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Powertech Technology
2026 Taiwan Summit: FOPLP to see more revenue contribution from 2027F
FOPLP business supported by AMD and Broadcom
PTI attended our Taiwan Summit on Sep 14th. Management noted its FOPLP capacity in Taiwan will be at 6K substrate/month (3K in 2026 and add another 3K in 2027 with full ramp in 2028) with panel substrate size of 510 mm x 515 mm. Management noted most of the capacity in Taiwan is allocated to AMD, which it will start from the game-console products and then target to enter server CPU. For the Broadcom business, PTI has previously announced a JV with Broadcom in Singapore, where it will invest US$400mn into the JV for 30% stake, after receiving regulatory approvals in Q426. The JV will focus on Broadcom's next generation networking products and will help it to enter into optical communication field. It has not disclosed the total investment amount and planned capacity for the Singapore JV fab, but we believe the planned capacity could be 2-3x versus its scale in Taiwan. The JV is expected to start mass production from 2028 and PTI will be in charged of the fab operations. Nevertheless, PTI also acknowledges that TSMC's CoPoS will not only lead to potential competition, but could also have some impact on the equipment supply schedule.
Memory-backed price hike should continue
PTI's August sales of NT$8,558mn was up 3.5% MoM and 24.5% YoY. QTD sales is tracking to 69%/68% of UBSe/Street estimates of +5%/+6% QoQ. Management noted its back-end loading is already at 90% and it has been selective on customer programs for better ASP products. Management also expects back-end ASP should continue to increase, driven primarily by higher labor costs and rising component prices. At the same time, the pressure to lower its ASPs and share the profit from yield improvement has eased. Relative to peers, PTI noted it has been less aggressive in implementing price increases, but has increased the frequency of price negotiation with its customer. As a result, its gross margin for memory packaging and test should continue to trend higher in the coming quarters.
Capex will remain elevated in 2026-27F
Management reiterate its 2026F capex guidance of NT$50bn and believes its capex in 2027F will remain elevated. It aims to use its internal cash flow and bank loans to support the capex, and remains committed to keep its dividend payout at ~60%. Full year revenue for 2026F is likely to surpass its prior peak in 2022 (i.e. NT$83.9bn), although it believes market expectation of NT$100bn in 2026E could be too stretched.
Valuation: Retain NEUTRAL with PT of NT$260
We retain NEUTRAL on PTI with PT of NT$260, based on 17x 2027 PE. We will continue to monitor its progress on FOPLP/CPO and price improvement sustainability.
| Highlights (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
|---|---|---|---|---|---|---|---|---|
| Revenues | 70,441 | 73,315 | 74,929 | 93,254 | 103,336 | 113,425 | 119,285 | 125,212 |
| EBIT (UBS) | 8,154 | 9,382 | 8,132 | 14,204 | 17,028 | 19,599 | 21,151 | 22,443 |
| Net earnings (UBS) | 8,009 | 6,789 | 5,536 | 9,298 | 11,259 | 13,159 | 14,453 | 15,632 |
| EPS (UBS, diluted) (NT$) | 10.72 | 9.08 | 7.47 | 12.58 | 15.24 | 17.81 | 19.56 | 21.16 |
| DPS (net) (NT$) | 8.81 | 8.20 | 8.43 | 4.60 | 6.29 | 7.62 | 8.91 | 9.78 |
| Net (debt) / cash | (2,751) | 3,510 | (13,741) | (39,950) | (53,160) | (54,987) | (47,076) | (37,277) |
| Profitability/valuation | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| EBIT (UBS) margin% | 11.6 | 12.8 | 10.9 | 15.2 | 16.5 | 17.3 | 17.7 | 17.9 |
| ROIC (EBIT)% | 14.0 | 13.6 | 10.8 | 14.1 | 13.1 | 13.3 | 13.7 | 14.4 |
| EV/EBITDA (UBS core) x | 3.7 | 5.9 | 5.9 | 8.8 | 7.8 | 6.8 | 6.4 | 6.0 |
| P/E (UBS, diluted) x | 9.4 | 17.0 | 18.0 | 21.6 | 17.8 | 15.2 | 13.9 | 12.8 |
| Equity FCF (UBS) yield% | 14.2 | 10.0 | (8.9) | (12.1) | (5.4) | 0.6 | 5.8 | 7.0 |
| Dividend yield (net)% | 8.7 | 5.3 | 6.3 | 1.7 | 2.3 | 2.8 | 3.3 | 3.6 |
Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share price of NT$ 271.50 on 14-Sep-2026 22:34:06 CST
| Equities | Equities |
|---|---|
| Taiwan | Taiwan |
| Semiconductors | Semiconductors |
| 12-month rating | Neutral |
| 12m price target | NT$260.00 |
| Price (14 Sep 2026) | NT$271.50 |
| RIC: 6239.TW BBG: 6239 TT | RIC: 6239.TW BBG: 6239 TT |
| Trading data and key metrics | Trading data and key metrics |
| 52-wk range | NT$379.00-140.00 |
| Market cap. | NT$206b/US$6.48b |
| Shares o/s | 759m (ORD) |
| Free float | 90% |
| Avg. daily volume ('000) | 21,958 |
| Avg. daily value (m) | NT$6,654.3 |
| Common s/h equity (12/26E) | NT$62.5b |
| P/BV (12/26E) | 3.2x |
| Net debt to EBITDA (12/26E) | 1.4x |
| EPS (UBS, diluted) (NT$) | EPS (UBS, diluted) (NT$) |
| UBS | Cons. |
| 12/26E 12.58 | 12.57 |
| 12/27E 15.24 | 17.94 |
| 12/28E 17.81 | 20.75 |
Jerry Su
Analyst jerry.su@ubs.com +886-28-722 7306
Annie Chen
Associate Analyst annie.chen@ubs.com +886-2-8722 7281
Forecast returns
| Forecast price appreciation | -4.2% |
|---|---|
| Forecast dividend yield | 1.7% |
| Forecast stock return | -2.6% |
| Market return assumption | 6.3% |
| Forecast excess return | -8.9% |
Company Description
Powertech is a semiconductor back-end supplier with 75-80% of its sales from DRAM and NAND packaging and testing and has been growing its logic back-end business.
Valuation Method and Risk Statement
Powertech: We value Powertech using PE methodology. Upside/downside risks: 1) A stronger/weaker pricing environment; 2) slower-than expected tech end demand and memory market recovery; and 3) faster/slower ramp of FOPLP and CPO businesses.
Quantitative Research Review
UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. The views for this month can be found below. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https://neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubs-quant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research Team on the email above.
Powertech Technology
| Question | Response |
|---|---|
| 1. Is the industry structure facing the firm likely to improve or deteriorate over the next six months? Rate on a scale of 1-5 (1 = getting worse, 3 = no change, 5 = getting better, N/A = no view) | 3 |
| 2. Is the regulatory/government environment facing the firm likely to improve or deteriorate over the next six months? Rate on a scale of 1-5 (1 = getting tougher 3 = no change, 5 = getting better, N/A = no view) | 3 |
| 3. Over the last 3-6 months in broad terms have things been improving/no change/getting worse for this stock? Rate on a scale of 1-5 (1 = getting a lot worse, 3 = not much change, 5 = getting a lot better, N/A = no view) | 3 |
| 4. Relative to the current CONSENSUS EPS forecast, is the next company EPS update likely to lead to: (1 = negative surprise vs consensus, 3 = in-line with consensus, 5 = positive surprise vs consensus expectations, N/A = no view) | 3 |
| 5. What's driving the difference? | |
| 6. Relative to YOUR current earnings forecast, is there relatively greater risk at the next earnings result of:(1 = downside skew risk to earnings, 3 = equal upside or downside risk to earnings, 5 = upside skew risk to earnings, N/A = no view) | 3 |
| 7. What's driving the difference? | |
| 8. Is there an upcoming catalyst for the company over the next three months? | No Catalyst |
| 9. Is there an actual or approximate date for the catalyst? | |
| 10. Is the catalyst date an actual or approximate date? | N/A |
| 11. What is the catalyst? |
Required Disclosures
This document has been prepared by UBS Securities Pte. Ltd., Taipei Branch, an affiliate of UBS AG. UBS AG, its subsidiaries, branches and affiliates, including former Credit Suisse AG and its subsidiaries, branches and affiliates are referred to herein as "UBS".
For information on the ways in which UBS manages conflicts and maintains independence of its UBS Global Research product; historical performance information; certain additional disclosures concerning UBS Global Research recommendations; and terms and conditions for certain third party data used in research report, please visit https://www.ubs.com/disclosures. Unless otherwise indicated, information and data in this report are based on company disclosures including but not limited to annual, interim, quarterly reports and other company announcements. The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results. Additional information will be made available upon request. UBS Securities Co. Limited is licensed to conduct securities investment consultancy businesses by the China Securities Regulatory Commission. UBS acts or may act as principal in the debt securities (or in related derivatives) that may be the subject of this report. This recommendation was finalized on: 14 September 2026 04:24 PM GMT. UBS has designated certain UBS Global Research department members as Derivatives Research Analysts where those department members publish research principally on the analysis of the price or market for a derivative, and provide information reasonably sufficient upon which to base a decision to enter into a derivatives transaction. Where Derivatives Research Analysts co-author research reports with Equity Research Analysts or Economists, the Derivatives Research Analyst is responsible for the derivatives investment views, forecasts, and/or recommendations. Quantitative Research Review: UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence of a number of short term factors in a product known as the 'Quantitative Research Review'. Views contained in this assessment on a particular stock reflect only the views on those short term factors which are a different timeframe to the 12-month timeframe reflected in any equity rating set out in this note. For the latest responses, please see the Quantitative Research Review Addendum at the back of this report, where applicable. For previous responses please make reference to (i) previous UBS Global Research reports; and (ii) where no applicable research report was published that month, the Quantitative Research Review which can be found at https:// neo.ubs.com/quantitative, or contact your UBS sales representative for access to the report or the Quantitative Research Team on ubsquant-answers@ubs.com. A consolidated report which contains all responses is also available and again you should contact your UBS sales representative for details and pricing or the Quantitative Research team on the email above.