260606_3653_健策_daiwa_Jentech

PDF 原檔：260606_3653_健策_daiwa_Jentech_original.pdf

原始內容

Jentech Precision Industrial (3653 TT)

Share price (5 Jun): TWD3,620.00

12-mth rating: Buy (1)

May 2026 revenue: a record high level

Helen Chien

(886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw

Neil Teng

(886) 2 8758 6256 neil.teng@daiwacm-cathay.com.tw

Summary: Jentech reported May 2026 revenue of TWD2,313m (+0.1% MoM and +37.7% YoY; +20.3% YoY for 5M26), a record-high level, after market hours on 5 June 2026. Its QTD revenue accounted for 64.9% and 73.0%of our and Bloomberg consensus estimates for 2Q26 revenue, respectively.

We have a Buy (1) call, with a 12-month TP of TWD6,770, based on a PER of 73x on our 1-year-forward EPS. For more information on the company, please refer to our latest flash report, Solid spec upgrade story on rising TDP trend , on 29 May 2026.

What's the impact

• Record-high monthly revenue for May. Jentech posted May 2026 revenue of TWD2,313m (+0.1% MoM and +37.7% YoY; +20.3% YoY for 5M26), setting a record high level. QTD revenue accounted for 64.9% and 73.0% of our (TWD7,123m, +34.3% QoQ and +37.5% YoY) and Bloomberg consensus estimates for 2Q26 revenue, respectively. Revenue mix in May is heat spreader (74.1%, +37.6% YoY), lead frame (9.2%, +38.5% YoY), electronic component (5.9%, +19.2% YoY), communication (0.7%, +56.7% YoY) and others (10.1%, +47.6% YoY).

Jentech: consolidated monthly sales

Source: Company

• Rubin heat spreader spec not confirmed yet. The spec is not confirmed yet, but we saw some rush orders recently for the one-piece lid, and thus expect a higher ASP outlook. We also expect to see a higher ASP outlook for the next GPU generation, with either a removeable dual lid or MCL.

What we recommend

We reiterate our Buy (1) call with a 12-month TP of TWD6,770, based on a PER of 73x on our 1-year-forward EPS. Based on our 2026/27 EPS estimates, the stock is currently trading at PERs of 53.3x/27.1x, vs. its past-3-year trading range of 17-61x. Key risks: weaker-than-expected global AI server demand; slower-than-expected thermal spec upgrades.

In the interests of timeliness, this document has not been edited.

5 June 2026

Information Technology: Taiwan

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