PDF 原檔：報告_JPM_健策3653_20260929_original.pdf
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| 檔名 | size | 分類 | 親眼所見內容 |
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40KB | 真資料圖 | Price Performance 折線圖：3653.TW 股價（藍線）vs Taiex（灰線），2025-10 至 2026-10 |
報告_JPM_健策3653_20260929_003.png |
90KB | 真資料圖 | Jentech (3653.TW) Price vs Taiex 折線圖（Figure 1），2025-01 至 2026-09，深綠線為 Jentech 股價（NTD）、淺藍線為 TAIEX（scaled to base price） |
報告_JPM_健策3653_20260929_012.png |
119KB | 真資料圖 | Jentech (3653.TW) Price Chart：股價走勢圖搭配歷次 OW 評等與目標價標註（NT$3,650→6,200）及右側完整日期/評等/股價/目標價表格（2025-09-29 至 2026-08-17） |
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原始內容
Jentech Precision Industrial Co.
Removable lid adoption schedule pulled forward; assume coverage at OW
We assume coverage of Jentech at OW with a Dec-27 PT at NT 7,500, based on 30x 2028E P/E. We are positive on the company's near-term and long-term earnings drivers including: (1) the adoption schedule of the 3-piece / removable lid design (removable lid + stiffener + multiple screws) could accelerate to 4Q26 with small production in Rubin GPU and mass production from 1Q27 for Rubin/Rubin Ultra, lifting lid content ~4-5x versus the current 1-piece design; (2) AMD MI450series moves to a 2-piece lid from 4Q26, driving ~10x content versus MI350; (3) longer-cycle upside comes from CPO/NPO ramps with higher stiffener content; and (4) potential ASIC upgrades to higher-spec solutions. As Jentech's share price has rallied 108% in the past three months (vs. TWSE index +102%), we believe the above-mentioned positive factors have started to be reflected in the share price, making our PT upside less attractive (~10%) vs. other cooling component names.
- No delay in 3-piece/removable lid adoption in Rubin Ultra, even pulling forward some volume in Rubin potentially from 4Q2 /1Q27. We continue to believe Nvidia's Rubin Ultra GPU will adopt the 'removable lid + stiffener + multiple screws' design (or the so-called 3-piece lid design) with no delay or change, which should drive the heat spreader/lid content increase by 4-5x vs. the current 1-piece lid design for Rubin GPU. Based on our industry checks, Nvidia might even adopt this new design in small volumes of Rubin GPU potentially from 4Q26 for trial production, in order to ensure decent yield when entering mass production in the next gen (potentially in 1Q27). We believe the adoption schedule is slightly ahead of market expectations, which might provide near-term revenue/earnings upside for the 3-piece lid supplier.
- Solid 3Q2 and more growth into 4Q2 and 1Q27 with MI450 2-piece lid ramp and initial removable lid contribution for Rubin/Rubin Ultra. We estimate our 3Q26 revenue at NT 9.7bn (+33% QoQ and +91% YoY) with the decent ramp of Rubin GPU. As the shipment of Rubin 1-piece lid should remain at high volume into 4Q26, we believe the company's revenue momentum will also continue, with incremental growth from the mass production of AMD MI450 2-piece lid with ~10x content increase (vs. MI350 series). Hence, we are now modeling Jentech's 4Q26 revenue to further grow 7% QoQ. In addition, if the 3-piece/removable lid design could be adopted in small volume of Rubin GPU from 4Q26 and enter mass production from 1Q27 in Rubin Ultra GPU, we believe there could be further upside to the company's growth magnitude in the next few quarters.
- Valuation re-rating already kicking off. Jentech is now trading at ~50x 12M fwd P/E, at the high-end of its historical valuation range, but from the 2028E EPS-based perspective, it is only trading at 25-30x P/E. With a longer-term spec upgrade visibility, we apply a 30x 2028E P/E valuation to reflect the continued heat spreader content growth cycle in the next 2-3 years, with the higher-spec design adoption expanding from GPUs to more ASICs. Key risks include potential delay of the removable lid design and market share loss in the advanced-spec market.
Sour es for: Style Exposure - J.P. Morgan Global Markets Strategy; all other tables are ompany data and J.P. Morgan estimates.
See page 12 for ana yst certification and important disc osures, inc uding non-US ana yst disc osures.
29 September 2026
verweight
3653.TW, 3653 TT Price 29 Sep 26):NT$6,895.00
▲Price Target (Dec-27):NT$7,500.00 Prior Dec-27):NT$6,200.00
Technology
Megan Hsueh AC
886-2) 2725-9249
J.P. Morgan Securities Taiwan) Limited
Gokul Hariharan
852) 2800-8564
J.P. Morgan Securities Asia Pacific) Limited/ J.P. Morgan Broking Hong Kong) Limited
Albert Hung
886-2) 2725-9875
J.P. Morgan Securities Taiwan) Limited/ J.P. Morgan Securities Asia Pacific) Limited/ J.P. Morgan Broking Hong Kong) Limited
| Key Changes (FYE Dec) | Key Changes (FYE Dec) - Prev | Key Changes (FYE Dec) - Cur | Key Changes (FYE Dec) - Δ |
|---|---|---|---|
| Adj. EPS - 27E (NT$) | 129.04 | 150.11 | 16.3% |
| Quarterly Forecasts (FYE Dec) | Quarterly Forecasts (FYE Dec) | Quarterly Forecasts (FYE Dec) | Quarterly Forecasts (FYE Dec) |
| Adj. | 2025A | 2026E | 2027E |
| Q1 | 9.59 | 9.53A | 25.41 |
| Q2 | 7.85 | 15.80A | 33.58 |
| Q3 | 9.49 | 20.62 | 42.71 |
| Q4 | 9.74 | 23.24 | 48.41 |
| FY | 36.68 | 69.18 | 150.11 |
Style Exposure
| Quant - Factors | Current - %Rank | Hist %Rank (1=Top) - 6M | Hist %Rank (1=Top) - 1Y | Hist %Rank (1=Top) - 3Y | Hist %Rank (1=Top) - 5Y |
|---|---|---|---|---|---|
| Value | 87 | 96 | 60 | 67 | 59 |
| Growth | 9 | 4 | 4 | 50 | 16 |
| Momentum | 42 | 25 | 1 | 15 | 73 |
| Quality | 27 | 7 | 12 | 17 | 60 |
| Low Vol | 90 | 95 | 95 | 82 | 80 |
Company Data
| Shares O/S (mn) | 142 |
|---|---|
| 52-week range (NT$) | 7,160.00-1,940.00 |
| Market ap ($ mn) | 30,893 |
| Ex hange rate | 31.78 |
| Free float (%) | 49.9% |
| 3M ADV (mn) | 1.45 |
| 3M ADV ($ mn) | 206.8 |
| Volatility (90 Day) | 74 |
| Index | TAIEX |
| BBG ANR (Buy | Hold | Sell) | 11|1|0 |
Key Metrics (FYE Dec)
| NT$ in mi ions | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|
| Financia Estimates | ||||
| Revenue | 20,276 | 32,624 | 63,454 | 100,591 |
| Adj. EBIT | 6,498 | 12,509 | 27,617 | 46,477 |
| Adj. EBITDA | 7,146 | 13,259 | 28,465 | 47,418 |
| Adj. net in ome | 5,277 | 10,151 | 22,026 | 37,076 |
| Adj. EPS | 36.68 | 69.18 | 150.11 | 252.68 |
| BBG EPS | 36.16 | 68.44 | 145.80 | 239.50 |
| Cashflow from operations | 4,892 | 11,320 | 20,257 | 34,219 |
| FCFF | 1,041 | 9,408 | 18,625 | 32,588 |
| Margins and Growth | ||||
| Revenue Growth Y/Y (%) | 42.0% | 60.9% | 94.5% | 58.5% |
| EBIT margin | 32.0% | 38.3% | 43.5% | 46.2% |
| EBIT Growth Y/Y (%) | 71.1% | 92.5% | 120.8% | 68.3% |
| EBITDA margin | 35.2% | 40.6% | 44.9% | 47.1% |
| EBITDA Growth Y/Y (%) | 62.6% | 85.5% | 114.7% | 66.6% |
| Net margin | 26.0% | 31.1% | 34.7% | 36.9% |
| Adj. EPS growth | 52.4% | 88.6% | 117.0% | 68.3% |
| Ratios | ||||
| Adj. tax rate | 19.6% | 20.3% | 21.0% | 21.0% |
| Interest over | NM | NM | NM | NM |
| Net debt/Equity | NM | NM | NM | NM |
| Net debt/EBITDA | NM | NM | NM | NM |
| ROE | 28.0% | 38.1% | 57.7% | 63.9% |
| Va uation | ||||
| FCFF yield | 0.1% | 0.9% | 1.8% | 3.2% |
| Dividend yield | 0.2% | 0.3% | 0.6% | 1.3% |
| EV/Revenue | 48.0 | 29.6 | 15.0 | 9.3 |
| EV/EBITDA | 136.1 | 72.8 | 33.5 | 19.7 |
| Adj. P/E | 188.0 | 99.7 | 45.9 | 27.3 |
Summary Investment Thesis and Valuation
Investment Thesis
Jentech (OW) is the largest packaging-level cooling component maker worldwide, with leading production capabilities across heat spreader products (including stiffener and all kinds of lids). We expect the company to show an ~80% EPS CAGR over 2024-28, driven by solid heat spreader content growth in futuregen AI chips and increasing TAM into new solutions (e.g., CPO switch ASIC). In addition, the company is reinforcing its product portfolio with new offerings in cold plate and CPU server sockets for chip customers. We believe Jentech's technology leadership in the structural cooling upgrade trend and its new TAM expansion will continue to support its superior earnings power in the long term.
Valuation
Our Dec-27 PT of NT 7,500 is based on 30x 2028E P/E, which is largely in line with Jentech's three-year average P/E when the AI server boom started.
Performance Drivers
67%
| Factors | 6M Corr | 1Y Corr |
|---|---|---|
| Market: MSCI Asia Pac ex JP | 0.00 | 0.04 |
| Region: Taiwan | 0.34 | 0.20 |
| Macro: | ||
| Citi Economic Surprise - EM | 0.18 | 0.21 |
| Generic 1st 'CO' Future | -0.11 | -0.20 |
| JPM China A-shares Sentiment | 0.06 | 0.20 |
| Quant Styles: | ||
| Quality | 0.24 | 0.34 |
| Growth | 0.18 | 0.23 |
| Momentum | 0.13 | 0.13 |
Earnings estimates
JPM's above-consensus forecasts
Our 2026E/27E/28E EPS forecasts are 1%/3%/6% above Bloomberg consensus, reflecting 1) faster adoption of the removable lid design in 4Q26/1Q27 for Nvidia Rubin/Rubin Ultra GPU with 4-5x content increase vs current 1-piece lid, 2) better heat spreader spec upgrades in future GPUs and ASICs, and 3) more meaningful CPO/NPO ramp with higher-spec solutions being adopted.
Tab e 1: J.P. Morgan estimates vs B oomberg consensus
| (NT$M) | JPMe - 3Q26E | JPMe - 4Q26E | JPMe - 2026E | JPMe - 2027E | JPMe - 2028E | Bloomberg - 3Q26E | Bloomberg - 4Q26E | Bloomberg - 2026E | Bloomberg - 2027E | Bloomberg - 2028E | Diff - 3Q26E | Diff - 4Q26E | Diff - 2026E | Diff - 2027E | Diff - 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,666 | 10,379 | 32,624 | 63,454 | 100,591 | 9,750 | 10,446 | 32,188 | 59,918 | 88,562 | -1% | -1% | 1% | 6% | 14% |
| Gross profit | 4,572 | 4,953 | 15,147 | 31,747 | 52,327 | 4,749 | 5,156 | 15,242 | 30,562 | 46,345 | -4% | -4% | -1% | 4% | 13% |
| GM | 47.3% | 47.7% | 46.4% | 50.0% | 52.0% | 48.7% | 49.4% | 47.4% | 51.0% | 52.3% | -140 bps | -163 bps | -92 bps | -98 bps | -31 bps |
| Operating profit | 3,789 | 4,274 | 12,509 | 27,617 | 46,477 | 3,822 | 4,352 | 12,619 | 27,888 | 42,927 | -1% | -2% | -1% | -1% | 8% |
| OPM | 39.2% | 41.2% | 38.3% | 43.5% | 46.2% | 39.2% | 41.7% | 39.2% | 46.5% | 48.5% | 1 bps | -49 bps | -86 bps | -302 bps | -227 bps |
| Net Income | 3,025 | 3,410 | 10,151 | 22,026 | 37,076 | 3,058 | 3,481 | 10,272 | 22,289 | 35,143 | -1% | -2% | -1% | -1% | 6% |
| EPS (NT$) | 20.6 | 23.2 | 69.2 | 150.1 | 252.7 | 20.8 | 23.7 | 68.4 | 145.8 | 239.5 | -1% | -2% | 1% | 3% | 6% |
Sour e: Bloomberg Finan e L.P., J.P. Morgan estimates.
Key risks to our estimates
- Potential delay in mainstream 3-piece/removable lid design adoption: As the spec/TDP of Nvidia's Rubin Ultra GPU has not yet been finalized, there is still risk of the 3-piece/removable lid adoption if the chip spec improvement turns out to be limited. However, based on our recent industry checks, Nvidia might even adopt this new design in small volume of Rubin GPU potentially from 4Q26 for trial production, in order to ensure decent yield when entering mass production in the next gen (potentially in 1Q27), which would lower the risk.
- Market share loss from competition: Based on our supply chain checks, another Taiwanese heat spreader supplier, I-Chiun (2486 TT) has secured some CPU and ASIC stiffener projects. However, in terms of the AI GPU lid and other higher-spec projects (e.g CPO ASIC stiffeners), we think there is a huge gap between Jentech and other suppliers.
Performance and valuation
Share price performance
Figure 1: Jentech's share price vs Taiex
Sour e: Bloomberg Finan e L.P.
- In 2025, Jentech's share price underperformed in 1H given the market concerns of an AI bubble and potential heat spreader de-specing trend (from lid to stiffener). However, the share price outperformed from 2H given the new high-spec heat spreader designs (such as micro-channel lid, 2-piece lid, etc) potentially for Nvidia's future AI GPUs to enable TDP migration.
- In 1Q26, Jentech's share price continued outperforming the Taiex in the beginning with new TAM expansion opportunities from Nvidia's new solutions, especially the CPO related ones (e.g. Spectrum and Quantum ASICs). From the mid of 2Q26, the share price corrected meaningfully owing to the Rubin GPU design change from 2piece lid back to 1-piece lid with only ⅓ of ASP.
- In 3Q26, Jentech's share price was still weak in the beginning among the overall market pullback from de-leveraging. However, it has rebounded rapidly from August thanks to 1) reported GM/EPS numbers beat, 2) smooth Rubin 1-piece lid ramp with ASP upside, and 3) more meaningful content value growth for Rubin Ultra GPU with 4-5x ASP vs the current 1-piece lid.
Tab e 2: Jentech's five-year trading mu tip es
| x | P/E trailing | 12M fwd P/E | P/B trailing | 12M fwd P/B |
|---|---|---|---|---|
| Standard Deviation | 20.5 | 7.4 | 6.3 | 4.2 |
| Max | 115.9 | 57.5 | 35.6 | 24.0 |
| Minimum | 18.5 | 16.6 | 4.8 | 4.2 |
| Median | 51.1 | 32.6 | 11.3 | 8.2 |
| Average | 53.4 | 33.2 | 12.8 | 9.5 |
Sour e: Bloomberg Finan e L.P., J.P. Morgan estimates.
Figure 2: Jentech's 1yr fwd P/E vs. mean
Sour e: Bloomberg Finan e L.P., J.P. Morgan estimates.
Figure 4: Jentech's 1yr fwd P/B vs. mean
Sour e: Bloomberg Finan e L.P., J.P. Morgan estimates.
Valuation
We derive our Dec-27 price target of NT 7,500 based on a 30x of 2028E P/E. This is largely in line with Jentech's historical average, as we expect the earnings upgrade cycle to support this valuation.
Sour e: Bloomberg Finan e L.P., J.P. Morgan estimates.
Figure 5: Jentech's 1yr fwd P/B vs. mean
Sour e: Bloomberg Finan e L.P., J.P. Morgan estimates.
Financial analysis
We forecast Jentech's revenue to increase 61%/95%/59% YoY in 2026E/27E/28E, supported by the removable lid design for Nvidia Rubin/Rubin Ultra GPU with 4-5x content increase (vs current 1-piece lid), with continued heat spreader spec upgrades in future GPUs and ASICs. Also, the more meaningful CPO/NPO ramp with higher-spec solutions adopted also contributed to the solid growth.
Jentech's 2Q26 gross margin expanded to 47% thanks to continued QD yield enhancement. We believe the company's margin will continue to surprise to the upside in 2H26-2028, driven by the favorable product mix from stronger AI server product shipments, which should support our gross margin forecast of 47+%/50%/52% in 2H26E/2027E/2028E. The solid GM growth also serves as the key driver of our bottomline EPS growth of 89%/117%/68% in 2026E/27E/28E.
Figure 6: Jentech's revenue and revenue YoY growth
NT$bn, %
Sour e: Company data, J.P. Morgan estimates.
Figure 8: Jentech's OP and OPM
NT$bn, %
Sour e: Company data, J.P. Morgan estimates.
Figure 7: Jentech's GP and GPM
NT$bn, %
Sour e: Company data, J.P. Morgan estimates.
Figure 9: Jentech's EPS and EPS YoY growth
NT$bn, %
Sour e: Company data, J.P. Morgan estimates.
Tab e 3: Income statement
| (NT$ in Mn, year-end Dec) | 2024 - 1Q | 2024 - 2Q | 2024 - 3Q | 2024 - 4Q | 2025 - 1Q | 2025 - 2Q | 2025 - 3Q | 2025 - 4Q | 2026E - 1Q | 2026E - 2Q | 2026E - 3QE | 4QE | 1QE | 2QE | 3QE 2027E | 4QE | 2028E - 1QE | 2028E - 2QE | 2028E - 3QE 4QE | 2028E | 2024 | 2025 | 2026E | 2027E | 2028E | 2028E | 2028E | 2028E | 2028E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,864 | 3,401 | 3,593 | 4,420 | 4,752 | 5,181 | 5,070 | 5,272 | 5,305 | 7,275 | 9,666 | 10,379 | 11,230 | 14,372 | 17,887 | 19,965 | 21,073 | 23,595 | 26,219 29,704 | 14,278 20,276 | 32,624 | 63,454 | 100,591 | 100,591 | 100,591 | 100,591 | 100,591 | 100,591 | 100,591 | 100,591 | |||
| D&A | 142 | 150 | 153 | 152 | 154 | 159 | 164 | 171 | 177 | 186 | 191 | 197 | 204 209 | 214 | 221 | 227 | 232 | 238 | 244 597 | 648 | 750 | 848 | 942 | 942 | 942 | 942 | 942 | 942 | 942 | 942 | |||
| COGS | 1,858 | 2,080 | 2,223 | 2,752 | 2,618 | 3,032 | 3,094 | 3,098 | 3,089 | 3,870 | 5,094 | 5,425 | 5,769 7,236 | 8,870 | 9,832 | 10,330 | 11,399 | 12,480 14,055 | 8,913 | 11,842 17,477 | 31,707 | 48,264 | 48,264 | 48,264 | 48,264 | 48,264 | 48,264 | 48,264 | 48,264 | ||||
| Gross profit | 1,007 | 1,321 | 1,370 | 1,668 | 2,134 | 2,149 | 1,976 | 2,175 | 2,217 | 3,405 | 4,572 | 4,953 | 5,462 | 7,136 | 9,017 | 10,133 | 10,743 | 12,196 | 13,739 15,649 | 5,365 8,434 | 15,147 | 31,747 | 52,327 | 52,327 | 52,327 | 52,327 | 52,327 | 52,327 | 52,327 | 52,327 | |||
| Operating expense | 349 | 369 | 400 | 449 | 469 | 450 | 491 | 526 | 520 | 656 | 783 | 680 | 797 | 970 | 1,145 | 1,218 | 1,307 | 1,416 | 1,494 | 1,634 | 1,567 | 1,936 | 4,130 | 5,850 | 5,850 | 5,850 | 5,850 | 5,850 | 5,850 | 5,850 | 5,850 | ||
| Operating income | 658 | 952 | 970 | 1,219 | 1,666 | 1,699 | 1,484 | 1,648 | 1,697 | 2,749 | 3,789 | 4,274 | 4,664 | 6,166 | 7,872 8,915 | 9,436 | 10,781 | 12,245 | 14,015 3,799 | 6,498 | 12,509 | 27,617 | 46,477 | 46,477 | 46,477 | 46,477 | 46,477 | 46,477 | 46,477 | 46,477 | |||
| Net Interest Income | 30 | 32 | 11 | 11 | 14 | 14 | 5 | 21 | 24 | 37 | 40 | 42 | 56 | 71 | 60 | 77 | 100 | 121 | 100 | 134 | 54 | 143 | 455 | 455 | 455 | 455 | 455 | 455 | 455 | 455 | |||
| Net Other Income | 184 | 73 | 13 | 94 | 61 | -387 | 233 | 147 | 55 | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54 | 110 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pre-tax profit | 872 | 1,056 | 994 | 1,323 | 1,741 | 1,327 | 1,723 | 1,817 | 1,776 | 2,841 | 3,829 | 4,316 | 4,720 | 6,237 | 7,932 | 8,992 | 9,537 | 10,902 | 12,345 | 14,149 | 4,245 | 6,607 | 27,881 | 46,932 | 46,932 | 46,932 | 46,932 | 46,932 | 46,932 | 46,932 | 46,932 | ||
| Tax expense (credit) | 183 | 203 | 220 | 224 | 366 | 196 | 356 | 379 | 371 | 512 | 804 | 906 | 991 | 1,310 | 1,666 | 1,888 | 2,003 | 2,289 | 2,592 | 2,971 | 1,297 | 2,594 | 5,855 | 9,856 | 9,856 | 9,856 | 9,856 | 9,856 | 9,856 | 9,856 | 9,856 | ||
| Net profit reported | 711 | 852 | 770 | 1,095 | 1,371 | 1,121 | 1,356 | 1,429 | 1,398 | 2,318 | 3,025 | 3,410 | 3,729 | 4,927 | 6,266 | 7,104 | 7,534 | 8,612 | 9,753 11,178 | 3,428 | 5,277 | 10,151 22,026 | 37,076 | 37,076 | 37,076 | 37,076 | 37,076 | 37,076 | 37,076 | 37,076 | |||
| EPS (NT$) | 5.0 | 6.0 | 5.4 | 7.7 | 9.6 | 7.8 | 9.5 | 9.7 | 9.5 | 15.8 | 20.6 | 23.2 | 25.4 | 33.6 | 42.7 | 48.4 | 51.3 | 58.7 | 66.5 | 76.2 | 36.7 | 150.1 | 252.7 | 252.7 | 252.7 | 252.7 | 252.7 | 252.7 | 252.7 | 252.7 | |||
| Margins (%) | |||||||||||||||||||||||||||||||||
| Gross Margin | 35.1 | 38.8 | 38.1 | 37.7 | 44.9 | 41.5 | 39.0 | 41.2 | 41.8 | 46.8 | 47.3 | 47.7 48.6 | 49.7 | 50.4 | 50.8 | 51.0 | 51.7 | 52.4 | 52.7 | 41.6 | 37.6 | 46.4 | 50.0 | 52.0 | |||||||||
| - Opex ratio | 12.2 | 10.9 | 11.1 | 10.1 | 9.9 | 8.7 | 9.7 | 10.0 | 9.8 | 9.0 | 8.1 | 6.6 7.1 | 6.8 | 6.4 | 6.1 | 6.2 | 6.0 | 5.7 | 5.5 | 11.0 | 9.5 | 8.1 | 6.5 | 5.8 | |||||||||
| Operating Margin | 23.0 | 28.0 | 27.0 | 27.6 | 35.1 | 32.8 | 29.3 | 31.3 | 32.0 | 37.8 | 39.2 | 41.2 | 41.5 | 42.9 | 44.0 | 44.7 | 44.8 | 46.7 | 47.2 | 45.7 | 26.6 32.0 | 38.3 | 43.5 | 46.2 | |||||||||
| EBITDA Margin | 27.9 | 32.4 | 31.3 | 31.0 | 38.3 | 35.9 | 32.5 | 34.5 | 35.3 | 40.3 | 41.2 | 43.1 | 43.3 | 44.4 | 45.2 | 45.8 | 45.9 | 46.7 | 47.6 | 48.0 | 30.8 35.2 | 40.6 44.9 | 47.1 | ||||||||||
| Net Margin | 24.8 | 25.0 | 21.4 | 24.8 | 28.8 | 21.6 | 26.7 | 27.1 | 26.4 | 31.9 | 31.3 | 32.9 | 33.2 | 34.3 | 35.0 | 35.6 | 35.8 | 36.5 | 37.2 | 31.1 | 34.7 | 37.6 | 24.0 | 26.0 | 36.9 | ||||||||
| Sequential Growth (%) | |||||||||||||||||||||||||||||||||
| Revenue | -8.3 | 18.7 | 5.6 | 23.0 | 7.5 | 9.0 | -2.2 | 4.0 | 0.6 | 37.1 | 32.9 | 7.4 8.2 | 28.0 | 24.5 | 11.6 | 5.6 | 12.0 | 11.1 13.3 | |||||||||||||||
| Gross Profit | -9.1 | 31.2 | 3.7 | 21.7 | 28.0 | 0.7 | -8.1 | 10.1 | 1.9 | 53.6 | 34.3 | 8.3 | 10.3 | 30.7 | 26.4 | 12.4 | 6.0 | 13.5 | 12.7 | 13.9 | |||||||||||||
| EBIT | -11.5 | 44.7 | 1.9 | 25.7 | 36.7 | 2.0 | -12.7 | 11.0 | 2.9 | 62.0 | 37.8 | 12.8 | 9.1 | 32.2 | 27.7 | 13.2 | 5.9 | 14.2 | 13.6 | 14.5 | |||||||||||||
| EPS | 48.3 | 18.0 | -9.6 | 42.1 | 25.2 | -18.2 | 20.9 | 2.7 | -2.2 | 65.8 | 30.5 | 12.7 | 9.4 | 32.1 | 27.2 | 13.4 | 6.1 | 14.3 13.2 | 14.6 | ||||||||||||||
| YoY Growth (%) | |||||||||||||||||||||||||||||||||
| Revenue | 1.4 | 19.8 | 9.7 | 41.5 | 65.9 | 52.3 | 41.1 | 19.3 | 11.6 | 40.4 | 90.7 | 96.9 | 111.7 | 97.6 | 85.0 | 92.4 | 87.6 | 64.2 46.6 | 48.8 | 18.4 | 60.9 | 94.5 | 58.5 | 58.5 | 58.5 | 58.5 | 58.5 | 58.5 | 58.5 | 58.5 | |||
| Gross Profit | 8.3 | 49.6 | 22.0 | 50.6 | 112.0 | 62.7 | 44.2 | 30.4 | 3.8 | 58.4 | 131.4 | 127.8 | 146.4 | 109.6 | 97.2 | 104.6 | 96.7 | 70.9 52.4 | 54.4 | 32.7 | 79.6 | 109.6 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | 64.8 | |||
| EBIT | 7.8 | 70.5 | 26.8 | 64.0 | 153.2 | 78.6 | 53.0 | 35.2 | 61.8 | 155.3 | 159.3 | 174.9 | 124.3 | 107.7 108.6 | 102.3 | 74.8 | 55.5 | 57.2 | 92.5 | 41.9 | 71.1 | ||||||||||||
| EPS | 41.1 | 46.9 | 0.6 | 125.0 | 90.0 | 31.6 | 76.0 | 27.1 | 101.4 | 1.8 -0.7 | 117.3 | 138.6 | 166.7 | 112.5 | 107.1 | 108.3 | 102.0 | 55.6 | 74.8 | 57.4 | 46.7 | 52.4 88.6 | 120.8 117.0 | 68.3 68.3 | 68.3 68.3 | 68.3 68.3 | 68.3 68.3 | 68.3 68.3 | 68.3 68.3 | 68.3 68.3 | 68.3 68.3 | ||
| Segment QoQ growth | (%) | ||||||||||||||||||||||||||||||||
| Thermal module | -11 | 22 | 13 | 32 | 11 | 12 | -7 | 4 0 | 44 | 41 | 9 | 10 | 32 | 28 | 13 | 7 | 12 | 11 | 14 | 26 | 71 | 64 | 64 | 64 | 64 | 64 | 64 | 64 | |||||
| Server ILM and socket | -7 | 39 | -9 | -7 | -3 | 4 | 11 | -10 | 14 | -14 | -3 | 28 | 2 2 | 23 | 4 | -18 4 | 16 | 12 | 4 | 4 | 4 | 4 | 4 | 21 | 4 | 8 | |||||||
| 23 | 12 27 | 0 0 | 0 | 0 | 0 | -6 | -4 | 35 | 11 | 0 | |||||||||||||||||||||||
| Lead frame | -1 | -12 | 4 | -15 | 2 | 9 | 1 | 2 | 2 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Comm. Others Segment Mix (%) Thermal module Server ILM and socket Lead frame Comm. connectors Others | connectors -35 9 60 9 19 2 9 | -7 52 62 11 14 2 12 | 9 -19 66 9 14 2 9 | 35 41 71 7 10 2 10 | -78 14 73 6 9 0 11 | 51 -19 75 7 9 1 8 | 152 23 72 7 9 2 10 | -40 5 72 8 9 1 10 | 57 -13 4 25 72 75 7 9 1 11 10 | 8 1 80 6 5 9 7 1 1 7 | 0 | 0 0 82 4 6 1 6 | 0 | 0 0 85 4 5 0 5 | 0 0 88 3 4 0 4 | 0 0 88 3 4 0 4 | 0 | 0 89 2 3 0 3 | 0 0 89 2 3 0 3 | 0 0 81 4 7 1 7 | 0 0 81 4 7 1 7 | 0 89 2 3 0 3 | 0 0 81 4 7 1 7 | 0 0 81 4 7 1 7 | 0 0 81 4 7 1 7 | 0 0 81 4 7 1 7 | 0 90 2 2 0 2 | -20 47 66 9 14 2 10 | -40 39 73 7 9 1 10 | 55 34 78 5 8 1 8 | 0 6 86 3 4 0 4 | 0 0 89 2 3 0 3 |
Sour e: Company data, J.P. Morgan estimates.
Tab e 4: Ba ance sheet
| (NT$ in million, year-end December) | 2024 - 1Q | 2024 - 2Q | 2024 - 3Q | 2024 - 4Q | 2025 - 1Q | 2025 - 2Q | 2025 - 3Q | 2026E - 4Q | 2026E - 1Q | 2026E - 2Q | 2026E - 3QE 4QE | 2026E - 1QE | 2027E | 2027E - 2QE | 2027E - 3QE | 2027E - 4QE | 2028E - 1QE 2QE | 2028E - 3QE | 2028E - 4QE | 2024 2025 | 2024 2025 | 2026E | 2027E 2028E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | 5,106 | 5,221 | 3,407 | 2,267 | 3,458 | 9,327 | 8,155 | 9,292 | 10,413 | 11,428 12,108 | 15,979 | 20,264 | 17,095 | 22,016 | 28,593 | 34,663 | 28,695 | 38,188 48,032 | 2,267 | 9,292 | 15,979 | 28,593 | 48,032 | |
| Account Receivables | 2,657 | 3,086 | 3,262 | 4,061 | 4,462 | 4,671 | 5,237 | 5,414 | 5,443 | 6,759 | 8,262 | 8,531 | 9,230 | 11,655 | 13,721 15,315 | 17,321 | 19,134 | 20,113 | 22,786 | 4,061 | 5,414 | 8,531 | 15,315 | 22,786 |
| Inventory | 2,503 | 2,791 | 3,100 | 3,062 | 3,524 | 3,294 | 3,351 | 3,652 | 4,403 | 5,044 | 6,145 | 6,599 | 7,140 | 9,137 | 11,372 | 12,693 | 13,398 | 15,001 | 16,669 18,885 | 3,062 | 3,652 | 6,599 | 12,693 | 18,885 |
| Total Other Current Assets | 134 | 170 | 128 | 105 | 198 | 162 | 195 | 209 | 220 | 217 | 355 | 377 | 400 | 494 | 639 | 709 | 744 | 831 | 929 1,051 | 105 | 209 | 377 | 709 | 1,051 |
| Total Current Assets | 10,399 | 11,267 | 9,897 | 9,495 | 11,643 | 17,454 | 16,938 | 18,567 | 20,478 | 23,449 | 26,871 | 31,485 | 37,034 | 38,382 | 47,748 | 57,310 | 66,125 63,662 | 75,900 | 90,754 | 9,495 | 18,567 | 31,485 | 57,310 | 90,754 |
| Gross Fixed Assets | 9,527 | 9,643 | 9,688 | 9,777 | 12,563 | 12,480 | 12,723 | 12,977 | 13,320 | 13,713 | 14,106 | 14,524 | 14,867 | 15,235 | 15,627 16,045 | 16,388 | 16,756 17,149 | 17,567 | 9,777 | 12,977 | 14,524 | 16,045 | 17,567 | |
| Accumulated Depreciation | 4,686 | 4,808 | 4,900 | 5,001 | 5,096 | 5,047 | 5,238 | 5,414 | 5,632 | 5,811 | 5,996 | 6,186 | 6,384 | 6,586 | 6,793 | 7,006 | 7,226 | 7,451 7,681 | 7,917 | 5,001 | 5,414 | 6,186 | 7,006 | 7,917 |
| Construction in Progress | 68 | 78 | 78 | 76 | 213 | 263 | 427 | 510 | 841 | 865 | 894 | 922 | 953 | 977 | 1,003 | 1,032 | 1,063 | 1,087 1,113 | 1,141 | 76 | 510 | 922 | 1,032 | 1,141 |
| Acquisition/(Divestures) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 | 0 | 0 | 0 | 0 |
| Net Fixed Assets | 4,909 | 4,912 | 4,866 | 4,852 | 7,679 | 7,695 | 7,912 | 8,073 | 8,529 | 8,767 | 9,004 | 9,260 | 9,436 | 9,626 | 9,838 | 10,071 | 10,225 | 10,392 | 10,581 10,791 | 4,852 | 8,073 | 9,260 | 10,071 | 10,791 |
| Other Long Term Assets | 1,138 | 1,483 | 1,650 | 3,589 | 849 | 881 | 978 | 1,103 | 1,004 | 1,101 | 1,046 | 1,063 | 1,054 | 1,066 | 1,057 | 1,060 | 1,059 1,061 | 1,059 1,060 | 3,589 | 1,103 | 1,063 | 1,060 | 1,060 | |
| Long Term Investments and Associates | 521 | 678 | 547 | 527 | 497 | 454 | 262 | 226 | 297 | 66 | 66 | 66 | 66 | 66 | 66 | 66 | 66 | 66 | 66 66 | 527 | 226 | 66 | 66 | 66 |
| Total Long Term Assets | 6,569 | 7,073 | 7,063 | 8,967 | 9,025 | 9,030 | 9,153 | 9,402 | 9,830 | 9,934 | 10,117 | 10,389 | 10,556 | 10,758 | 10,961 11,197 | 11,350 | 11,519 | 11,706 11,917 | 8,967 | 9,402 | 10,389 | 11,197 | 11,917 | |
| Total Assets | 16,968 | 18,340 | 16,960 | 18,462 | 20,668 | 26,483 | 26,090 | 27,969 | 30,307 | 33,383 | 36,987 | 41,874 | 47,590 | 49,140 | 58,710 | 68,507 | 77,476 | 75,180 | 87,606 | 102,671 18,462 | 27,969 | 41,874 | 68,507 | 102,671 |
| ST Debt and Current Portion of LT Debt | 478 | 470 | 70 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 0 | 0 | 0 | 0 | ||
| Accounts Payable | 1,128 | 1,346 | 1,255 | 1,552 | 1,931 | 1,688 | 1,686 | 1,841 | 2,200 | 2,778 3,272 | 3,617 | 3,951 | 4,906 | 5,925 | 6,631 | 6,987 | 7,685 | 8,402 9,481 | 1,552 1,841 | 3,617 | 6,631 | 9,481 | ||
| Other Current Liabilities | 2,863 | 3,032 | 1,651 | 1,868 | 4,366 | 4,372 | 2,450 | 2,612 | 6,268 | 6,360 | 6,362 | 7,510 | 9,183 | 10,913 | 13,149 | 15,119 | 16,146 | 17,797 | 19,744 22,506 | 1,868 2,612 | 7,510 | 15,119 | 22,506 | |
| Total Current Liabilities | 3,420 | 6,060 | 4,453 | 8,468 | 9,138 | 9,634 | 13,134 | 15,819 | 19,074 | 21,750 | 3,420 4,453 | 11,128 | ||||||||||||
| 4,470 | 4,848 | 2,975 | 6,297 | 4,137 | 11,128 | 23,133 | 25,482 28,146 | 31,986 | 21,750 | 31,986 | ||||||||||||||
| Long Term Debt | 329 | 317 | 0 | 0 | 0 | 4,517 | 2,219 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 0 | 0 | 0 | 0 0 | 0 0 | 0 | 0 | 0 | ||
| Other Long Term Liabilities | 403 | 381 | 389 | 384 | 394 | 407 | 435 | 451 | 442 | 438 | 521 505 | 485 | 555 | 603 | 621 673 | 718 | 727 775 | 384 | 451 | 505 | 621 | 775 | ||
| Total Long Term Liabilities | 733 | 699 | 389 | 384 | 394 | 4,923 | 2,654 | 451 | 442 | 438 | 521 | 505 | 485 | 555 | 603 | 621 673 | 718 | 727 775 | 384 | 451 | 505 | 621 | 775 | |
| Total Liabilities | 5,202 | 5,546 | 3,364 | 3,804 | 6,691 | 10,983 | 6,791 | 4,904 | 8,910 | 9,576 | 10,156 | 11,633 | 13,620 | 16,374 | 19,677 | 22,371 | 23,806 | 26,200 | 28,873 32,761 | 3,804 | 4,904 | 11,633 | 22,371 | 32,761 |
| Total Equity | 11,765 | 12,794 | 13,596 | 14,658 | 13,977 | 15,500 | 19,300 | 23,065 | 21,397 | 23,807 | 26,832 30,241 | 33,970 | 32,766 | 39,033 46,136 | 53,670 | 48,980 58,733 | 69,910 | 14,658 | 23,065 | 30,241 | 46,136 | 69,910 |
Sour e: Company data, J.P. Morgan estimates.
Tab e 5: Cash f ow statement
| Cash flow statement - NT$ in billions, year-end Dec | Cash flow statement - FY14A | Cash flow statement - FY15A | Cash flow statement - FY16A | Cash flow statement - FY17A | Cash flow statement - FY18A | Cash flow statement - FY19A | Cash flow statement - FY20A | Cash flow statement - FY21A | Cash flow statement - FY22A | Cash flow statement - FY23A | Cash flow statement - FY24A | Cash flow statement - FY25A | Cash flow statement - FY26E | Cash flow statement - FY27E | Cash flow statement - FY28E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 0.4 | 0.2 | 0.2 | 0.2 | 0.5 | 0.8 | 0.9 | 1.2 | 2.6 | 2.3 | 3.4 | 5.3 | 10.2 | 22.0 | 37.1 |
| Depr. & Amortisation | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.7 | 0.8 | 0.9 |
| Change in working capital | -0.1 | 0.1 | 0.0 | -0.3 | -0.2 | 0.0 | -0.5 | -0.9 | -0.3 | 0.5 | -0.9 | -1.0 | 0.4 | -2.6 | -3.8 |
| Other | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash flow from operations | 0.6 | 0.6 | 0.5 | 0.2 | 0.5 | 1.0 | 0.7 | 0.7 | 2.7 | 3.3 | 3.1 | 4.9 | 11.3 | 20.3 | 34.2 |
| Capex | -0.3 | -0.1 | -0.1 | -0.2 | -0.7 | -0.5 | -2.1 | -0.8 | -0.7 | -0.7 | -0.6 | -3.9 | -1.9 | -1.6 | -1.6 |
| Disposal/ (purchase) | 0.0 | 0.0 | 0.0 | -0.2 | 0.1 | -0.2 | -0.3 | 0.0 | -0.8 | -0.2 | -2.5 | 2.8 | 0.2 | 0.0 | 0.0 |
| Cash flow from investing | -0.2 | -0.1 | -0.1 | -0.4 | -0.6 | -0.6 | -2.3 | -0.7 | -1.5 | -0.9 | -3.1 | -1.1 | -1.7 | -1.6 | -1.6 |
| Free cash flow | 0.3 | 0.5 | 0.4 | 0.0 | -0.2 | 0.5 | -1.3 | 0.0 | 2.0 | 2.6 | 2.5 | 1.0 | 9.4 | 18.6 | 32.6 |
| Equity raised/ (repaid) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Debt raised/ (repaid) | 0.0 | 0.1 | -0.1 | 0.3 | 0.4 | -0.7 | 2.3 | 0.8 | -0.9 | -1.4 | -0.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other | 0.1 | -0.1 | 0.0 | 0.0 | 0.3 | 0.7 | 1.3 | 0.2 | 0.6 | 1.2 | 0.3 | 5.3 | 0.3 | 0.1 | 0.2 |
| Dividends paid | -0.3 | -0.4 | -0.3 | -0.2 | -0.2 | -0.4 | -0.6 | -0.7 | -0.7 | -1.6 | -1.4 | -2.1 | -3.2 | -6.1 | -13.3 |
| Cash flow from financing | -0.2 | -0.4 | -0.3 | 0.1 | 0.5 | -0.4 | 3.0 | 0.3 | -1.0 | -1.8 | -1.8 | 3.2 | -2.9 | -6.0 | -13.1 |
| Net change in cash | 0.2 | 0.1 | 0.1 | -0.2 | 0.4 | -0.1 | 1.5 | 0.2 | 0.2 | 0.6 | -1.9 | 7.0 | 6.7 | 12.6 | 19.4 |
| Beginning cash | 1.2 | 1.3 | 1.4 | 1.5 | 1.3 | 1.7 | 1.7 | 3.1 | 3.4 | 3.6 | 4.2 | 2.3 | 9.3 | 16.0 | 28.6 |
| Ending cash | 1.3 | 1.4 | 1.5 | 1.3 | 1.7 | 1.7 | 3.1 | 3.4 | 3.6 | 4.2 | 2.3 | 9.3 | 16.0 | 28.6 | 48.0 |
Sour e: Company data, J.P. Morgan estimates.
Investment Thesis, Valuation and Risks
Jentech Precision Industrial Co.(Overweight; Price Target: NT $7,500.00)
Investment Thesis
Jentech (OW) is the largest packaging-level cooling component maker worldwide, with leading production capabilities across heat spreader products (including stiffener and all kinds of lids). We expect the company to show a ~80% EPS CAGR over 2024-28, driven by solid heat spreader content growth in future-gen AI chips and increasing TAM into new solutions (e.g. CPO switch ASIC). In addition, the company is reinforcing its product portfolio with new offerings in cold plate and CPU server sockets for chip customers. We believe Jentech's technology leadership in the structural cooling upgrade trend and its new TAM expansion will continue to support its superior earnings power in the long term.
Valuation
Our Dec-27 PT of NT 7,500 is based on 30x 2028E P/E, which is largely in line with Jentech's three-year average P/E when the AI server boom started.
Risks to Rating and Price Target
Downside risks to our rating and price target include: 1) Potential delay in mainstream 3piece/removable lid design adoption, and 2) market share loss from competition.
Jentech Precision Industria Co.: Summary of Financia s
| Income Statement | FY24A | FY25A | FY26E | FY27E | FY28E | Cash F ow Statement | FY24A | FY25A | FY26E | FY27E | FY28E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 14,278 | 20,276 | 32,624 | 63,454 | 100,591 | Cash f ow from operating activities | 3,065 | 4,892 | 11,320 | 20,257 | 34,219 |
| COGS | (8,913) | (11,842) | (17,477) | (31,707) | (48,264) | o/w Depre iation & amortization | 597 | 648 | 750 | 848 | 942 |
| Gross profit | 5,365 | 8,434 | 15,147 | 31,747 | 52,327 | o/w Changes in working apital | (939) | (1,014) | 443 | (2,589) | (3,768) |
| SG&A | (969) | (1,196) | (1,663) | (2,782) | (3,924) | ||||||
| Adj. EBITDA | 4,395 | 7,146 | 13,259 | 28,465 | 47,418 | Cash f ow from investing activities | (3,109) | (1,064) | (1,713) | (1,628) | (1,631) |
| D&A | (597) | (648) | (750) | (848) | (942) | o/w Capital expenditure | (595) | (3,851) | (1,912) | (1,631) | (1,631) |
| Adj. EBIT | 3,799 | 6,498 | 12,509 | 27,617 | 46,477 | as % of sales | 4.2% | 19.0% | 5.9% | 2.6% | 1.6% |
| Net Interest | 83 | 54 | 143 | 264 | 455 | ||||||
| Adj. PBT | 4,245 | 6,607 | 12,762 | 27,881 | 46,932 | Cash f ow from financing activities | (1,844) | 3,197 | (2,920) | (6,015) | (13,149) |
| Tax | (830) | (1,297) | (2,594) | (5,855) | (9,856) | o/w Dividends paid | (1,408) | (2,072) | (3,187) | (6,131) | (13,302) |
| Minority Interest | - | - | - | - | - | o/w Shares issued/(repur hased) | 0 | 0 | 0 | 0 | 0 |
| Adj. Net Income | 3,428 | 5,277 | 10,151 | 22,026 | 37,076 | o/w Net debt issued/(repaid) | (741) | 0 | 0 | 0 | 0 |
| Reported EPS | 24.07 | 36.68 | 69.18 | 150.11 | 252.68 | Net change in cash | (1,888) | 7,024 | 6,687 | 12,614 | 19,439 |
| Adj. EPS | 24.07 | 36.68 | 69.18 | 150.11 | 252.68 | ||||||
| DPS | 10.00 | 14.50 | 21.72 | 41.78 | 90.66 | Adj. Free cash f ow to firm y/y Growth | 2,470 (4.8%) | 1,041 (57.8%) | 9,408 803.6% | 18,625 98.0% | 32,588 75.0% |
| Payout ratio | 41.5% | 39.5% | 31.4% | 27.8% | 35.9% | ||||||
| Shares outstanding | 142 | 144 | 147 | 147 | 147 | ||||||
| Ba ance Sheet | FY24A | FY25A | FY26E | FY27E | FY28E | Ratio Ana ysis | FY24A | FY25A | FY26E | FY27E | FY28E |
| Cash and ash equivalents | 2,267 | 9,292 | 15,979 | 28,593 | 48,032 | Gross margin | 37.6% | 41.6% | 46.4% | 50.0% | 52.0% |
| A ounts re eivable | 4,061 | 5,414 | 8,531 | 15,315 | 22,786 | EBITDA margin | 30.8% | 35.2% | 40.6% | 44.9% | 47.1% |
| Inventories | 3,062 | 3,652 | 6,599 | 12,693 | 18,885 | EBIT margin | 26.6% | 32.0% | 38.3% | 43.5% | 46.2% |
| Other urrent assets | 105 | 209 | 377 | 709 | 1,051 | Net profit margin | 24.0% | 26.0% | 31.1% | 34.7% | 36.9% |
| Current assets | 9,495 | 18,567 | 31,485 | 57,310 | 90,754 | ||||||
| PP&E | 4,852 | 8,073 | 9,260 | 10,071 | 10,791 | ROE | 25.4% | 28.0% | 38.1% | 57.7% | 63.9% |
| LT investments | 527 | 226 | 66 | 66 | 66 | ROA | 20.0% | 22.7% | 29.1% | 39.9% | 43.3% |
| Other non urrent assets | 3,589 | 1,103 | 1,063 | 1,060 | 1,060 | ROCE | 22.0% | 27.7% | 37.4% | 57.1% | 63.3% |
| Tota assets | 18,462 | 27,969 | 41,874 | 68,507 | 102,671 | SG&A/Sales | 6.8% | 5.9% | 5.1% | 4.4% | 3.9% |
| Short term borrowings | 0 | 0 | 0 | 0 | 0 | Net debt/Equity Net debt/EBITDA | NM NM | NM NM | NM NM | NM NM | NM NM |
| Payables | 1,552 | 1,841 | 3,617 | 6,631 | 9,481 | ||||||
| liabilities | 1,868 | 2,612 | 7,510 | Sales/Assets (x) | 0.8 | 0.9 | 0.9 | 1.1 | 1.2 | ||
| Other short term | 3,420 | 4,453 | 11,128 | 15,119 | 22,506 | Assets/Equity (x) | 1.3 | 1.2 | 1.3 | 1.4 | 1.5 |
| Current iabi ities | 0 | 0 | 0 | 21,750 0 | 31,986 | Interest over (x) | NM | NM | NM | NM | NM |
| Long-term debt | 0 | Operating leverage | 228.1% | 169.2% | 127.8% | 116.7% | |||||
| Other long term liabilities | 384 | 451 | 505 | 621 22,371 | 775 | Tax rate | 19.6% | 19.6% | 151.9% 20.3% | 21.0% | 21.0% |
| Tota iabi ities equity | 3,804 14,658 | 4,904 | 11,633 30,241 | 46,136 | 69,910 | Revenue y/y Growth | 18.4% | 42.0% | 60.9% | 94.5% | 58.5% |
| Shareholders' | 23,065 | 32,761 | |||||||||
| Minority interests | - | - | - | - | - | EBITDA y/y Growth | 36.8% 46.7% | 62.6% | 85.5% | 114.7% | 66.6% |
| Tota iabi ities & equity | 18,462 | 27,969 | 41,874 | 68,507 | 102,671 | EPS y/y Growth | 52.4% | 88.6% | 117.0% | 68.3% | |
| BVPS | 102.56 | 157.19 | 206.10 | 314.42 | 476.45 | Va uation | FY24A | FY25A | FY26E | FY27E | FY28E |
| y/y Growth | 17.1% | 53.3% | 31.1% | P/E (x) | 286.4 | 188.0 | 99.7 | 45.9 | 27.3 | ||
| 52.6% | 51.5% | P/BV (x) | 67.2 | 43.9 | 33.5 | 21.9 | 14.5 | ||||
| Net debt/( ash) | (2,267) | (9,292) | (15,979) | (28,593) | (48,032) | EV/EBITDA (x) | 222.8 | 136.1 | 72.8 | 33.5 | 19.7 |
| Dividend Yield | 0.1% | 0.2% | 0.3% | 0.6% | 1.3% |
Sour e: Company reports and J.P. Morgan estimates.
Note: NT$ in millions (ex ept per-share data).Fis al year ends De . o/w - out of whi h
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