260616_散熱纜線解決方案_daiwa_ Taiwan Small- and Mid-Caps

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Taiwan Small- and Mid-Caps

Hong Kong/Singapore marketing feedback

• Positive sentiment among investors, driven by intact demand for AI servers
• Thermal solutions and cable names attracted more investor interest vs. non-tech sectors
• Jentech, AVC, Auras, Bizlink, Fositek, Sinbon, Innodisk, Eclat and Nien Made are our picks for 2H26

What's new: We went on a marketing trip to Hong Kong and Singapore, alongside the Daiwa Tech Conference (Acter, Sinbon, Fositek and Insyde) from 9-12 June. Overall, sentiment remained positive, likely on improving AI server demand and intact order visibility from GPU and ASIC projects.

What's the impact: Taiwan thermal solutions. We believe now is a good time to accumulate thermal solution names, aiming for a stronger 2H26 revenue outlook vs. 1H26. Despite 2Q26 revenue being relatively subdued for most of the thermal solution names we cover, we expect the revenue outlook to improve in 2H26, as projects such as VR and ASICs begin to ramp up in 2H26. We believe structural and favourable ASP upgrade trends are set to support fundamentals over the medium to long term. We also expect multiple applications to adopt thermal solutions such as infrastructure, training, inference, CX-9 and space thermal management. Our preferred thermal solutions names: Jentech, AVC and Auras.

Taiwan cable solutions. We believe cable suppliers should benefit from the AI (data cables and power cables) and non-AI segments such as rising industrial applications under AI infrastructure. Our preferred cable solutions names: Bizlink and Sinbon.

Update on the names we invited to the Daiwa Tech Conference in Hong Kong and Singapore. Acter's (5536 TT, not rated) management remains positive on its order backlog (TWD55bn as of 1Q26) and expects to continue improving its project mix, thereby expanding gross margin (25.4% in 1Q26, see flash , 24 March); Sinbon 's management maintained its 2026 revenue guidance of TWD36-36.5bn, with expectations of YoY revenue growth of 15% for medical, +40% for auto, +8-10% for green energy, +15% for industrial and flat to -5% YoY for the communications segment (see flash , 18 May). Fositek maintains its revenue guidance of flat to 5% YoY growth for 2Q26, despite its QTD revenue accounting for 60% of Daiwa's and Bloomberg consensus 2Q26 revenue estimates, and up by double digit % QoQ for 3Q26 revenue, in light of the ramp-up of VR200 and Trainium 3 projects (see flash , 1 June). Insyde is positive on the OpenBMC firmware market, along with the AI acceleration trend and rising security applications (see flash , 4 May).

What we recommend: Overall, our top picks for 2H26 are Jentech, AVC, Auras, Bizlink, Fositek, Sinbon, Innodisk, Eclat and Nien Made. Downside risks: weaker-than-expected end-market demand.

How we differ: We are one of the few brokers to provide marketing feedback and the 2H26 outlook for Taiwan Small- and Mid-Caps.

16 June 2026

Daiwa

Neutral

Positive

Helen Chien

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

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

Our top picks for 2H26

Source: Daiwa

Note: Closing prices as of 16 June 2026

Taiwan Small- and Mid-Caps: valuation of stocks under Daiwa coverage

Source: Bloomberg, Daiwa forecasts

Taiwan Auto Parts: 1-year forward PER bands

Source: Bloomberg, Daiwa forecasts

Taiwan Sportswear: 1-year forward PER bands

Source: Bloomberg, Daiwa forecasts

Taiwan Small- and Mid-Caps: 16 June 2026

Taiwan Bicycles: 1-year forward PER bands

Source: Bloomberg, Daiwa forecasts

Taiwan Thermal Solutions: 1-year forward PER bands

Source: Bloomberg, Daiwa forecasts

Daiwa

圖片清單（已驗證 2026-07-02）

回補驗證：僅涵蓋已被 lib 頁嵌入的圖片，非全量驗證。