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113KB | 裝飾·logo·banner | 萬潤 6187 股價與 UBS 目標價/評等歷史圖（2023-06-01 至 2026-08），下方表列 2023-05-17 股價 61.50 無評等、2026-07-27 股價 1,035.00 目標價 1,550.00 Buy |
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原始內容
All Ring Tech
CoWoS momentum builds; CPO adds long-term upside
Stronger 2027 outlook from accelerating CoWoS industry expansion
Versus a month ago when we initiated coverage, we believe All Ring's business visibility for H226 and 2027 has improved further amid more aggressive industry-wide CoWoS expansion plans. In Q2 earnings, both ASE and TSMC raised their capex guidance with ASE indicating 75% of its 2026 US$6.5bn machinery capex guidance will be allocated to leading edge solutions, which we believe CoWoS is the major part. Based on our analysis, we think the industry is on track to reach >250kwpm CoWoS capacity by the end of 2027, up from 160kwpm by the end of 2026. TSMC will continue to expand its own CoW capacity while also beginning to outsource CoW to ASE/SPIL in 2027 to meet the growing Cloud AI demand. All Ring stands as a direct beneficiary of larger expansion plans. We forecast CoWoS sales to grow 77%/31% for All Ring in 2026/27E, accounting for 91%/75% of total sales.
CPO remains a compelling future growth opportunity
All Ring remains committed to CPO tool development, and continues to make progress. We forecast CPO to contribute 12%/23% of total sales in 2027/28E. While All Ring is a latecomer to FAU coupling equipment, we believe the company has been collaborating closely with end customers and its key OSAT partner SPIL. With All Ring's strong execution, its tools have been demonstrating competitive throughput and coupling performance vs its major competitor. At the upcoming Taiwan SEMICON event in first week of September, All Ring should also be showcasing its new CPO offering in addition to its FAU coupling equipment.
Steadier Q2 gross margin; H226 outlook favorable
Q2 revenue of NT$2.35bn was up 67% QoQ, in line with UBSe and 1% ahead of Street consensus. Gross margin came in strong at 54.8%, above UBSe of 52.5% while Op margin of 33.3% was slightly lower vs UBSe of 35.0% primarily due to continued higher R&D and sales & marketing. Looking ahead, we forecast Q3 sales to grow 29% QoQ with GM sustaining at 54.8% thanks to ongoing strength in CoWoS orders. Q4 sales should be slightly lower given typical company seasonality; we forecast a 15% QoQ sales decline, with gross margin moderating to 53.0% for Q4. Overall we expect 2026/27E sales to grow 75% / 59%.
Valuation: reiterate Buy, raise target to NT$1,700
Post Q2 earnings results, we lift our 2026/2027E EPS by 8%/6% to reflect better CoWoS opportunity and higher gross margins. We lift our price target to NT$1,700 based on 27x average 2027-28E PE (from 25x prior), supported by a long-term earnings CAGR of 33%. We maintain our Buy rating.
| Highlights (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
|---|---|---|---|---|---|---|---|---|
| Revenues | 1,205 | 5,535 | 5,366 | 9,385 | 14,954 | 23,493 | 27,778 | 31,092 |
| EBIT (UBS) | 85 | 1,427 | 1,611 | 3,331 | 5,732 | 9,444 | 11,528 | 13,369 |
| Net earnings (UBS) | 138 | 1,311 | 1,485 | 2,950 | 4,643 | 7,615 | 9,305 | 10,801 |
| EPS (UBS, diluted) (NT$) | 1.59 | 14.57 | 15.26 | 29.56 | 46.52 | 76.31 | 93.24 | 108.23 |
| DPS (net) (NT$) | 1.61 | 10.90 | 10.69 | 21.23 | 33.42 | 54.82 | 66.98 | 77.75 |
| Net (debt) / cash | 287 | 3,309 | 3,947 | 5,122 | 5,096 | 6,350 | 8,188 | 10,380 |
| Profitability/valuation | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| EBIT (UBS) margin% | 7.1 | 25.8 | 30.0 | 35.5 | 38.3 | 40.2 | 41.5 | 43.0 |
| ROIC (EBIT)% | 5.4 | 73.0 | 68.2 | 142.6 | 162.0 | 147.7 | 127.8 | 120.1 |
| EV/EBITDA (UBS core) x | 53.0 | 19.0 | 19.5 | 35.5 | 20.7 | 12.4 | 10.0 | 8.5 |
| P/E (UBS, diluted) x | 61.1 | 21.7 | 23.0 | 42.6 | 27.1 | 16.5 | 13.5 | 11.6 |
| Equity FCF (UBS) yield% | 1.1 | 2.4 | 4.3 | 1.5 | 1.7 | 3.7 | 5.8 | 7.1 |
| Dividend yield (net)% | 1.7 | 3.4 | 3.0 | 1.7 | 2.7 | 4.4 | 5.3 | 6.2 |
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$ 1,260.00 on 18-Aug-2026 18:33:27 CST
Equities
Taiwan
Semiconductors
12-month rating
12m price target
Price (18 Aug 2026)
RIC:
6187.TWO
BBG:
Buy
NT$1,700.00
Prior : NT$1,550
NT$1,260
6187 TT
Trading data and key metrics
| 52-wk range | NT$1,390.00-314.50 |
|---|---|
| Market cap. | NT$123b/US$3.85b |
| Shares o/s | 97.5m (ORD) |
| Free float | 77% |
| Avg. daily volume ('000) | 252 |
| Avg. daily value (m) | NT$295.1 |
| Common s/h equity (12/26E) | NT$9.28b |
| P/BV (12/26E) | 13.2x |
| Net debt to EBITDA (12/26E) | NM |
| EPS (UBS, diluted) (NT$) | EPS (UBS, diluted) (NT$) | EPS (UBS, diluted) (NT$) | EPS (UBS, diluted) (NT$) | EPS (UBS, diluted) (NT$) |
|---|---|---|---|---|
| From | To | %ch | Cons. | |
| 12/26E | 27.71 | 29.56 | 7 | 26.93 |
| 12/27E | 44.54 | 46.52 | 4 | 43.25 |
| 12/28E | 77.90 | 76.31 | -2 | 58.39 |
Sunny Lin
Analyst sunny.lin@ubs.com +886-2-8722 7346
Ryan Sun Analyst ryan-za.sun@ubs.com +886-2-8722 7267
Christine Chen, CFA
Associate Analyst christine.chen@ubs.com +886-2-8722 7352
Forecast changes
Figure 1: Earnings comparison
| (NT$m) | Q226A | LSEG | Diff. vs LSEG | UBSe | Q126 | QoQ | Q225 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,355 | 2,326 | 1% | 2,355 | 1,411 | 67% | 1,524 | 55% |
| Gross profit | 1,290 | 1,237 | 4% | 1,236 | 731 | 76% | 792 | 63% |
| - Gross margin | 54.8% | 53.2% | 160bps | 52.5% | 51.8% | 299bps | 51.9% | 282bps |
| Operating profit | 783 | 661 | 19% | 824 | 328 | 139% | 464 | 69% |
| - OP margin | 33.3% | 28.4% | 486bps | 35.0% | 23.2% | 1,005bps | 30.4% | 283bps |
| Net profit | 827 | 587 | 41% | 665 | 325 | 155% | 399 | 107% |
| EPS (NT$) | 8.50 | 6.10 | 39% | 6.91 | 3.37 | 152% | 4.16 | 104% |
Source: LSEG, UBS estimates
Figure 2: Earnings estimate revisions
| New | New | New | Old | Old | Old | Change | Change | Change | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$m) | 2026E | 2027E | 2028E | 2026E | 2027E | 2028E | 2026E | 2027E | 2028E |
| Revenue | 9,385 | 14,954 | 23,493 | 9,351 | 14,194 | 23,937 | 0% | 5% | -2% |
| - YoY chg (%) | 75% | 59% | 57% | 74% | 52% | 69% | |||
| Gross profit | 5,053 | 8,050 | 12,804 | 4,899 | 7,523 | 12,926 | 3% | 7% | -1% |
| - Gross margin | 53.8% | 53.8% | 54.5% | 52.4% | 53.0% | 54.0% | -1% | -1% | 0% |
| Operating profit | 3,331 | 5,732 | 9,444 | 3,277 | 5,394 | 9,455 | 2% | 6% | 0% |
| - Operating margin | 35.5% | 38.3% | 40.2% | 35.0% | 38.0% | 39.5% | 0% | 0% | -1% |
| Pre-tax profit | 3,592 | 5,803 | 9,519 | 3,355 | 5,424 | 9,486 | 7% | 7% | 0% |
| Reported net profit | 2,950 | 4,643 | 7,615 | 2,699 | 4,339 | 7,589 | 9% | 7% | 0% |
| - Net margin | 31.4% | 31.0% | 32.4% | 28.9% | 30.6% | 31.7% | |||
| Reported EPS (NT$) | 30.33 | 47.75 | 78.31 | 28.03 | 45.06 | 78.81 | 8% | 6% | -1% |
| - YoY chg (%) | 99% | 57% | 64% | 82% | 61% | 75% |
Source: Company data, UBS estimates. Our EPS estimates in this table are based on basic EPS, and may differ from the diluted EPS in the tables on the cover page
Figure 3: UBS vs. consensus earnings estimates
| UBSe | UBSe | UBSe | Consensus | Consensus | Consensus | Difference | Difference | Difference | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$m) | 2026E | 2027E | 2028E | 2026F | 2027F | 2028F | 2026E | 2027E | 2028E |
| Revenue | 9,385 | 14,954 | 23,493 | 9,225 | 14,045 | 19,090 | 2% | 6% | 23% |
| - YoY chg (%) | 75% | 59% | 57% | 72% | 52% | 36% | |||
| Gross profit | 5,053 | 8,050 | 12,804 | 4,880 | 7,463 | 10,309 | 4% | 8% | 24% |
| - Gross margin | 53.8% | 53.8% | 54.5% | 52.9% | 53.1% | 54.0% | |||
| Operating profit | 3,331 | 5,732 | 9,444 | 3,043 | 5,480 | 10,309 | 9% | 5% | -8% |
| - Operating margin | 35.5% | 38.3% | 40.2% | 33.0% | 39.0% | 54.0% | |||
| Pretax profit | 3,592 | 5,803 | 9,519 | 3,143 | 5,084 | 6,977 | 14% | 14% | 36% |
| Net profit | 2,950 | 4,643 | 7,615 | 2,610 | 4,200 | 5,669 | 13% | 11% | 34% |
| - Net margin | 31.4% | 31.0% | 32.4% | 28.3% | 29.9% | 29.7% | |||
| Basic EPS (NT$) | 30.33 | 47.75 | 78.31 | 26.93 | 43.25 | 58.39 | 13% | 10% | 34% |
| - YoY chg (%) | 99% | 57% | 64% | 74% | 61% | 35% |
Source: Company data, LSEG consensus estimates, UBS estimates. Our EPS estimates in this table are based on basic EPS, and may differ from the diluted EPS in the tables on the cover page
Figure 4: UBS earnings forecast
| (NT$m) | 2025 | Q126 | Q226 | Q326E | Q426E | 2026E | Q127E | Q227E | Q327E | Q427E | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,366 | 1,411 | 2,355 | 3,039 | 2,580 | 9,385 | 2,329 | 3,471 | 4,830 | 4,324 | 14,954 | 23,493 | 27,778 | 31,092 |
| - YoY chg (%) | -3% | 13% | 55% | 78% | 191% | 75% | 65% | 47% | 59% | 68% | 59% | 57% | 18% | 12% |
| - QoQ chg (%) | 59% | 67% | 29% | -15% | -10% | -63% | 107% | 25% | ||||||
| Gross profit | 2,913 | 731 | 1,290 | 1,665 | 1,367 | 5,053 | 1,234 | 1,892 | 2,632 | 2,291 | 8,050 | 12,804 | 15,278 | 17,101 |
| - Gross margin | 54.3% | 51.8% | 54.8% | 54.8% | 53.0% | 53.8% | 53.0% | 54.5% | 54.5% | 53.0% | 53.8% | 54.5% | 55.0% | 55.0% |
| Operating profit | 1,611 | 328 | 783 | 1,239 | 980 | 3,331 | 873 | 1,354 | 1,884 | 1,621 | 5,732 | 9,444 | 11,528 | 13,369 |
| - Operating margin | 30.0% | 23.2% | 33.3% | 40.8% | 38.0% | 35.5% | 37.5% | 39.0% | 39.0% | 37.5% | 38.3% | 40.2% | 41.5% | 43.0% |
| Pre-tax profit | 1,813 | 387 | 957 | 1,256 | 992 | 3,592 | 891 | 1,374 | 1,904 | 1,634 | 5,803 | 9,519 | 11,631 | 13,501 |
| Net profit | 1,485 | 325 | 827 | 1,005 | 793 | 2,950 | 713 | 1,099 | 1,523 | 1,307 | 4,643 | 7,615 | 9,305 | 10,801 |
| - YoY chg (%) | 13% | -5% | 107% | 139% | 146% | 99% | 120% | 33% | 52% | 65% | 57% | 64% | 22% | 16% |
| - QoQ chg (%) | 0% | 155% | 21% | -21% | -10% | -63% | 114% | 19% | ||||||
| Basic EPS (NT$) | 15.27 | 3.37 | 8.50 | 10.33 | 8.16 | 30.33 | 7.33 | 11.31 | 15.66 | 13.44 | 47.75 | 78.31 | 95.69 | 111.08 |
| - YoY chg (%) | 5% | -6% | 104% | 137% | 143% | 99% | 118% | 33% | 52% | 65% | 57% | 64% | 22% | 16% |
| - QoQ chg (%) | 0% | 152% | 21% | -21% | -10% | -63% | 114% | 19% |
Source: Company data, UBS estimates. Our EPS estimates in this table are based on basic EPS, and may differ from the diluted EPS in the tables on the cover page
Figure 5: All Ring's forward PE
Source: LSEG, UBS
All Ring Tech (6187.TWO)
| Income Statement (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | %ch | 12/27E | %ch | 12/28E | 12/29E | 12/30E |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | 1,205 | 5,535 | 5,366 | 9,385 | 74.9 | 14,954 | 59.3 | 23,493 | 27,778 | 31,092 |
| Gross profit | 624 | 2,717 | 2,913 | 5,053 | 73.4 | 8,050 | 59.3 | 12,804 | 15,278 | 17,101 |
| EBITDA (UBS) | 137 | 1,483 | 1,679 | 3,403 | 102.6 | 5,827 | 71.3 | 9,728 | 12,041 | 14,151 |
| Depreciation & amortisation | (51) | (56) | (69) | (72) | -5.1 | (95) | -31.7 | (284) | (513) | (782) |
| EBIT (UBS) | 85 | 1,427 | 1,611 | 3,331 | 106.8 | 5,732 | 72.1 | 9,444 | 11,528 | 13,369 |
| Associates & investment income | 0 | 0 | (1) | 0 | - | 0 | - | 0 | 0 | 0 |
| Other non-operating income | 65 | 116 | 166 | 210 | 27.0 | 0 | - | 0 | 0 | 0 |
| Net interest | 10 | 22 | 37 | 51 | 37.3 | 71 | 39.7 | 74 | 103 | 131 |
| Exceptionals (incl goodwill) | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Pre-tax profit | 161 | 1,566 | 1,813 | 3,592 | 98.1 | 5,803 | 61.6 | 9,519 | 11,631 | 13,501 |
| Tax | (23) | (255) | (316) | (658) | -107.9 | (1,161) | -76.4 | (1,904) | (2,326) | (2,700) |
| Profit after tax | 138 | 1,311 | 1,496 | 2,934 | 96.1 | 4,643 | 58.2 | 7,615 | 9,305 | 10,801 |
| Preference dividends | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Minorities | 0 | 0 | (11) | 16 | - | 0 | - | 0 | 0 | 0 |
| Extraordinary items | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 | |
| Net earnings (local GAAP) | 138 | 1,311 | 0 1,485 | 2,950 | 98.6 | 4,643 | 57.4 | 7,615 | 9,305 | 10,801 |
| Net earnings (UBS) | 138 | 1,311 | 1,485 | 2,950 | 98.6 | 4,643 | 57.4 | 7,615 | 9,305 | 10,801 |
| Tax rate (%) | 14.1 | 16.3 | 17.5 | 18.3 | 4.9 | 20.0 | 9.2 | 20.0 | 20.0 | 20.0 |
| Per Share (NT$) | 12/23 | 12/24 | 12/25 | 12/26E | %ch | 12/27E | %ch | 12/28E | 12/29E | 12/30E |
| EPS (UBS, diluted) | 1.59 | 14.57 | 15.26 | 29.56 | 93.7 | 46.52 | 57.4 | 76.31 | 93.24 | 108.23 |
| EPS (local GAAP, diluted) | 1.59 | 14.57 | 15.26 | 29.56 | 93.7 | 46.52 | 57.4 | 76.31 | 93.24 | 108.23 |
| EPS (UBS, basic) | 1.70 | 14.57 | 15.27 | 30.33 | 98.6 | 47.75 | 57.4 | 78.31 | 95.69 | 111.08 |
| DPS (net) (NT$) | 1.61 | 10.90 | 10.69 | 21.23 | 98.6 | 33.42 | 57.4 | 54.82 | 66.98 | 77.75 |
| Cash EPS (UBS, diluted) 1 | 2.19 | 15.19 | 15.96 | 30.28 | 89.7 | 47.47 | 56.8 | 79.15 | 98.38 | 116.07 |
| Book value per share | 29.78 | 67.26 | 75.34 | 95.76 | 27.1 | 122.37 | 27.8 | 167.43 | 208.45 | 252.70 |
| Average shares (diluted) | 87 | 90 | 97 | 100 | 2.5 | 100 | 0.0 | 100 | 100 | 100 |
| Balance Sheet (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | %ch | 12/27E | %ch | 12/28E | 12/29E | 12/30E |
| Cash and equivalents | 1,140 | 3,599 | 4,297 | 6,153 | 43.2 | 7,128 | 15.8 | 9,381 10,313 | 12,219 11,489 | 15,411 12,696 |
| Other current assets Total current assets | 1,677 2,817 | 2,731 6,330 | 2,038 | 4,485 10,638 | 120.1 | 7,366 14,494 | 64.2 36.2 | 19,694 | 23,709 | 28,107 |
| Net tangible fixed assets | 925 | 1,298 | 6,335 1,879 | 1,865 | 67.9 -0.7 | 2,817 | 51.0 | 4,178 | 5,609 | 7,004 |
| Net intangible fixed assets | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 | |
| assets | 746 | 0 | 2,908 | 108.4 | 2,908 | 0.0 | 2,908 | 2,908 | ||
| Investments / other | 1,168 | 1,396 | 20,219 | 31.2 | 2,908 | |||||
| Total assets Trade payables & other ST liabilities | 4,488 | 8,796 | 9,609 | 15,412 | 60.4 | 26,781 | 32,226 | 38,018 | ||
| Short term debt | 1,076 | 1,858 | 1,640 | 4,724 | 188.0 - | 5,954 0 | 26.0 - | 7,150 | 7,622 | 8,127 0 |
| Total current liabilities | 0 1,076 | 0 1,858 | 0 1,640 | 0 4,724 | 188.0 | 5,954 | 26.0 | 0 7,150 | 0 7,622 | 8,127 |
| Long term debt | 853 | 290 | 350 | 1,031 | 194.7 | 2,031 | 97.0 | 3,031 | 4,031 | 5,031 |
| Other long term liabilities | 78 | 131 | 131 | 130 | -0.4 | 130 | 0.0 | 130 | 130 | 130 |
| Preferred shares | 0 | 0 | 0 | 0 | - | 0 | - | 0 | 0 | 0 |
| Total liabilities (incl pref shares) | 2,007 | 2,279 | 2,121 | 5,886 | 177.5 | 8,115 | 37.9 | 10,312 16,220 | 11,783 20,194 | 13,288 |
| Common s/h equity Minority interests | 0 | 189 | 248 | 31.3 | 248 | 27.8 | 248 | 248 | ||
| 2,481 0 | 6,517 | 7,299 | 9,277 | 27.1 | 11,855 | 0.0 | 24,482 248 | |||
| Total liabilities & equity | 4,488 | 8,796 | 9,609 | 15,412 | 60.4 | 20,219 | 31.2 | 26,781 | 32,226 | 38,018 |
| Cash Flow (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | %ch | 12/27E | %ch | 12/28E | 12/29E | 12/30E |
| Net income (before pref divs) | 138 | 1,311 | 1,485 69 | 2,950 72 | 98.6 | 4,643 95 | 57.4 31.7 | 7,615 284 | 9,305 513 | 10,801 |
| Depreciation & amortisation Net change in working capital | 51 29 | 56 (301) | 255 | (797) | 5.1 - | (1,651) | -107.3 - | (1,751) | (705) | 782 (701) |
| Other operating | (10) | 14 | 149 | 138 | -7.6 | 0 | 0 | 0 | 0 | |
| Operating cash | 210 | 1,079 | 1,958 | 2,363 | 20.7 | 3,086 | 30.6 | 6,148 | 9,113 | 10,881 |
| flow Tangible capital expenditure | (124) | (373) | (512) 0 | (469) | 8.3 | (1,047) | -123.1 | (1,644) | (1,944) | (2,176) |
| 0 | 0 | 0 | 0 | |||||||
| Intangible capital expenditure | 0 (288) | 0 55 | (49) | (31) | - 35.6 | 0 0 | - - | 0 | ||
| Net (acquisitions) & disposals Other investing | 86.8 | 0 | 0 0 | 0 | ||||||
| Investing cash | 6 (406) | (41) | (106) | (14) | 22.7 | 0 | 0 | |||
| flow | (359) | (666) | (515) | (1,047) | - -103.5 | (1,644) | (1,944) | (2,176) | ||
| Equity dividends paid | (250) 0 | (131) | (980) 0 | (1,040) | -6.1 | (2,065) 0 | -98.6 | (3,250) 0 | (5,330) 0 | (6,513) 0 |
| Share issues / (buybacks) | - | - | ||||||||
| Other financing | 26 | 1,394 (6) | 192 | 0 73 | -62.0 | 0 | - | 0 | 0 | 0 |
| Change in debt & pref shares | (33) | 593 | 142 | 883 | NM 87.0 | 1,000 (1,065) | 13.3 NM | 1,000 (2,250) | 1,000 (4,330) | 1,000 |
| Financing cash flow Cash flow inc/(dec) in cash | (257) | 1,851 | (645) 647 | (84) 1,764 | 172.8 | -44.7 | (5,513) 3,192 | |||
| FX / non cash items | (453) | 2,571 | 91 | 78.3 | 975 0 | 2,253 0 | 2,839 0 | 0 | ||
| Balance sheet inc/(dec) in cash | 156 | (112) | 51 698 | 1,856 | 975 | - -47.5 | 2,839 | 3,192 | ||
| (297) | 2,459 | 2,253 | ||||||||
| 165.9 |
Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts. 1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation and amortization.
All Ring Tech (6187.TWO)
| Valuation (x) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
|---|---|---|---|---|---|---|---|---|
| P/E (local GAAP, diluted) | 61.1 | 21.7 | 23.0 | 42.6 | 27.1 | 16.5 | 13.5 | 11.6 |
| P/E (UBS, diluted) | 61.1 | 21.7 | 23.0 | 42.6 | 27.1 | 16.5 | 13.5 | 11.6 |
| P/CEPS | 41.6 | 20.8 | 22.0 | 40.5 | 25.9 | 15.5 | 12.5 | 10.6 |
| Equity FCF (UBS) yield% | 1.1 | 2.4 | 4.3 | 1.5 | 1.7 | 3.7 | 5.8 | 7.1 |
| Dividend yield (net)% | 1.7 | 3.4 | 3.0 | 1.7 | 2.7 | 4.4 | 5.3 | 6.2 |
| P/BV | 3.3 | 4.7 | 4.7 | 13.2 | 10.3 | 7.5 | 6.0 | 5.0 |
| EV/revenues (core) | 6.0 | 5.1 | 6.1 | NM | 8.1 | 5.1 | 4.3 | 3.9 |
| EV/EBITDA (UBS core) | 53.0 | 19.0 | 19.5 | 35.5 | 20.7 | 12.4 | 10.0 | 8.5 |
| EV/EBIT (core) | 84.9 | 19.7 | 20.4 | 36.2 | 21.1 | 12.8 | 10.5 | 9.0 |
| EV/OpFCF (core) | 84.9 | 19.7 | 20.4 | 36.2 | 21.1 | 12.8 | 10.5 | 9.0 |
| EV/op. invested capital | 4.6 | 14.4 | 13.9 | 51.7 | 34.1 | 18.9 | 13.4 | 10.8 |
| Enterprise value (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| Market cap. | 8,112 | 29,327 | 34,019 | 122,875 | 122,875 | 122,875 | 122,875 | 122,875 |
| Net debt (cash) | (280) | (280) | (280) | (280) | (280) | (280) | (280) | (280) |
| Buy out of minorities | 0 | 0 | 189 | 248 | 248 | 248 | 248 | 248 |
| Pension provisions/other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total enterprise value | 7,832 | 29,046 | 33,928 | 122,843 | 122,843 | 122,843 | 122,843 | 122,843 |
| Non core assets | (575) | (917) | (1,106) | (2,168) | (2,168) | (2,168) | (2,168) | (2,168) |
| Core enterprise value | 7,257 | 28,129 | 32,822 | 120,675 | 120,675 | 120,675 | 120,675 | 120,675 |
| Growth (%) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| Revenue | (46.4) | NM | (3.0) | 74.9 | 59.3 | 57.1 | 18.2 | 11.9 |
| EBITDA (UBS) | (73.4) | NM | 13.2 | 102.6 | 71.2 | 66.9 | 23.8 | 17.5 |
| EBIT (UBS) | (81.6) | NM | 12.9 | 106.8 | 72.1 | 64.8 | 22.1 | 16.0 |
| EPS (UBS, diluted) | (72.3) | NM | 4.7 | 93.7 | 57.4 | 64.0 | 22.2 | 16.1 |
| Net DPS | (47.7) | NM | (1.9) | 98.6 | 57.4 | 64.0 | 22.2 | 16.1 |
| Margins & Profitability (%) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| Gross profit margin | 51.8 | 49.1 | 54.3 | 53.8 | 53.8 | 54.5 | 55.0 | 55.0 |
| EBITDA margin | 11.4 | 26.8 | 31.3 | 36.3 | 39.0 | 41.4 | 43.3 | 45.5 |
| EBIT (UBS) margin | 7.1 | 25.8 | 30.0 | 35.5 | 38.3 | 40.2 | 41.5 | 43.0 |
| Net earnings (UBS) margin | 11.5 | 23.7 | 27.7 | 31.4 | 31.0 | 32.4 | 33.5 | 34.7 |
| ROIC (EBIT) | 5.4 | 73.0 | 68.2 | NM | NM | NM | NM | NM |
| ROIC post tax | 4.7 | 61.1 | 56.3 | NM | NM | NM | NM | NM |
| ROE (UBS) | 5.6 | 29.1 | 21.5 | 35.6 | 43.9 | 54.2 | 51.1 | 48.4 |
| Capital structure & Coverage (x) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| Net debt / EBITDA | (2.1) | (2.2) | (2.4) | (1.5) | (0.9) | (0.7) | (0.7) | (0.7) |
| Net debt / total equity% | (11.6) | (50.8) | (52.7) | (53.8) | (42.1) | (38.6) | (40.1) | (42.0) |
| Net debt / (net debt + total equity)% | (13.1) | NM | NM | NM | (72.7) | (62.7) | (66.8) | (72.3) |
| Net debt/EV% | (5.4) | (6.2) | (10.7) | (3.7) | (4.2) | (4.7) | (5.9) | (7.6) |
| Capex / depreciation% | NM | NM | NM | NM | NM | NM | NM | NM |
| Capex / revenue% | 10.3 | 6.7 | 9.5 | 5.0 | 7.0 | 7.0 | 7.0 | 7.0 |
| EBIT / net interest | - | - | - | - | - | - | - | - |
| Dividend cover (UBS) | 1.1 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 |
| Div. payout ratio (UBS)% | 94.4 | 74.8 | 70.0 | 70.0 | 70.0 | 70.0 | 70.0 | 70.0 |
| Revenues by division (NT$m) | 12/23 | 12/24 | 12/25 | 12/26E | 12/27E | 12/28E | 12/29E | 12/30E |
| Others | 1,205 | 5,535 | 5,366 | 9,385 | 14,954 | 23,493 | 27,778 | 31,092 |
| Total | 1,205 | 5,535 | 5,366 | 9,385 | 14,954 | 23,493 | 27,778 | 31,092 |
| EBIT (UBS) by division (NT$m) | 12/25 | 12/26E | 12/27E | 12/28E | 12/30E | |||
| 12/23 | 12/24 | 12/29E | 13,369 | |||||
| Others | 85 | 1,427 | 1,611 | 3,331 | 5,732 | 9,444 | 11,528 | 13,369 |
| Total | 85 | 1,427 | 1,611 | 3,331 | 5,732 | 9,444 | 11,528 |
Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.
Forecast returns
| Forecast price appreciation | 34.9% |
|---|---|
| Forecast dividend yield | 1.7% |
| Forecast stock return | 36.6% |
| Market return assumption | 6.3% |
| Forecast excess return | 30.3% |
Company Description
Founded in 1996, All Ring is a Taiwan-based supplier of automation equipment for the semiconductor back-end packaging and passive component manufacturing industries. The company's products include underfill dispensers, heatsink placement and automated optical inspection (AOI) tools for advanced packaging equipment, particularly for heterogeneous integration. Revenue is generated primarily from sales of semiconductor and electronic manufacturing equipment and related automation solutions, with more than 90% of revenue derived from Taiwan.
Valuation Method and Risk Statement
We value All Ring based on PE methodology.
Risks for the semis industry:
- Geopolitical uncertainties: Geopolitical uncertainties including tariffs and more export control could negatively impact semis cycle, and a downturn would lead to slower demand in the overall market and moderating capacity expansion.
- Meaningful deceleration of new technology development: Slower demand and less investment are expected If there is meaningful deceleration of new technology development such as Cloud AI, autonomous driving, etc.
- Rising utility cost: Larger-than-expected utility cost increases would further pressure profitability. Rising utility costs in Taiwan have negatively impacted margins for Taiwan tech companies.
Company risks:
- Faster- or slower-than-expected CoWoS capacity expansion: This could result in All Ring gaining/losing equipment orders from major foundries and OSATs.
- Competitors achieving technological advancement: Potential risk of competition (from either local or foreign companies) achieving technological advancements could result in All Ring losing market share from major foundries and OSATs.
- Better- or worse-than-expected AI growth: Better- or worse-than-expected AI growth could lead to a ramp-up or a slowdown of equipment orders from major foundries and OSATs to All Ring, affecting long-term revenue growth potential.
- Slowdown or delay of new technological advancement: A potential slowdown or delay of the rollout for technological advancements for technologies such as SoIC, CoPoS, and CPO, would limit future equipment orders.
- Increase of raw material costs: Rising raw material costs may directly impact All Ring's margins for equipment shipments.
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.
All Ring Tech
| 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) | 4 |
| 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) | 4 |
| 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? | |
| 9. Is there an actual or approximate date for the catalyst? | |
| 10. Is the catalyst date an actual or approximate date? | |
| 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: 18 August 2026 10:48 AM 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.