報告_UBS_欣興3037_20260729

PDF 原檔：報告_UBS_欣興3037_20260729_original.pdf

圖片清單（已驗證 2026-07-31）

原始內容

Fast Take

Unimicron Technology

Headline

Q2 reported EPS NT$8.45 ahead of buyside bogeys of NT$3-4 on margin beat and sizeable non-op gains.

Our Take

Q226 GM arrived at 24.8%, above UBSe/Street 20%/22%, likely due to better ABF mix and stronger pricing; leading to OpM of 15.5%. Non-op gains NT$8.9bn boosted by strong stock performance of Unimicron and its subsidiaries holdings of UMTC/UMC shares.

Diana Chang Analyst diana.chang@ubs.com +886-2-8722 7335

Randy Abrams

Analyst randy.abrams@ubs.com

+886-2-8722 7338

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$ 764.00 on 28-Jul-2026

Forecast returns

Company Description

Unimicron was founded in 1990 and merged with UMTC and Bestmult in 2001. The company manufactures printed circuit boards (PCBs), including high-density interconnect (HDI), multilayer PCB, rigid flex PCB and flexible printed circuits (FPCs), and substrates used in major components for a wide range of applications, including computing, communications, consumer electronics and automotive products, etc.

Valuation Method and Risk Statement

Our price target is based on a P/E multiple.

Company risks include slower ramp for AI servers, lower-than-expected global PC/server demand, oversupply from capacity expansions, raw material cost increases, intensified competition, and lack of spec upgrades and content increase.

As for industry risks, substrate applications are dominated by PCs, but servers, artificial intelligence and advanced computing are driving demand growth. We believe key risks to the industry include slower-than-expected growth in servers, networking, and high performance computing, ASP pressure, margin erosion, and lack of spec upgrades. We believe the flexible circuit board and high-density interconnect board segments are more vulnerable to fluctuations in the consumer product cycle and have lower visibility.

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: 28 July 2026 11:49 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 coauthor 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 ubs-quantanswers@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.