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原始內容
Unimicron
Extending capacity plan for ABF substrate and better margins in PCB/HDI; Buy
Reiterate Rating: BUY | PO: 1,650 TWD | Price: 1,270 TWD
Raise PO along with the hike in estimates
We raise 2026/27/28E EPS by 5%/12%/10% after baking in a strengthened margin profile, partly thanks to further improved GM (gross margin) in PCB (printed circuit board) and HDI (high density interconnect) business. Our PO goes to NT$1,650 (was NT$1,400) same based on 35x 2H27-1H28E P/E. Reiterate Buy on Unimicron in view of its structurally growing exposure to AI-related (artificial intelligence) products, which in turn bolsters its GM profile in longer-term.
Land acquisition to back long-term capacity growth
Unimicron announced that it bought a land/building located in Hukuo (Hsinchu) from Bridgestone Taiwan, with the amount of NT$10.1bn. Our check with the company suggests that such property will be used for further capacity expansion beyond its YM (Yangmei) site, but the timing for output will only take place in 2030 at earliest. Of note, the company will expand 30+% of its ABF (Ajinomoto build-up film) capacity in 2027 via the KF2 (KuangFu 2) plant, and there will be YM3 capacity coming on stream in 2029 after the expansion YM2 in 2028 backed by 5-year LTA (long-term agreement). For 2027/28 capex, currently we expect to reach NT$40+bn each year.
Rosier margin outlook in PCB/HDI business
Unimicron is one of the major (if not biggest) PCB suppliers to high-end (see report) optical module, where demand growth is expected to remain robust coupled with spec upgrades in the upcoming years. Management cites such business carries 30+% GM currently, while the number by AI HDI in China production lines is moving closer to peers' level. Yet, the PCB/HDI lines in Taiwan still carry lower GM. Currently, we assume its GM in HDI business to reach 20+% from mid-2027, along with the continuous yield/output improvements.
| Estimates (Dec) (NT$) | 2024A | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|
| Net Income (Adjusted - mn) | 5,082 | 6,673 | 33,655 | 59,007 | 102,959 |
| EPS | 3.34 | 4.38 | 21.18 | 37.14 | 64.80 |
| EPS Change (YoY) | -57.6% | 31.1% | 383.5% | 75.3% | 74.5% |
| Consensus EPS (Visible Alpha) | 21.07 | 40.12 | 66.29 | ||
| Dividend / Share | 1.50 | 2.00 | 10.60 | 18.60 | 32.40 |
| Free Cash Flow / Share | (10.15) | (6.13) | 0.408 | 18.97 | 47.72 |
| Valuation (Dec) | |||||
| P/E | 380.16x | 289.90x | 59.96x | 34.20x | 19.60x |
| Dividend Yield | 0.118% | 0.157% | 0.835% | 1.46% | 2.55% |
| EV / EBITDA* | 92.49x | 183.55x | 37.60x | 19.45x | 12.12x |
| Free Cash Flow Yield* | -0.741% | -0.448% | 0.031% | 1.45% | 3.64% |
| * For full definitions of iQmethod SM measures, see page 7. |
This research report provides general information only. No part of this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by the press or other persons without the express written consent of BofA Securities.
>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.
Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.
BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Refer to important disclosures on page 8 to 10. Analyst Certification on page 5. Price
10 October 2026
Equity
| Key Changes (NT$) | Previous | Current |
|---|---|---|
| Price Obj. | 1,400.00 | 1,650.00 |
| 2026E EPS | 19.82 | 21.18 |
| 2027E EPS | 32.47 | 37.14 |
| 2028E EPS | 58.31 | 64.80 |
| 2026E EBITDA (m) | 51,917.0 | 54,970.7 |
| 2027E EBITDA (m) | 95,335.5 | 106,251.2 |
| 2028E EBITDA (m) | 154,524.1 | 170,496.9 |
Mike Yang >> Research Analyst Merrill Lynch (Taiwan) +886 2 2376 3729 mike.c.yang@bofa.com
Stock Data
| Price | 1,270 TWD |
| Price Objective | 1,650 TWD |
| Date Established | 10-Oct-2026 |
| Investment Opinion | C-1-7 |
| 52-Week Range | 144.87 TWD-1,420 |
| TWD | |
| Mrkt Val / Shares Out (mn) | 65,281 USD / 1,641.3 |
| Market Value (mn) | 2,084,440 TWD |
| Average Daily Value (mn) | 828.37 USD |
| Free Float | 83.6% |
| BofA Ticker / Exchange | UMCRF / TAI |
| Bloomberg / Reuters | 3037 TT / 3037.TW |
| ROE (2026E) | 27.5% |
| Net Dbt to Eqty (Dec-2025A) | -18.7% |
iQprofile SM Unimicron
| Key Income Statement Data (Dec) | 2024A | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|
| (NT$ Millions) | |||||
| Sales | 115,373 | 131,241 | 192,526 | 277,718 | 395,444 |
| Gross Profit | 16,315 | 18,292 | 51,010 | 99,431 | 164,126 |
| Sell General & Admin Expense | (6,156) | (6,619) | (9,078) | (9,895) | (11,292) |
| Operating Profit | 5,117 | 6,674 | 34,920 | 81,615 | 143,133 |
| Net Interest & Other Income | 2,204 | 2,153 | 8,794 | 1,453 | 1,553 |
| Associates | NA | NA | NA | NA | NA |
| Pretax Income | 7,321 | 8,827 | 43,714 | 83,067 | 144,685 |
| Tax (expense) / Benefit | (1,765) | (1,277) | (7,520) | (16,861) | (29,199) |
| Net Income (Adjusted) | 5,082 | 6,673 | 33,655 | 59,007 | 102,959 |
| Average Fully Diluted Shares Outstanding | 1,521 | 1,523 | 1,589 | 1,589 | 1,589 |
| Key Cash Flow Statement Data | |||||
| Net Income | 5,082 | 6,673 | 33,655 | 59,007 | 102,959 |
| Depreciation & Amortization | 17,231 | 4,587 | 20,051 | 24,636 | 27,364 |
| Change in Working Capital | (5,229) | (4,449) | (12,952) | (17,996) | (24,875) |
| Deferred Taxation Charge | NA | NA | NA | NA | NA |
| Other Adjustments, Net | (6,791) | 8,156 | 13,595 | 7,003 | 12,883 |
| Cash Flow from Operations | 10,294 | 14,967 | 54,349 | 72,650 | 118,331 |
| Capital Expenditure | (25,735) | (24,307) | (53,700) | (42,500) | (42,500) |
| (Acquisition) / Disposal of Investments | (3,050) | 1,730 | 0 | 0 | 0 |
| Other Cash Inflow / (Outflow) | (445) | (440) | 0 | 0 | 0 |
| Cash Flow from Investing | (29,230) | (23,018) | (53,700) | (42,500) | (42,500) |
| Shares Issue / (Repurchase) | 0 | 2,150 | 0 | 0 | 0 |
| Cost of Dividends Paid | (4,575) | (2,295) | (3,178) | (16,843) | (29,555) |
| Cash Flow from Financing | 8,336 | 19,073 | (3,178) | (16,843) | (29,555) |
| Free Cash Flow | (15,441) | (9,340) | 649 | 30,150 | 75,831 |
| Net Debt | (14,657) | (20,008) | (17,479) | (30,786) | (77,063) |
| Change in Net Debt | 22,021 | 3,162 | 2,529 | (13,307) | (46,277) |
| Key Balance Sheet Data | |||||
| Property, Plant & Equipment | 120,536 | 125,866 | 159,515 | 177,379 | 192,515 |
| Other Non-Current Assets | 23,442 | 24,628 | 29,169 | 29,169 | 29,169 |
| Trade Receivables | 23,617 | 27,570 | 40,444 | 58,340 | 83,071 |
| Cash & Equivalents | 43,753 | 54,872 | 52,343 | 65,650 | 111,926 |
| Other Current Assets | 19,499 | 22,856 | 27,358 | 33,154 | 41,512 |
| Total Assets | 230,847 | 255,792 | 308,829 | 363,691 | 458,193 |
| Long-Term Debt | 21,909 | 24,019 | 24,019 | 24,019 | 24,019 |
| Other Non-Current Liabilities | NA | NA | NA | NA | NA |
| Short-Term Debt | 7,188 | 10,845 | 10,845 | 10,845 | 10,845 |
| Other Current Liabilities | 102,163 | 113,921 | 136,481 | 149,179 | 170,277 |
| Total Liabilities | 131,260 | 148,785 | 171,345 | 184,043 | 205,140 |
| Total Equity | 99,587 | 107,007 | 137,484 | 179,648 | 253,052 |
| Total Equity & Liabilities | 230,847 | 255,792 | 308,829 | 363,691 | 458,193 |
| iQmethod SM - Bus Performance* | |||||
| Return On Capital Employed | 3.2% | 4.2% | 18.4% | 33.6% | 45.5% |
| Return On Equity | 5.2% | 6.5% | 27.5% | 37.2% | 47.6% |
| Operating Margin | 4.4% | 5.1% | 18.1% | 29.4% | 36.2% |
| EBITDA Margin | 19.4% | 8.6% | 28.6% | 38.3% | 43.1% |
| iQmethod SM - Quality of Earnings* | |||||
| Cash Realization Ratio | 2.0x | 2.2x | 1.6x | 1.2x | 1.1x |
| Asset Replacement Ratio | 1.5x | 5.3x | 2.7x | 1.7x | 1.6x |
| Tax Rate (Reported) | 24.1% | 14.5% | 17.2% | 20.3% | 20.2% |
| Net Debt-to-Equity Ratio | -14.7% | -18.7% | -12.7% | -17.1% | -30.5% |
| Interest Cover | 4.0x | 5.2x | 27.4x | NM | NM |
Key Metrics
- For full definitions of iQmethod SM measures, see page 7.
Company Sector
Electronics
Company Description
Unimicron (3037 TT) was founded in 1990 and listed on the Taiwan Stock Exchange in 1998. The firm manufactures a wide range of PCB and IC substrates for consumer electronics, industrial, and automotive. It is also the leading ABF supplier globally. The company merged with Phoenix Precision Technology (PPT, delisted) in 2009 and expanded its exposure in the IC substrate business. UMC is the biggest shareholder in Unimicron with a 13.3% stake.
Investment Rationale
We have a Buy rating on Unimicron in view of strong demand from AI accelerators (especially ASICs), which we expect to boost the utilization rate of the ABF substrate business from 2H26, in turn bolstering the company's margin profile and profitability going into 2027.
Stock Data
Price to Book Value
15.2x
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Exhibit 1: Earnings estimate change
We raise 2026-28E EPS by 7-14% after baking in the assumptions of stronger revenue growth and operating leverage
| (NT$mn) | BofA 26 (E) - New | BofA 26 (E) - Old | BofA 26 (E) - Diff (%) | BofA 27 (E) - New | BofA 27 (E) - Old | BofA 27 (E) - Diff (%) | BofA 28 (E) - New | BofA 28 (E) - Old | BofA 28 (E) - Diff (%) |
|---|---|---|---|---|---|---|---|---|---|
| Total sales | 192,526 | 188,122 | 2.3 | 277,718 | 266,337 | 4.3 | 395,444 | 376,002 | 5.2 |
| Gross profit | 51,010 | 47,910 | 6.5 | 99,431 | 88,961 | 11.8 | 164,126 | 149,767 | 9.6 |
| Gross margin | 26.5% | 25.5% | 1.0 ppt | 35.8% | 33.4% | 2.4 ppt | 41.5% | 39.8% | 1.7 ppt |
| Operating profit | 34,920 | 31,866 | 9.6 | 81,615 | 71,116 | 14.8 | 143,133 | 128,688 | 11.2 |
| Operating margin | 18.1% | 16.9% | 1.2 ppt | 29.4% | 26.7% | 2.7 ppt | 36.2% | 34.2% | 2.0 ppt |
| Pretax income | 43,714 | 40,660 | 7.5 | 83,067 | 72,569 | 14.5 | 144,685 | 130,241 | 11.1 |
| Pretax margin | 22.7% | 21.6% | 1.1 ppt | 29.9% | 27.2% | 2.7 ppt | 36.6% | 34.6% | 1.9 ppt |
| Net income | 33,655 | 31,487 | 6.9 | 59,007 | 51,600 | 14.4 | 102,959 | 92,653 | 11.1 |
| Net margin | 17.5% | 16.7% | 0.7 ppt | 21.2% | 19.4% | 1.9 ppt | 26.0% | 24.6% | 1.4 ppt |
| EPS (NT$) | 21.18 | 19.82 | 6.9 | 37.14 | 32.47 | 14.4 | 64.80 | 58.31 | 11.1 |
Source: BofA Global Research estimates
Exhibit 2: BofAe vs consensus
We are 8-10% lower vs consensus for 2027-28E EPS, given the assumption of higher tax rate
| (NT$mn) | 2026E - BofAe | 2026E - Consensus | 2026E - Diff (%) | 2027E - BofAe | 2027E - Consensus | 2027E - Diff (%) | 2028E - BofAe | 2028E - Consensus | 2028E - Diff (%) |
|---|---|---|---|---|---|---|---|---|---|
| Total sales | 192,526 | 184,975 | 4.1 | 277,718 | 277,398 | 0.1 | 395,444 | 383,627 | 3.1 |
| Gross profit | 51,010 | 47,946 | 6.4 | 99,431 | 100,207 | -0.8 | 164,126 | 160,448 | 2.3 |
| Gross margin | 26.5% | 25.9% | 0.6 ppt | 35.8% | 36.1% | -0.3 ppt | 41.5% | 41.8% | -0.3 ppt |
| Operating profit | 34,920 | 31,138 | 12.1 | 81,615 | 78,728 | 3.7 | 143,133 | 137,324 | 4.2 |
| Operating margin | 18.1% | 16.8% | 1.3 ppt | 29.4% | 28.4% | 1.0 ppt | 36.2% | 35.8% | 0.4 ppt |
| Pretax income | 43,714 | 42,401 | 3.1 | 83,067 | 80,896 | 2.7 | 144,685 | 135,972 | 6.4 |
| Pretax margin | 22.7% | 22.9% | -0.2 ppt | 29.9% | 29.2% | 0.7 ppt | 36.6% | 35.4% | 1.1 ppt |
| Net income | 33,655 | 34,238 | -1.7 | 59,007 | 65,190 | -9.5 | 102,959 | 112,125 | -8.2 |
| Net margin | 17.5% | 18.5% | -1.0 ppt | 21.2% | 23.5% | -2.3 ppt | 26.0% | 29.2% | -3.2 ppt |
| EPS (NT$) | 21.18 | 21.55 | -1.7 | 37.14 | 41.03 | -9.5 | 64.80 | 70.57 | -8.2 |
Source: BofA Global Research estimates, Bloomberg
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BofA GLOBAL RESEARCH
BofA GLOBAL RESEARCH
Exhibit 3: Income statement
We expect the firm to record 40+% revenue CAGR during 2026-28
| (NT$mn) | 1Q26 | 2Q26 | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 37,446 | 42,890 | 52,652 | 59,538 | 61,359 | 65,132 | 72,195 | 79,032 | 131,241 | 192,526 | 277,718 | 395,444 |
| COGS | -30,720 | -32,252 | -37,761 | -40,783 | -42,083 | -42,908 | -45,565 | -47,731 | -112,949 | -141,516 | -178,286 | -231,318 |
| Gross Profit | 6,726 | 10,638 | 14,891 | 18,755 | 19,277 | 22,224 | 26,630 | 31,301 | 18,292 | 51,010 | 99,431 | 164,126 |
| Operating | -3,969 | -3,987 | -4,051 | -4,083 | -4,124 | -4,368 | -4,539 | -4,786 | -11,618 | -16,090 | -17,817 | -20,993 |
| expenses | ||||||||||||
| SG&A | -2,382 | -2,130 | -2,252 | -2,314 | -2,299 | -2,418 | -2,515 | -2,663 | -6,619 | -9,078 | -9,895 | -11,292 |
| R&D | -1,587 | -1,857 | -1,799 | -1,769 | -1,825 | -1,950 | -2,024 | -2,123 | -4,999 | -7,012 | -7,922 | -9,702 |
| Operating income | 2,757 | 6,651 | 10,840 | 14,672 | 15,153 | 17,856 | 22,091 | 26,515 | 6,674 | 34,920 | 81,615 | 143,133 |
| Non-operating income | 3,542 | 8,925 | -4,137 | 463 | 1,413 | 1,413 | -687 | -687 | 2,153 | 8,794 | 1,453 | 1,553 |
| Interest income | -319 | -319 | -319 | -319 | -319 | -319 | -319 | -319 | -1,287 | -1,274 | -1,274 | -1,274 |
| Investment | -10 | 9,150 | -4,600 | 0 | 0 | 0 | 0 | 0 | -50 | 4,540 | 0 | 0 |
| income | ||||||||||||
| Others | 3,870 | 94 | 782 | 782 | 1,732 | 1,732 | -368 | -368 | 3,489 | 5,527 | 2,727 | 2,827 |
| Pre-tax profit | 6,299 | 15,576 | 6,703 | 15,135 | 16,566 | 19,269 | 21,404 | 25,828 | 8,827 | 43,714 | 83,067 | 144,685 |
| Tax | -918 | -2,234 | -1,341 | -3,027 | -2,485 | -3,468 | -4,709 | -6,199 | -1,277 | -7,520 | -16,861 | -29,199 |
| Net income | 5,043 | 13,115 | 4,779 | 10,718 | 12,711 | 14,207 | 14,832 | 17,257 | 6,673 | 33,655 | 59,007 | 102,959 |
| EPS (NT$) | 3.28 | 8.53 | 3.01 | 6.75 | 8.00 | 8.94 | 9.33 | 10.86 | 4.38 | 21.18 | 37.14 | 64.80 |
| Margin | ||||||||||||
| Gross margin | 18.0% | 24.8% | 28.3% | 31.5% | 31.4% | 34.1% | 36.9% | 39.6% | 13.9% | 26.5% | 35.8% | 41.5% |
| Operating margin | 7.4% | 15.5% | 20.6% | 24.6% | 24.7% | 27.4% | 30.6% | 33.6% | 5.1% | 18.1% | 29.4% | 36.2% |
| Pre-tax margin | 16.8% | 36.3% | 12.7% | 25.4% | 27.0% | 29.6% | 29.6% | 32.7% | 6.7% | 22.7% | 29.9% | 36.6% |
| Net margin | 13.5% | 30.6% | 9.1% | 18.0% | 20.7% | 21.8% | 20.5% | 21.8% | 5.1% | 17.5% | 21.2% | 26.0% |
| QoQ growth | ||||||||||||
| Revenue | 7.9% | 14.5% | 22.8% | 13.1% | 3.1% | 6.1% | 10.8% | 9.5% | ||||
| Gross profit | 22.9% | 58.2% | 40.0% | 25.9% | 2.8% | 15.3% | 19.8% | 17.5% | ||||
| Operating profit | 16.5% | 141.3% | 63.0% | 35.3% | 3.3% | 17.8% | 23.7% | 20.0% | ||||
| Pre-tax profit | 51.8% | 147.3% | -57.0% | 125.8% | 9.5% | 16.3% | 11.1% | 20.7% | ||||
| Net profit | 42.7% | 160.1% | -63.6% | 124.2% | 18.6% | 11.8% | 4.4% | 16.3% | ||||
| YoY growth | ||||||||||||
| Revenue | 24.5% | 32.1% | 54.9% | 71.6% | 63.9% | 51.9% | 37.1% | 32.7% | 13.8% | 46.7% | 44.2% | 42.4% |
| Gross profit | 67.1% | 150.6% | 227.4% | 242.7% | 186.6% | 108.9% | 78.8% | 66.9% | 12.1% | 178.9% | 94.9% | 65.1% |
| Operating profit | 117.6% | 340.6% | 607.3% | 520.2% | 449.7% | 168.5% | 103.8% | 80.7% | 30.4% | 423.2% | 133.7% | 75.4% |
| Pre-tax profit | 358.6% | 4266.1% | 127.5% | 264.7% | 163.0% | 23.7% | 219.3% | 70.6% | 20.6% | 395.2% | 90.0% | 74.2% |
| Net profit | 451.4% | 44196.8% | 117.8% | 203.2% | 152.1% | 8.3% | 210.3% | 61.0% | 31.3% | 404.3% | 75.3% | 74.5% |
Source: BofA Global Research estimates, company data
BofA GLOBAL RESEARCH
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Price objective basis & risk
Unimicron (UMCRF)
Our PO of NT$1,650 is based on 35x 2H27-1H28E, which is roughly 1 standard deviation above the historical average of 20x since 2017. In our view, the multiple is appropriate, as we expect Unimicron's earnings to be supported by its high-end technology offerings, where end market demand seems more resilient.
Upside risks are (1) tighter ABF supply, (2) greater PC and regular server demand, and (3) lower competition pressure.
Downside risks are (1) greater ABF expansion from peers, (2) lower ASP content increase at AI server, and (3) bigger drop in the demand of consumer electronic products.