PDF 原檔：報告_GS_聯茂6213_20260810_original.pdf
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42KB | 真資料圖 | Price Performance 圖：6213.TW 股價（深藍）vs Taiwan SE Weighted Index（淺藍）走勢（2025/08–2026/08），下方附 3m/6m/12m 絕對報酬與相對指數報酬表 |
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70KB | 真資料圖 | Exhibit 1「We estimate ITEQ's August revenue to increase by 92% YoY」：月營收柱狀圖（NT$mn，Aug-22至Aug-26）疊 YoY% 紅色曲線，最右端綠色柱標示估計值 |
260810_gs_iteq_004.png |
81KB | 真資料圖 | 高盛評等與目標價沿革圖：ITEQ 股價走勢疊評等區間（S=Sell）與歷次目標價標記（72.5/82.5/69.5/73/76/98/93/89.5/71.5/54/58/68/68.5/78.5/89.5/102/117） |
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原始內容
For the exclusive use of KEVINLU@LENOVO.COM
ITEQ Corp (6213.TW)
Earning Review: Price hikes to continue in 3Q26, despite the decelerating risk in 4Q26; remain Sell
6 2 13.TW
12m Pri c e Target:
NT$134.00
Pri c e:
NT$4 2 7.50
Downside:
68.7%
2Q26 beat on strong QoQ revenue growth on accelerating price hikes
ITEQ's 2Q26 core business (OPI) was 113%/52% higher than GSe/BBG consensus and 2Q26 GM beat GSe by 6.9ppt, primarily due to accelerated pricing hikes followed by product mix improvement. OPEX was lower than expected (NT$691mn in 2Q26 vs. GSe at NT$747mn). For earnings, ITEQ's 2Q26 net income was 105%/71% higher than GSe/BBG consensus, mainly due to the GM expansion driven by better pricing.
Going into 3Q26, we expect the company's revenue growth and GM expansion to sustain
We expect a 26% QoQ revenue increase in 3Q26, given the sustained strong general server demand and a better product mix. We expect ITEQ to continue to bene fi t from CCL pricing hikes in 2H26, where price increases continue to be driven by rising material costs (including E-glass and RG/RTF copper foil). Moreover, we expect the company's GM level to improve to 23.7% (vs. 22.0% in 2Q26) as we believe the higher pricing and better product mix will continue to drive the margin improvement, despite rising materials costs and material shortages remain key risks.
Furthermore, ITEQ announced a new Rmb2.1bn (~NT$10.3bn) CAPEX plan for the Wuxi plant expansion , with spending to be phased over 2026-29. The expansion will add 2.85mn sheets/month of high-end capacity (M7 and above) throughout 2027-29E (~53% of capacity increase by 2029 end vs. current capacity of 5.4mn sheets/month). The expansion is mainly focused on high-end CCL products for new ASIC customers as well as supporting general server demand. Based on the newly announced CAPEX plan, the company also raised its 2026 CAPEX guidance to ~NT$4bn from NT$1.5-2bn (~129% upward revision from the midpoint), and expects 2027/28 CAPEX to reach ~NT$3.8bn/~NT$3bn.
SELL
Chao Wang
+886(2)2730-4195 | kuan-chao.wang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Al Wang
+886(2)2730-4081 | al.wang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Key Data _____________________________________
Market cap: NT$145.7bn / $4.5bn
Enterprise value: NT$145.1bn / $4.5bn
3m ADTV: NT$6.4bn / $200.8mn
Taiwan
Taiwan Electronic Components
M&A Rank: 3
Leases incl. in net debt & EV?: No
| GS Forecast | 12/25 | __________ 12/26E | 12/27E | 12/28E |
|---|---|---|---|---|
| Revenue(NT$mn) New | 33,098.3 | 49,032.4 | 55,282.1 | 62,054.3 |
| Revenue (NT$ mn) Old | 33,098.3 | 42,709.6 | 49,899.0 | 57,323.5 |
| EBITDA (NT$ mn) | 3,968.5 | 9,016.0 | 9,019.5 | 11,339.4 |
| EPS(NT$) New | 4.16 | 11.40 | 10.17 | 15.41 |
| EPS (NT$) Old | 4.16 | 6.58 | 11.17 | 14.80 |
| P/E (X) | 22.0 | 37.5 | 42.0 | 27.7 |
| P/B (X) | 1.6 | 6.8 | 6.4 | 5.8 |
| Dividend yield (%) | 3.3 | 1.6 | 1.4 | 2.2 |
| CROCI (%) | 12.1 | 20.5 | 17.5 | 20.9 |
| 6/26 | 9/26E | 12/26E | 3/27E | |
| EPS (NT$) | 3.52 | 3.77 | 3.24 | 1.97 |
Source: Company data, Goldman Sachs Research estimates. See disclosures for details.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a con fl ict of interest that could a ff ect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certi fi cation and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US a ffi liates are not registered/quali fi ed as research analysts with FINRA in the U.S.
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
ITEQ Corp (6213.TW)
Rating since Jul 21, 2022
Ratios & Valuation __________________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| P/E (X) | 22.0 | 37.5 | 42.0 | 27.7 |
| P/B (X) | 1.6 | 6.8 | 6.4 | 5.8 |
| FCF yield (%) | 2.2 | 1.4 | 0.3 | 2.4 |
| EV/EBITDAR (X) | 8.5 | 17.1 | 17.4 | 13.7 |
| EV/EBITDA (excl. leases) (X) | 8.5 | 17.1 | 17.4 | 13.7 |
| CROCI (%) | 12.1 | 20.5 | 17.5 | 20.9 |
| ROE (%) | 7.2 | 18.7 | 15.6 | 21.9 |
| Net debt/equity (%) | 2.4 | 3.0 | 18.0 | 16.7 |
| Net debt/equity (excl. leases) (%) | 2.4 | 3.0 | 18.0 | 16.7 |
| Inte r est c ov e r (X) | 15.0 | 35.9 | 34.4 | 45.1 |
| Days in v ent or y o utst , sales | 47.7 | 38.0 | 39.9 | 41.7 |
| Recei v able days | 154.6 | 126.2 | 134.6 | 137.1 |
| Days p ayable o utstandin g | 97.6 | 101.6 | 114.5 | 119.5 |
| DuP o nt ROE (%) | 7.1 | 19.1 | 16.9 | 24.5 |
| Tu r n ov e r (X) | 0.9 | 1.1 | 1.2 | 1.2 |
| L e v e r a g e (X) | 1.8 | 2.0 | 2.1 | 2.2 |
| Gro ss cas h in v ested (ex cas h ) (NT $ ) | 30 , 386.9 | 33 , 194.0 | 39 , 260.7 | 42 , 977.5 |
| A v e r a g e ca p ital e mp l o yed (NT $ ) | 21 , 077.7 | 22 , 045.4 | 24 , 062.9 | 26 , 242.2 |
| BVP S (NT $ ) | 58.21 | 63.15 | 67.22 | 73.39 |
Growth & Margins (%) ______________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Total revenue growth | 12 .7 | 48 . 1 | 12 .7 | 12 . 3 |
| E BITDA growth | 40 . 5 | 12 7. 2 | 0 . 0 | 25 .7 |
| E PS growth | 83 . 8 | 1 7 3 . 9 | (10 . 8) | 51 . 5 |
| DPS growth | 66 .7 | 12 7. 9 | (10 . 8) | 51 . 5 |
| E BIT margin | 7. 2 | 13 .7 | 11 .7 | 13 .7 |
| E BITDA margin | 12 . 0 | 18 . 4 | 16 . 3 | 18 . 3 |
| Net income margin | 4 . 6 | 8 . 4 | 6 .7 | 9 . 0 |
Price Performance __________________________________________
Source: FactSet. Price as of 10 Aug 2026 close.
Income Statement (NT$ mn) ________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| To t a l r e v e nu e | 33,098 . 3 | 49,032 . 4 | 55,282 . 1 | 62,054 . 3 |
| Co s t of good s s old | (28,313 . 8) | (38,864 . 8) | (44,886 . 6) | (49,226 . 5) |
| SG&A | (1,588 . 8) | (2,217 . 4) | (2,596 . 6) | (2,824 . 5) |
| R&D | (812 . 9) | (1,213 . 0) | (1,339 . 5) | (1,528 . 8) |
| Other operating inc . /(exp . ) | -- | -- | -- 9,0 1 9. 5 | -- 11 ,339.4 |
| E BITDA | 3,9 68 . 5 | 9,0 16 .0 | ||
| Depreciation& amortization | (1,585 . 8) | (2,278 . 8) | (2,560 . 0) | (2,864 . 8) |
| E BIT | 2 ,3 82 . 7 | 6 , 7 3 7 . 2 | 6 ,4 5 9.4 | 8 ,4 7 4. 6 |
| Net intere s t inc . /(exp . ) Income/(lo ss ) from a ss ociate s | (129 . 2) (6 . 5) | (155 . 7) -- | (156 . 5) -- | (177 . 8) -- |
| Pre-tax pro fi t | 2 ,3 66 . 6 | 6 ,49 2 . 1 | 5 , 85 9.4 | 8 ,4 7 4. 6 |
| Provi s ion for taxe s | (856 . 4) | (2,355 . 4) | (2,167 . 7) | (2,881 . 0) |
| Minority intere s t | -- | -- -- | -- | -- -- |
| Preferred dividend s | -- | -- | ||
| N et inc . ( pre-ex c ept i o n a ls) | 1 , 51 0. 2 | 4, 1 3 6 . 7 | 3, 6 9 1 . 7 | 5 , 5 93. 6 |
| Po s t-tax exceptional s | -- 1 , 51 0. 2 | -- 4, 1 3 6 . 7 | -- 3, 6 9 1 . 7 | -- 5 , 5 93. 6 |
| N et inc . ( po s t-ex c ept i o n a ls) E P S(b a sic , pre-ex c ept ) (N T | 4. 16 | 11 .40 | ||
| $) | 1 0. 17 | 15 .4 1 | ||
| E P S(dilu te d , pre-ex c ept ) (N T $) | 4. 16 | 11 .40 | 1 0. 17 | 15 .4 1 |
| E P S(b a sic , po s t-ex c ept ) (N T $) $) | 4. 16 | 11 .40 | 1 0. 17 | 15 .4 1 |
| E P S(dilu te d , po s t-ex c ept ) (N T | 4. 16 | 11 .40 | 1 0. 17 | 15 .4 1 |
| DPS (NT$) | 3 . 00 | 6 . 84 | 6 . 10 | 9 . 25 |
| Div . payout ratio | 60 . | |||
| (%) | 72 . 1 | 60 . 0 | 60 . 0 | 0 |
| Balance Sheet (NT$ mn) lents | 12/25 4,989.4 | ______ 12/26E | 12/27E 1,566.5 | 12/28E 1,692.3 |
| C a sh& c a sh equiv a receiv a ble | 15,111.2 | 4,856.1 18,806.9 | 21,961.4 | 24,651.7 |
| Accounts Inventory | 4,890.4 | 5,323.9 | 6,763.7 | 7,417.7 |
| Other current a ssets | 981.3 | 981.3 | 981.3 | 981.3 7 43.0 |
| Total current assets | 25 ,9 72 . 2 | 2 9,9 68 . 2 | 3 1 , 272 .9 | 34, |
| Net PP&E | 9,081.6 9.4 | 10,875.2 | 12,187.5 (135.3) | 12,395.0 (207.7) |
| Net int a ngibles | 0.0 | (63.0) 0.0 | 0.0 | 0.0 |
| Tot a l investments | 3,150.1 | 3,150.1 | 3,150.1 | 3,150.1 |
| Other long-term a ssets Total assets | 3 8 , 21 3.3 | 43,930. 5 | 4 6 ,4 75 . 2 | 0,0 8 0.4 |
| 12,777.5 | 15,372.1 | 5 16,858.4 | ||
| Accounts p a y a ble | 8,848.5 | 3,401.7 | ||
| Short-term debt | 3,401.7 | 3,401.7 | 3,401.7 -- | |
| Short-term le a se li a bilities Other current li a bilities | -- 1,310.5 | -- 2,703.6 , 882 . | -- 2,436.6 21 , 21 0.4 | 3,577.7 2 3, 8 3 7 . |
| Total current liabilities Long-term debt | 1 3, 56 0. 7 | 18 7 | 8 | |
| Long-term le a se li a | 2,101.9 | 2,101.9 -- | 2,101.9 -- | 2,101.9 -- |
| bilities Other long-term li a bilities | -- | 1,283.8 | 1,283.8 | |
| liabilities | 1,283.8 | 1,283.8 | 3,3 85 . 6 | |
| Total long-term Total liabilities | 3,3 85 . 6 16 ,94 6 | 3,3 85 . 6 22 , 268 .4 | 3,3 85 . 6 2 4, 5 9 6 .0 | 27 , 22 3.4 -- |
| Preferred sh a res Tot a l commonequity | .3 -- | -- 22,921.7 | -- 24,398.4 | 26,635.8 (3, 778 .9) |
| Minority interest | 21,267.0 -- | ( 1 , 25 9. 6 ) | ( 2 , 51 9. 2 ) 4 6 ,4 75 . 2 | 5 0,0 8 |
| Total liabilities | 8 , 21 | 43,930. 5 | 0.4 | |
| &equity Net debt, a djusted | 3 3.3 | 647.5 | ||
| (NT$ mn) | 514.2 | 3,937.0 | __________ 3,811.3 | |
| Cash Flow Net income | 12/25 1,510.2 | 12/26E | 12/27E | 12/28E |
| D&Aadd-back | 1,585.8 | 4,136.7 2,278.8 | 3,691.7 2,560.0 | 5,593.6 2,864.8 |
| Minority interest add-back Net (inc)/dec w orking capital | -- (1,165.3) 338.7 | -- (200.3) | -- (1,999.6) | -- (1,858.0) |
| Other operating cash flo w Cash flow fro m operations | 2 , 26 9.4 | -- 6 , 215 .3 | -- 4, 252 . | -- 6 , 6 00.4 |
| 1 | (3,000.0) | |||
| (1,539.4) | (4,000.0) -- | (3,800.0) -- | -- | |
| Capital expenditures Acquisitions Divestitures | -- 21.8 | -- | -- | -- |
| -- | ||||
| Others Cash flow fro m | 35.3 | -- (4,000.0) | -- 8 | |
| Repayment of lease liabilities | ( 1 ,4 82 .3) -- | -- | (3, 00.0) | (3,000.0) -- |
| investing | -- | (2,215.0) | ||
| Dividends paid(common& pref) | (653.3) | (1,089.0) -- | (2,482.0) -- | -- |
| Inc/(dec) in debt Other financing cash flo | 1,377.7 (1,105.5) | (1,259.6) | (1,259.6) | (1,259.6) (3,4 7 4. 6 ) |
| w s Cash flow fro m financing | (3 81 . 1 ) | ( 2 ,34 8 . 6 | (3, 7 4 1 . 7 | |
| Total cash flow | 40 6 .0 | ) ( 1 33.3) | ) (3, 28 9. 5 | 125 . 7 |
| ) | ||||
| Free cash flo w | 730.0 | 2,215.3 | 452.1 | 3,600.4 |
Source: Company data, Goldman Sachs Research estimates.
e92c7a75ab8b4efbba794e6b187208c8
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
For the exclusive use of KEVINLU@LENOVO.COM
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Nov-23
Feb-24
May-24
Aug-24
Nov-24
Monthly revenue (NTSmn)
Feb-25
150%
100%
ITEQ also announced its July revenue at NT$4,749mn (+13% MoM, +97% YoY), monthly revenue reaching another historical high, mainly driven by better pricing and the continued strength in general server demand. However, we continue to see pressure from rising material cost and potential material shortage despite the continuous pricing increase, while the revenue growth is tracking behind other CCL leaders (EMC and TUC, see here). For August, we expect revenue to rise by 3% MoM to NT$4,892mn (92% YoY), mainly driven by the improving ASP and sustained general server demand.
- YoY (RHS)
Source: Company data, Goldman Sachs Global Investment Research
Investment view
We will continue to see solid revenue/pro fi tability for the company in 2H26, while low-end CCL price increase (1) continues to re fl ect material costs increase (especially E-glass, which has surged 80%+ in 1H26), and (2) supported by tightening low-end CCL supply, as some CCL suppliers continue to shift capacity toward high-end CCL (see here). We expect the low-end CCL price increase to sustain in 3Q26, but will decelerate from 4Q26 as E-glass shortage will gradually ease as consumer-related CCL demand (accounted for ~90% of E-glass demand per GSe) will enter the low season. Moreover, the low-end CCL industry remains weak and will likely only grow at 2% 2025-28E TAM CAGR, as consumer-related applications account for 50%+ of total low-end CCL demand (we expect smartphone to see -10%/3%/1% YoY growth and PC to see -14/-5/0% YoY growth in 2026-28E, see here and here). ITEQ's revenue growth should outperform (23% 2025-28E CAGR) overall low-end CCL industry TAM, but is still tracking slower than high-end CCL market growth (96% 2025-28E CAGR), where high-end CCL pricing is supported by strong AI demand and continuous supply shortage throughout 2026-28E.
We continue to expect a solid outlook for general servers (we now expect general server volume to increase by 14/6/6% YoY in 2026-28E, see here), which is the key driver for ITEQ's revenue growth since 2025. However, key CPU material shortages remain a key risk (we expect ABF substrate shortage ratio could reach 14/34/51% in 1H26/2027/2028, see here), which could result in slower product mix improvement for ITEQ.
For ITEQ's latest Wuxi plant expansion, this is primarily to serve new ASIC customers and for some general server CCL demand. However, we expect EMC to maintain a leading share for these clients (see here), as EMC maintains a technology leadership in high-end e92c7a75ab8b4efbba794e6b187208c8
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ITEQ P&L (NTS mn)
Sales
Gross Profit
EBIT
Net Income
Revenue
EPS (NTS)
Ratio analysis
Gross profits
Operating profits
EBIT margin
Gross margin
Pre-tax income
Net margin
Net earnings
EPS, NTS
Gross margin (%)
For the exclusive use of KEVINLU@LENOVO.COM
2026 New
49,032
2Q26
GS est.
10,168
11,530
6,737
4,137
11.40
2,539
20.7%
1,848
13.7%
8.4%
1,834
1,279
3.52
22.0%
16.0%
Diff.
15%
52%
85%
Q0Q
2027 New
55,282
2027 New
49,899
10.395
1Q26
6,459
9,277
5,798
YoY
2028 New
62,054
12,828
YoY
8,475
Bloomberg consensus
2028 New
Diff.
57,323
8%
11,407
Consensus
12%
7,451
14%
10,583
CCL, and is also more proactive in high-end capacity expansion (with 3.15mn sheets/month of new capacity to be out in 2027, signi fi cantly ahead of ITEQ's planned 600k sheets/month capacity addition in 2027). Given ITEQ's relatively slower technology migration and continued focus on the mid- to low-end market, we believe it will take time for the company to gain meaningful share in the AI CCL market and see sustainable pro fi tability. 0.87 306% 1.16 204% 2.26 56%
Overall, we maintain Sell on ITEQ with a revised TP of NT$134 (from NT$117)
7.9ppt
10.9%
| Exhibit 2: ITEQ earnings comparison table | Exhibit 2: ITEQ earnings comparison table | Exhibit 2: ITEQ earnings comparison table | Exhibit 2: ITEQ earnings comparison table |
|---|---|---|---|
Source: Company data, Goldman Sachs Global Investment Research
Earnings revisions
We revise up our 2026 revenue and GM estimates to factor in 2Q26 results and better pricing environment. We revise up our 2027/28 revenue by 11/8% to factor in the latest capacity expansion plans. Moreover, we revise up our 2027/28E GM estimates by 0.2/0.8ppt to re fl ect improvement in product mix due to the new expansions. Overall, we revise up our 2026E earnings estimates by 73% due to better-than-expected general server demand, revise down our 2027E earnings estimates by 9% with a higher tax rate assumption, and revise up our 2028E earnings estimates by 4% with more contribution from the new capacity.
Also, we introduce our 2029 estimates within this report.
Exhibit 3: ITEQ earnings revision table
Source: Goldman Sachs Global Investment Research
Valuation
We revise up our 12m TP to NT$134 (from NT$117), based on an unchanged target P/E of 13.5x (0.5x s.d. lower than past 10-year average valuation) and roll over our valuation
11.4ppt
7.2ppt
5.2ppt
QoQ
Diff (%)
2025
2029 New e92c7a75ab8b4efbba794e6b187208c8
calvil TlIcyraL lavic
NT$mn
1Q26
Revenue
Gross profit
Operating expense
Operating income
Pretax income
Taxes expense
Net income
(620)
424
483
(169)
3Q26E
14.531
3,445
(1,075)
2,369
2.279
(912)
2Q26
(691)
1,848
1.834
(554)
315
1.368
1.279
EPS, NT$
Exhibit 4: ITEQ P&L table
Ratio analysis and assumption
As % of sales
Gross margin
Operating expense ratio
Operating margin
Net margin
QoQ growth (%)
Revenue
Gross profit
Operating income
Net income
YoY growth (%)
Revenuel
Gross profit
Operating income
Net income
EPS
For the exclusive use of KEVINLU@LENOVO.COM
4Q26E
13.828
3,140
(1,044)
2,096
4Q27E
14.522
2,963
(1,002)
1,961
3Q27E
13.971
2,630
(992)
1,638
2027E
13.489
2,480
(971)
1,509
1Q27E
13.300
2,323
(971)
1,352
1Q28E
15.015
2,960
(1,036)
1,924
2Q28E
15.129
3,090
(1,044)
2,046
4Q28E
16.143
3,471
(1,138)
2,333
2025
33.098
4.784
(2,402)
2,383
2026E
49.032
10,168
(3,430)
6,737
2027E
55,282
10,395
(3,936)
6,459
2028E
62.054
(4,353)
8,475
2029E
72.512
(5,003)
10,583
base from 2H26-1H27E to 4Q26E-3Q27E, and factor in our earnings revisions.
1,175
3.24
714
1.97
811
2.24
891
2.46
1.289
3.55
1,275
3.51
1.330
3.66
1,563
4.31
1,510
4.16
4,137
11.40
3,692
10.17
5,594
15.41
6.985
19.25
| 11.4% | 22.0% 23.7% | 22.7% | 17.5% | 18.4% | 18.8% | 20.4% | 19.7% | 20.4% | 21.5% | 14.5% | 20.7% 18.8% | 20.7% | 21.5% | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6.8% | 6.0% 7.4% | 7.6% | 7.3% 7.2% | 7.1% | 6.9% 6.9% | 6.9% | 7.1% | 7.3% | 7.0% | 7.1% | 7.0% | 6.9% | |||||
| 4.6% | 16.0% 16.3% | 15.2% | 10.2% | 11.2% | 11.7% | 13.5% | 12.8% | 13.5% | 14.5% | 7.2% | 13.7% 11.7% | 13.7% | 14.6% | ||||
| 3.4% | 11.1% 9.4% | 8.5% | 5.4% | 6.0% | 6.4% | 8.8% 8.6% | 8.8% | 9.7% | 4.6% | 8.4% | 6.7% | 9.0% | 9.6% | ||||
| 2.5% | 26.1% 26.0% | -4.8% | -3.8% 1.4% | 3.6% | 3.9% | 3.4% | 0.8% | 4.2% | 2.4% | ||||||||
| -17.2% -32.4% | 143.1% 335.7% 35.7% 28.2% | -8.9% -11.5% | -26.0% -35.5% | 6.8% | 11.6% 6.0% 8.5% | 12.7% 19.8% | -0.1% -1.9% | 4.4% 6.4% | 7.0% | 6.1% 5.0% 7.4% | |||||||
| 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% | 26.6% 306.8% 6.9% -14.1% -39.2% 13.6% 9.9% 43.0% 1.1% 3.2% 6.1% 10.7% |
| 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% | 20.6% |
| 29.9% 88.1% | 55.1% | 45.5% | 17.0% | -3.9% | 5.0% 12.9% | 12.2% | 11.2% | 13% | 48% | 13% | 12% | 17% | |||||
| -3.3% 83.5% | 224.8% | 149.0% | 122.4% | -2.3% -23.7% | -5.6% | 27.4% | 24.6% | 17.1% | 30% | 113% 183% | 2% | 23% 21% | |||||
| -18.6% | 134.5% 431.3% | 234.0% | 218.6% | -18.4% | -30.9% | -6.4% | 42.3% | 35.6% | 19.0% | 76% | -4% | 31% | 25% | ||||
| -6.6% | 204.3% 321.2% | 174.4% | 127.0% | -36.6% | -34.8% | 8.5% | 80.5% | 63.9% | 22.6% | 84% | 174% -11% | 52% | 25% | ||||
| -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% | -6.6% 204.3% 321.2% 174.4% 127.0% 36.6% -34.8% 8.5% 80.5% 63.9% 22.6% 84% 174% -11% 52% 25% |
Source: Company data, Goldman Sachs Global Investment Research
Investment Thesis & PT methodology and risks
ITEQ is a key high-end CCL player, mainly focused on the server market (15-20% global share as of 2024). While we are positive on its long-term outlook given promising growth in the server CCL and automotive high-speed CCL markets, we continue to see a weaker than peer revenue/pro fi tability outlook, considering the company's lagging technology. Further, we believe the mid- to low-end CCL market oversupply issue will continue in the coming years, weighing on ITEQ's pro fi tability in the foreseeable future. Meanwhile, the company is trading at a 2026E P/E that is much higher than the average peak valuation and Taiwan peers. We are Sell rated on the stock. Key upside risks: (1) stronger-than-expected demand from server/switch segments in the coming years; (2) stronger-than-expected CCL pricing hikes in the coming quarters without component cost increases; and (3) stronger-than-expected 5G BTS demand globally in the coming quarters.
Valuation methodology: Our 12m TP of NT$134 is based on a 4Q26E-3Q27E P/E multiple of 13.5x (-0.5x s.d. lower than past 10-year average valuation).
Key upside risks: (1) stronger-than-expected demand from server/switch segments in the coming years; (2) stronger-than-expected CCL pricing hikes in the coming quarters without component cost increases; and (3) stronger-than-expected 5G BTS demand globally in the coming quarters.
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