile
Founded in 2002, Taiwan Microloops Corp. (Microloops) is a leading global provider of system-level thermal modules for AI data centres, including ASICs, network interface cards (NICs) and switches, as well as notebooks and graphics cards (VGAs). Headquartered in New Taipei City, Taiwan, the company operates manufacturing facilities in China and Vietnam. Its core product offerings currently focus on aircooling solutions, including 2.5DVC and 3DVC modules, while it is also expanding into liquid cooling, and developing immersion cooling technologies for next-generation servers in collaboration with Intel.
Taiwan Microloops (6831 TT): 28 July 2026
Daiwa
ESG analysis
ESG risks
| Risks | Management | Analyst comments | |
|---|---|---|---|
| Executive/board quality | 1 | The positions of Chairperson and President (CEO equivalent) are held by Mr. Yuan-Shan Chao and Mr. Chun-Hung Lin, respectively. We note that Chairperson Chao has extensive senior management experience in finance, having previously served as CFO of Walsin Lihwa Corporation and Vice President of Finance at Winbond Electronics, while President Lin holds a PhD in Mechanical Engineering and brings significant R&D and project management experience from the Cooler Master Group. This separation of roles -combined with a Board consisting of 7 directors including 3 independent directors who possess diverse professional qualifications across finance, accounting, law, business management, and industrial knowledge -is a positive sign from a corporate governance perspective. | |
| G | Capital management | 1 | Over 2023-2025, Microloop recorded dividend payout ratios of 38%, 69% and 61%. Management aims to further increase the ratio to 70% over the mid-to-long-term to balance shareholder returns while meeting reinvestment needs. This approach reflects a prudent capital management policy and consistent financial discipline. |
| Related party transaction | & | 1 | The company engages in transactions with subsidiaries (such as those in Samoa, Huizhou, and Vietnam) primarily for normal operational purposes, such as the procurement of equipment by Microloops Huizhou. To ensure risk control and firewall mechanisms, all interactions are governed by established internal controls, including the "Regulations Governing the Financial and Business Matters Between Related Parties" and the "Regulations Governing the Supervision and Management of Subsidiaries", ensuring that no irregular or non-transparent transactions were identified. |
| E | Supply chain management | 1 | Microloops has a structured procurement process utilising its "Procurement Management Regulations" to select suppliers, giving preference to those with environment-related licenses who emphasise environmental protection and social responsibility. The company maintains stable, mutual-trust relationships with major raw material suppliers (including Sankou Precision and Thermal Science Technology) and promotes ethical management policies by requiring cooperating partners to sign an "Integrity Commitment Letter". This reflects strong supply chain transparency, environmental compliance regarding RoHS and lead-free regulations, and robust quality control measures. |
| S | Data security | 1 | The company has established a dedicated Information Security Department led by an Information Security Officer to oversee security management, officially obtaining the ISO 27001 Information Security Management System certificate in 2025/4. Guided by its "Computer Processing Operations Cycle" and "Information Security Management Regulations", the company conducts regular asset inventory and risk assessments while enforcing anti-virus mandates, server password updates, and strict employee access controls. Backup systems, redundancies, and regular disaster recovery drills are actively in place, allowing the company to ensure system availability and minimise operational 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: 18 Jun 2026
Source: Daiwa, Company
Taiwan Microloops (6831 TT): 28 July 2026
Daiwa