PDF 原檔:報告_Daiwa_景碩3189_20261006_original.pdf
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| 檔名 | size | 分類 | 親眼所見內容 |
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報告_Daiwa_景碩3189_20261006_001.png |
20KB | 真資料圖 | Share price performance:Kinsus 股價(左軸 TWD)與相對 TWSE 指數(右軸 %),Oct-25 至 Oct-26,股價自約 100 升至逾 1,100;股價類圖,不嵌公司頁 |
報告_Daiwa_景碩3189_20261006_002.png |
31KB | 真資料圖 | 1-year forward PER bands:Share price 與 10x/16x/26x/36x 本益比帶,Oct-19 至 Oct-26;財務/估值圖,不嵌公司頁 |
報告_Daiwa_景碩3189_20261006_003.png |
21KB | 真資料圖 | 營收依產品堆疊百分比圖 2024-2028E:BT 34/36/39/32/24%、ABF 44/46/46/57/68%、Contact Lens 22/18/16/11/8%(圖例另列 PCB,圖中未見其色塊);財務類圖,不嵌公司頁 |
原始內容
Kinsus Interconnect Technology (3189 TT)
Target price: TWD1,580.00 (from TWD1,068.00)
Shareprice(6Oct):TWD1,070.00 | Up/downside:+47.7%
3Q26 results preview: several favourable trends ahead
- Rising high-end ABF substrate likely to drive blended ASP increase
- Multicore and optics likely to be the next growth drivers
- Reaffirming our Buy (1) call; raising 12M TP to TWD1,580
What's new: We believe an improving product mix, driven by rising Nvidia's CPU contribution, to be a key near-term share price catalyst.
What's the impact: Near-term update. After Kinsus released its August preliminary results on 23 September, we note that we had underestimated the 3Q26E gross margin expansion on product optimisation and price hike scale. The results imply a GM of 33% in August (vs. 26% in 2Q26). We therefore lift our 3Q-4Q26E gross margin to 33.2-35.1% (from 28.9-30.3%) to reflect an improving product mix, including greater CPU substrate contribution. We believe the gross margin of high-end chipset substrate may be c.50%, supporting margin expansion. We also expect a c.10% QoQ price hike for both BT and ABF substrate in 3Q26, above Kinsus' guidance of a high-single-digit% QoQ, making these substrates the other growth driver. We see further gross margin expansion in 2027-28 on the ongoing price hike trend and increasing high-end ABF substrate product mix.
Business outlook. We believe several favourable trends lie ahead. First, we see a rising contribution from high-end GPU and CPU ABF substrates. We believe Nvidia's CPU currently accounts for 5-10% of total revenue, with Kinsus holding a 70-80% market share. We also expect Kinsus to acquire a teens% market share in AMD's Venice, which should gradually ramp up from 4Q26. These will likely become key growth drivers of the ABF substrate segment in 2027, in our view. We believe the ramp-up progress for GPU substrate for these two clients is slightly slower than that for CPU. Second, we believe Kinsus will benefit from the rising BT substrate demand for optical transceivers. In our view, migration to on-board optics (OBO) and NPO/CPO will require ABF substrate beneath the optics engine (OE) in OBO; the OE and IC will need a bigger ABF substrate as we move to the NPO/CPO generation. As such, we expect the total ABF substrate demand to increase with rising adoption of optics in AI servers. Lastly, we expect the adoption of multiple-core ABF from 2028 to improve the rigidity and transmission performance before the official launch of ceramic and glasscore substrate, which we expect to increase the ABF TAM as well.
What we recommend: We raise our 2026-28E earnings by 19-29% to reflect the better-than-expected gross margin in August. We reaffirm our Buy (1) call and raise our 12M TP to TWD1,580, based on an unchanged target PER of 36x (high end of 3-year-trading range of 10-36x), applied to the 1-year-forward EPS forecast. Key downside risks: weaker-thanexpected demand for memory, PCs, gaming GPUs or AI servers.
How we differ: Our 2026-28E EPS are 27-57% above the Bloomberg consensus, likely on our more bullish view on its gross margin expansion.
3
2
1
(unchanged)
Sheng Cheng
(886) 2 8758 6253
sheng.cheng@daiwacm-cathay.com.tw
Thomas Kim (886) 2 8758 6249 thomas.kim@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 1.3 | - | 2.2 |
| Net profit change | 29.1 | 28.7 | 18.8 |
| Core EPS (FD) change | 18.6 | 18.3 | 9.2 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 111.18-1,095.00 |
|---|---|
| Market cap (USDbn) | 17.18 |
| 3m avg daily turnover (USDm) | 428.04 |
| Shares outstanding (m) | 510 |
| Major shareholder | Asus Investment Co Ltd (13.2%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 54,062 | 88,448 | 125,676 |
| Operating profit (m) | 9,142 | 24,773 | 43,198 |
| Net profit (m) | 7,558 | 22,325 | 39,673 |
| Core EPS (fully-diluted) | 14.824 | 43.787 | 77.810 |
| EPS change (%) | 322.9 | 195.4 | 77.7 |
| Daiwa vs Cons. EPS (%) | 29.1 | 57.1 | 46.7 |
| PER (x) | 72.2 | 24.4 | 13.8 |
| Dividend yield (%) | 0.3 | 0.4 | 0.4 |
| DPS | 3.5 | 4.5 | 4.5 |
| PBR (x) | 11.6 | 8.1 | 5.3 |
| EV/EBITDA (x) | 30.7 | 15.1 | 8.8 |
| ROE (%) | 15.2 | 32.4 | 40.0 |
Source: FactSet, Daiwa forecasts
Kinsus: revenue and earnings forecast revisions
| (TWDm) | 2026E - Previous | 2026E - New | 2026E - Consensus | 2027E - Previous | 2027E - New | 2027E - Consensus | 2028E - Previous | 2028E - New | 2028E - Consensus |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 53,385 | 54,062 | 53,912 | 88,484 | 88,448 | 80,794 | 122,920 | 125,676 | 120,243 |
| Diff (%) | 1.3% | 0.3% | 0.0% | 9.5% | 2.2% | 4.5% | |||
| Gross Margin (%) | 27.0% | 29.65% | 27.3% | 35.6% | 40.5% | 33.7% | 43.2% | 46.37% | 38.5% |
| Operating profit | 7,578 | 9,142 | 7,907 | 20,449 | 24,773 | 18,170 | 38,330 | 43,198 | 32,345 |
| Op Margin (%) | 14.2% | 16.9% | 14.7% | 23.1% | 28.0% | 22.5% | 31.2% | 34.4% | 26.9% |
| Net profit | 5,855 | 7,558 | 5,857 | 17,344 | 22,325 | 14,212 | 33,395 | 39,673 | 27,051 |
| EPS | 12.50 | 14.82 | 11.49 | 37.02 | 43.79 | 27.87 | 71.29 | 77.81 | 53.06 |
| Diff (%) | 18.6% | 29.1% | 18.3% | 57.1% | 9.2% | 46.7% |
Source: Bloomberg, Daiwa forecasts
Kinsus: quarterly and annual P&L statement
| (TWDm) | 2026E - 1Q | 2026E - 2Q | 2026E - 3QE | 2026E - 4QE | 2027E - 1QE | 2027E - 2QE | 2027E - 3QE | 2027E - 4QE | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net revenue | 11,105 | 12,496 | 14,539 | 15,922 | 18,046 | 21,099 | 23,941 | 25,361 | 39,351 | 54,062 | 88,448 | 125,676 |
| COGS | (8,755) | (9,235) | (9,716) | (10,326) | (11,304) | (12,750) | (14,067) | (14,480) | (31,037) | (38,032) | (52,601) | (67,397) |
| Gross profit | 2,349 | 3,261 | 4,824 | 5,596 | 6,743 | 8,349 | 9,874 | 10,881 | 8,314 | 16,030 | 35,847 | 58,279 |
| Operating expenses | 1,459 | 1,582 | 1,841 | 2,006 | 2,274 | 2,637 | 2,993 | 3,170 | 5,645 | 6,888 | 11,074 | 15,081 |
| Operating profit | 891 | 1,679 | 2,983 | 3,590 | 4,469 | 5,712 | 6,881 | 7,711 | 2,670 | 9,142 | 24,773 | 43,198 |
| Non-operating profit | 74 | 106 | 88 | 90 | 89 | 84 | 90 | 92 | 417 | 358 | 354 | 359 |
| Pre-tax profit | 964 | 1,784 | 3,071 | 3,680 | 4,558 | 5,796 | 6,971 | 7,803 | 3,087 | 9,499 | 25,127 | 43,557 |
| Income taxes | (89) | (101) | (174) | (208) | (258) | (328) | (394) | (441) | (370) | (571) | (1,420) | (2,462) |
| Net profit | 549 | 1,311 | 2,586 | 3,112 | 3,986 | 5,132 | 6,230 | 6,978 | 1,596 | 7,558 | 22,325 | 39,673 |
| Net EPS (TWD) | 1.17 | 2.57 | 5.07 | 6.10 | 7.82 | 10.06 | 12.22 | 13.69 | 3.5 | 14.8 | 43.8 | 77.8 |
| Operating Ratios | ||||||||||||
| Gross margin | 21.2% | 26.1% | 33.2% | 35.1% | 37.4% | 39.6% | 41.2% | 42.9% | 21.1% | 29.7% | 40.5% | 46.4% |
| Operating margin | 8.0% | 13.4% | 20.5% | 22.5% | 24.8% | 27.1% | 28.7% | 30.4% | 6.8% | 16.9% | 28.0% | 34.4% |
| Pre-tax margin | 8.7% | 14.3% | 21.1% | 23.1% | 25.3% | 27.5% | 29.1% | 30.8% | 7.8% | 17.6% | 28.4% | 34.7% |
| Net margin | 4.9% | 10.5% | 17.8% | 19.5% | 22.1% | 24.3% | 26.0% | 27.5% | 4.1% | 14.0% | 25.2% | 31.6% |
| YoY (%) | ||||||||||||
| Net revenue | 29% | 31% | 40% | 47% | 63% | 69% | 65% | 59% | 29% | 37% | 64% | 42% |
| Gross profit | 21% | 62% | 146% | 134% | 187% | 156% | 105% | 94% | -4% | 93% | 124% | 63% |
| Operating profit | 78% | 171% | 375% | 290% | 402% | 240% | 131% | 115% | 144% | 242% | 171% | 74% |
| Pre-tax profit | 38% | 188% | 331% | 249% | 373% | 225% | 127% | 112% | 93% | 208% | 165% | 73% |
| Net profit | 99% | 288% | 662% | 384% | 626% | 292% | 141% | 124% | 3164% | 374% | 195% | 78% |
| QoQ (%) | ||||||||||||
| Net revenue | 3% | 13% | 16% | 10% | 13% | 17% | 13% | 6% | ||||
| Gross profit | -2% | 39% | 48% | 16% | 20% | 24% | 18% | 10% | ||||
| Operating profit | -3% | 88% | 78% | 20% | 24% | 28% | 20% | 12% | ||||
| Pre-tax profit | -9% | 85% | 72% | 20% | 24% | 27% | 20% | 12% | ||||
| Net profit | -14% | 139% | 97% | 20% | 28% | 29% | 21% | 12% |
Source: Company, Daiwa forecasts
Kinsus: 1-year forward PER bands
Source: TEJ, Daiwa forecasts
Kinsus: revenue breakdown by product
Source: Company, Daiwa forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Global PC shipment (mn) | 361 | 301 | 260 | 263 | 287 | 244 | 244 | 244 |
| Regular server shipmnet (mn) | 14 | 15 | 12 | 14 | 16 | 18 | 22 | 26 |
| Global smartphone shipment (mn) | 1,655 | 1,437 | 1,380 | 1,437 | 1,429 | 1,249 | 1,255 | 1,300 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| ABF | 10,191 | 16,526 | 11,978 | 13,319 | 17,998 | 24,558 | 48,820 | 82,562 |
| BT | 17,565 | 18,796 | 8,065 | 10,398 | 14,314 | 21,234 | 30,530 | 33,105 |
| Other Revenue | 5,580 | 6,336 | 6,790 | 6,817 | 7,039 | 8,271 | 9,098 | 10,008 |
| Total Revenue | 33,336 | 41,658 | 26,832 | 30,535 | 39,351 | 54,062 | 88,448 | 125,676 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (22,583) | (25,771) | (20,075) | (21,867) | (31,037) | (38,032) | (52,601) | (67,397) |
| SG&A | (2,879) | (3,532) | (3,301) | (5,010) | (3,433) | (4,241) | (6,960) | (9,312) |
| Other op.expenses | (2,413) | (2,484) | (2,397) | (2,612) | (2,212) | (2,647) | (4,114) | (5,769) |
| Operating profit | 5,456 | 9,851 | 1,042 | 1,095 | 2,670 | 9,142 | 24,773 | 43,198 |
| Net-interest inc./(exp.) | (68) | (172) | (332) | (394) | (391) | (336) | (356) | (350) |
| Assoc/forex/extraord./others | 253 | 607 | 716 | 902 | 809 | 694 | 710 | 709 |
| Pre-tax profit | 5,641 | 10,287 | 1,426 | 1,603 | 3,087 | 9,499 | 25,127 | 43,557 |
| Tax | (672) | (2,158) | (256) | (272) | (370) | (571) | (1,420) | (2,462) |
| Min. int./pref. div./others | (633) | (957) | (1,123) | (1,282) | (1,121) | (1,370) | (1,381) | (1,422) |
| Net profit (reported) | 4,336 | 7,172 | 48 | 49 | 1,596 | 7,558 | 22,325 | 39,673 |
| Net profit (adjusted) | 4,336 | 7,172 | 48 | 49 | 1,596 | 7,558 | 22,325 | 39,673 |
| EPS (reported)(TWD) | 9.622 | 15.901 | 0.105 | 0.108 | 3.505 | 14.824 | 43.787 | 77.810 |
| EPS (adjusted)(TWD) | 9.622 | 15.901 | 0.105 | 0.108 | 3.505 | 14.824 | 43.787 | 77.810 |
| EPS (adjusted fully-diluted)(TWD) | 9.622 | 15.901 | 0.105 | 0.108 | 3.505 | 14.824 | 43.787 | 77.810 |
| DPS (TWD) | 4.500 | 6.476 | 1.000 | 1.000 | 1.518 | 3.500 | 4.500 | 4.500 |
| EBIT | 5,456 | 9,851 | 1,042 | 1,095 | 2,670 | 9,142 | 24,773 | 43,198 |
| EBITDA | 9,833 | 14,958 | 6,394 | 7,228 | 9,914 | 17,313 | 33,761 | 53,085 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 5,641 | 10,287 | 1,426 | 1,603 | 3,087 | 9,499 | 25,127 | 43,557 |
| Depreciation and amortisation | 4,377 | 5,107 | 5,351 | 6,133 | 7,244 | 8,171 | 8,988 | 9,887 |
| Tax paid | (672) | (2,158) | (256) | (272) | (370) | (571) | (1,420) | (2,462) |
| Change in working capital | (1,347) | (176) | 1,528 | (906) | (1,959) | (3,452) | (2,982) | (3,707) |
| Other operational CF items | 2,575 | 2,901 | (1,793) | 1,147 | 91 | (634) | 0 | 0 |
| Cash flow from operations | 10,574 | 15,961 | 6,256 | 7,705 | 8,093 | 13,013 | 29,713 | 47,274 |
| Capex | (13,384) | (17,094) | (10,136) | (10,408) | (6,117) | (7,832) | (5,483) | (3,838) |
| Net (acquisitions)/disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other investing CF items | 489 | 559 | (2,351) | 1,301 | (1,752) | (2,374) | (44) | (85) |
| Cash flow from investing | (12,895) | (16,535) | (12,486) | (9,107) | (7,869) | (10,206) | (5,526) | (3,922) |
| Change in debt | 6,544 | 1,903 | 6,043 | 1,624 | (1,684) | (8,891) | 0 | (45) |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (451) | (2,443) | (3,438) | (454) | (457) | (774) | (1,785) | (2,294) |
| Other financing CF items | (94) | 2,411 | 2,730 | (173) | (1,130) | 8,625 | 0 | 0 |
| Cash flow from financing | 6,000 | 1,870 | 5,335 | 996 | (3,270) | (1,041) | (1,785) | (2,340) |
| Forex effect/others | (12) | 56 | (88) | 71 | (39) | 51 | 39 | 35 |
| Change in cash | 3,667 | 1,352 | (983) | (335) | (3,084) | 1,817 | 22,441 | 41,047 |
| Free cash flow | (2,809) | (1,133) | (3,880) | (2,703) | 1,976 | 5,181 | 24,230 | 43,436 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 15,968 | 17,923 | 21,013 | 16,676 | 16,336 | 21,188 | 43,628 | 84,676 |
| Inventory | 3,466 | 3,481 | 2,612 | 2,981 | 4,828 | 6,237 | 8,747 | 10,924 |
| Accounts receivable | 5,679 | 5,050 | 4,299 | 5,284 | 6,804 | 10,300 | 16,405 | 22,824 |
| Other current assets | 1,312 | 1,647 | 1,445 | 4,735 | 970 | 1,080 | 1,080 | 1,080 |
| Total current assets | 26,424 | 28,100 | 29,369 | 29,677 | 28,938 | 38,804 | 69,860 | 119,503 |
| Fixed assets | 31,586 | 44,101 | 48,209 | 49,658 | 50,897 | 51,643 | 48,138 | 42,089 |
| Goodwill & intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current assets | 376 | 432 | 489 | 100 | 138 | 434 | 478 | 562 |
| Total assets | 58,386 | 72,633 | 78,067 | 79,435 | 79,973 | 90,882 | 118,476 | 162,154 |
| Short-term debt | 1,100 | 377 | 1,409 | 2,452 | 3,053 | 915 | 915 | 869 |
| Accounts payable | 10,150 | 10,798 | 8,457 | 7,521 | 10,030 | 14,004 | 19,638 | 24,526 |
| Other current liabilities | 2,733 | 4,199 | 4,393 | 7,018 | 7,023 | 5,571 | 5,571 | 5,571 |
| Total current liabilities | 13,983 | 15,374 | 14,259 | 16,990 | 20,106 | 20,490 | 26,124 | 30,966 |
| Long-term debt | 9,387 | 10,770 | 15,280 | 13,779 | 11,197 | 6,219 | 6,219 | 6,219 |
| Other non-current liabilities | 2,027 | 7,674 | 9,369 | 8,788 | 7,297 | 6,318 | 6,318 | 6,318 |
| Total liabilities | 25,397 | 33,818 | 38,908 | 39,557 | 38,600 | 33,027 | 38,661 | 43,503 |
| Share capital | 4,508 | 4,528 | 4,544 | 4,566 | 4,568 | 5,269 | 5,269 | 5,269 |
| Reserves/R.E./others | 28,481 | 34,288 | 34,615 | 35,312 | 36,805 | 52,585 | 74,546 | 113,382 |
| Shareholders' equity | 32,989 | 38,816 | 39,159 | 39,878 | 41,373 | 57,854 | 79,815 | 118,651 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 58,386 | 72,633 | 78,067 | 79,435 | 79,973 | 90,882 | 118,476 | 162,154 |
| EV | 540,075 | 538,779 | 541,231 | 545,110 | 543,470 | 531,501 | 509,061 | 467,968 |
| Net debt/(cash) | (5,481) | (6,776) | (4,325) | (445) | (2,085) | (14,054) | (36,495) | (77,588) |
| BVPS (TWD) | 64.478 | 75.804 | 69.748 | 69.314 | 71.656 | 92.357 | 131.414 | 202.420 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 23.0 | 25.0 | (35.6) | 13.8 | 28.9 | 37.4 | 63.6 | 42.1 |
| EBITDA (YoY) | 70.8 | 52.1 | (57.3) | 13.1 | 37.1 | 74.6 | 95.0 | 57.2 |
| Operating profit (YoY) | 307.0 | 80.6 | (89.4) | 5.1 | 143.7 | 242.4 | 171.0 | 74.4 |
| Net profit (YoY) | 700.2 | 65.4 | (99.3) | 2.9 | 3,164.4 | 373.6 | 195.4 | 77.7 |
| Core EPS (fully-diluted) (YoY) | 698.1 | 65.3 | (99.3) | 2.5 | 3,153.4 | 322.9 | 195.4 | 77.7 |
| Gross-profit margin | 32.3 | 38.1 | 25.2 | 28.4 | 21.1 | 29.7 | 40.5 | 46.4 |
| EBITDA margin | 29.5 | 35.9 | 23.8 | 23.7 | 25.2 | 32.0 | 38.2 | 42.2 |
| Operating-profit margin | 16.4 | 23.6 | 3.9 | 3.6 | 6.8 | 16.9 | 28.0 | 34.4 |
| Net profit margin | 13.0 | 17.2 | 0.2 | 0.2 | 4.1 | 14.0 | 25.2 | 31.6 |
| ROAE | 13.9 | 20.0 | 0.1 | 0.1 | 3.9 | 15.2 | 32.4 | 40.0 |
| ROAA | 8.6 | 10.9 | 0.1 | 0.1 | 2.0 | 8.8 | 21.3 | 28.3 |
| ROCE | 14.0 | 21.1 | 2.0 | 2.0 | 4.8 | 15.2 | 32.6 | 40.6 |
| ROIC | 19.9 | 26.1 | 2.6 | 2.4 | 6.0 | 20.7 | 53.7 | 96.6 |
| Net debt to equity | net cash | net cash | 2.5 | 4.6 | 4.8 | net cash | net cash | net cash |
| Effective tax rate | 11.9 | 21.0 | 17.9 | 17.0 | 12.0 | 6.0 | 5.7 | 5.7 |
| Accounts receivable (days) | 55.2 | 47.0 | 63.6 | 57.3 | 56.1 | 57.7 | 55.1 | 57.0 |
| Current ratio (x) | 1.9 | 1.8 | 2.1 | 1.7 | 1.4 | 1.9 | 2.7 | 3.9 |
| Net interest cover (x) | 84.0 | 61.0 | 5.3 | 5.1 | 8.9 | 29.3 | 71.6 | 125.5 |
| Net dividend payout | 52.6 | 41.9 | 909.2 | 909.2 | 43.2 | 23.5 | 10.3 | 5.8 |
| Free cash flow yield | n.a. | n.a. | n.a. | n.a. | 0.4 | 0.9 | 4.4 | 8.0 |
Source: FactSet, Daiwa forecasts
Company profile
Kinsus was founded in 2000 as a subsidiary of Asustek. The company mainly focus on niche ball grid array (BGA) substrates to avoid price competition among mainstream products like graphics card and chipsets, and it has become top-3 flip chip manufacturer in global. Besides, its manufacturing sites are based in Taiwan and mainland China.
ESG analysis
ESG risks
| Risks | Management | Analystcomments |
|---|---|---|
| Executive/board quality | 2 | Kinsus's leadership team comprises experienced professionals dedicated to steering the company towards sustainable growth. This diverse board composition ensures a comprehensive range of expertise and perspectives, contributing to Kinsus's strategic decision-making and corporate governamce. |
| G Capital | management 2 | Kinsus maintains a robust financial framework, ensuring the availability of resources necessary for operational efficiency and strategic investments. The company's financial health is regularly disclosed through annual reports, providing transparency to stakeholders. |
| Related transaction Supplychain management | party & 1 | The company adheres to stringent corporate governance policies to manage related party transactions, ensuring transparency and compliance with regulatory standards. The company discloses such transactions in its financial reports, maintaining accountability and stakeholder trust. For instance, the company's annual general meeting documents provide details on related party transactions, ensuring transparency and accountability. |
| S | 1 | Kinsus is committed to sustainable supply chain practices, emphasizing environmental, social, and governance considerations. The company has established comprehensive ESG policies, including commitments to labor standards, environmental health and safety, ethics, and conflict- free minerals. These policies guide the company's interactions with suppliers and partners, promoting sustainability throughout the supply chain. |
| E | Datasecurity 3 | The company recognizes the importance of information security in its operations. As part of its corporate governance framework, Kinsus is likely to implement standard data protection practices to safeguard sensitive information and ensure compliance with relevant regulations. Stakeholders are encouraged to consult the company's official communications or contact the company directly for detailed information on data security policies. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 31 Jan 2026
Source: Daiwa, Company