PDF 原檔：報告_GS_昇達科3491_20260716_original.pdf
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75.0KB | 真資料圖 | UMT（3491.TWO）Goldman Sachs rating and stock price target history 圖（NT$，2023-2026）：藍色方框＝評等、藍點＝目標價、藍叉＝下架時目標價，灰線為台灣加權指數；標示歷次目標價點位（如 588、626、581、655、751、863、992、1333、2007、2208、2513），2025-02-17 起由 Allen Chang 覆蓋 |
原始內容
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UMT (3491.TWO): AI data center from LEO Satellite; High-speed interconnection end application in expansion; Buy
UMT announced its plan to acquire a majority stake in high-frequency and high-speed interconnect solution provider DYNAHZ Technology (private) for NT$1.7bn (Link). The company plans to own over 51% of DYNAHZ total shares, and expects to complete the transaction in Aug 2026. DYNAHZ Technology provides products across RF/ microwave/ Millimeter wave solution, and high-speed signal module, targeting high-speed interconnection, LEO satellite and semi applications. Management notes the company is developing THz (Terahertz) products, and the DYNAHZ acquisition would bring synergies through the company's customer gain and penetration of AI data center business. While we do not take a view on the likelihood of the proposed deal being completed, we are positive on the company's potential strategic expansion towards AI data center space. Maintain Buy.
UMT provides rectangular waveguides, which are conducting pipes with a rectangular cross-section used to guide the propagation of microwave or mmwave signals. Di ff erent shapes and combinations of waveguides can form various RF passive components, such as fi lter / diplexer, coupler, isolator, antenna, power ampli fi ers (PAs), etc. The company serves leading global LEO satellite operators, and its waveguides can be seen in LEO satellites / payloads (main), and gateways in ground stations.
Synergies on AI data center business: DYNAHZ Technology mainly provides RF/ microwave/ Millimeter wave solution, and high-speed signal modules for AI data center and satellite clients. DYNAHZ has penetrated AI data center clients, and UMT is also verifying its THz products with clients. Management expects to see synergies from the acquisition, and the company is able to provide di ff erent types of interconnection solutions for a larger client base. DYNAHZ is expanding its new factory in Kaohsiung, targeting to improve the capacity by 2-3x by 2028E to support rising client demand.
Expanding Terahertz products: Management is positive on the rising adoption of THz (Terahertz) on the next generation of architecture in AI data center and 6G applications, supported by high speed interconnection and high price-to-performance ratio. UMT has built its fi rst THz Testing lab in the factory back to Aug 2022 (Link), and management notes the company is verifying its THz products with multiple clients. We would expect the proposed acquisition of a high-speed/ high-frequency player to be complementary to company's Terahertz business.
Allen Chang
+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C.
Verena Jeng
+852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C.
Ting Song
+852-2978-6466 | ting.song@gs.com Goldman Sachs (Asia) L.L.C.
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Exhibit 1: UMT P&L Summary
| NT$ mn | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26E | 3Q26E | 4Q26E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||||||
| Revenue | 1,585 | 2,335 | 2,452 | 4,276 | 8,991 | 12,645 | 620 | 514 | 484 | 834 | 1,020 | 966 | 1,042 | 1,249 |
| Gross profit | 641 | 1,198 | 1,254 | 2,706 | 6,060 | 8,732 | 314 | 223 | 229 | 489 | 592 | 576 | 691 | 848 |
| OP income | 202 | 624 | 575 | 1,559 | 3,560 | 5,242 | 167 | 94 | 84 | 230 | 314 | 318 | 413 | 515 |
| Net income | 200 | 547 | 518 | 1,262 | 2,851 | 4,135 | 143 | 71 | 88 | 216 | 253 | 260 | 335 | 414 |
| EPS (NT$) | 3.12 | 8.27 | 7.60 | 18.39 | 41.55 | 60.27 | 2.09 | 1.07 | 1.29 | 3.15 | 3.69 | 3.79 | 4.88 | 6.03 |
| Ratios | ||||||||||||||
| Opex ratio | 27.7% | 24.6% | 27.7% | 26.8% | 27.8% | 27.6% | 23.7% | 25.1% | 29.9% | 31.0% | 27.2% | 26.7% | 26.7% | 26.7% |
| Tax rate | 19.4% | 21.7% | 19.0% | 21.7% | 22.0% | 22.0% | 21.9% | 7.7% | 21.8% | 19.1% | 22.0% | 22.0% | 22.0% | 22.0% |
| Margins | ||||||||||||||
| Gross margin | 40.4% | 51.3% | 51.1% | 63.3% | 67.4% | 69.1% | 50.6% | 43.3% | 47.3% | 58.6% | 58.0% | 59.6% | 66.3% | 67.9% |
| Operating margin | 12.8% | 26.7% | 23.4% | 36.5% | 39.6% | 41.5% | 26.9% | 18.2% | 17.4% | 27.6% | 30.7% | 15.4% | 39.6% | 41.2% |
| Net margin | 12.6% | 23.4% | 21.1% | 29.5% | 31.7% | 32.7% | 23.0% | 13.8% | 18.2% | 25.9% | 24.8% | 150.0% | 32.1% | 33.2% |
| YoY | ||||||||||||||
| Revenue | -14% | 47% | 5% | 74% | 110% | 41% | 43% | -21% | -24% | 36% | 65% | 88% | 115% | 50% |
| Gross profit | -15% | 87% | 5% | 116% | 124% | 44% | 60% | -38% | -31% | 56% | 89% | 159% | 202% | 74% |
| OP income | -31% | 208% | -8% | 171% | 128% | 47% | 117% | -53% | -55% | 40% | 88% | 240% | 390% | 124% |
| Net income | -26% | 173% | -5% | 143% | 126% | 45% | 84% | -60% | -33% | 36% | 77% | 266% | 279% | 92% |
| QoQ | ||||||||||||||
| Revenue | 1% | -17% | -6% | 72% | 22% | -5% | 8% | 20% | ||||||
| Gross profit | 0% | -29% | 3% | 113% | 21% | -3% | 20% | 23% | ||||||
| OP income | 2% | -44% | -10% | 173% | 36% | 1% | 30% | 25% | ||||||
| Net income | -10% | -50% | 24% | 145% | 17% | 3% | 28% | 24% |
Source: Company data, Goldman Sachs Global Investment Research
Price target risks and methodology - UMT
Valuation: We use a discounted P/E methodology and apply a 37.0x target P/E multiple to UMT's 2029E EPS, discounting it back to 2027E at a COE of 7.8% (beta 1.2x, risk-free rate 1.6% and market risk premium at 5.1%), which leads to our 12-month target price of NT$2,513. The target P/E is based on the average PEG&M ratio of peers in the satellite supply chain. We are Buy-rated on UMT.
Key Risks: Slower-than-expected LEO satellite deployment; Potential competition from new-entrant suppliers; LEO satellite operators manufacturing in-house components.
| 3491.TWO | 12m Price Target: NT$2,513.00 | 12m Price Target: NT$2,513.00 | Price: NT$1,310.00 | Price: NT$1,310.00 | Upside: 91.8% | Upside: 91.8% |
|---|---|---|---|---|---|---|
| Buy | Buy | GS Forecast | GS Forecast | GS Forecast | GS Forecast | GS Forecast |
| 12/25 | 12/26E | 12/27E | 12/28E | |||
| Market c ap: NT$86.8bn / $ 2 . 7 bn | Market c ap: NT$86.8bn / $ 2 . 7 bn | Revenue (NT$ mn) | 2,452.2 | 4,276.4 | 8,990.9 | 12,644.9 |
| E nterpr is e v a lu e: | E nterpr is e v a lu e: | EBITDA (NT$ mn) | 688.6 | 1,681.9 | 3 ,699.6 | 5, 3 97.9 |
| NT$86. 1 bn / $ 2 . 7 bn | NT$86. 1 bn / $ 2 . 7 bn | EPS (NT$) | 7.60 | 18. 3 9 | 41.55 | 60.27 |
| 3m AD T V : NT$ 3 . 4 bn / $ 10 6. 2m | 3m AD T V : NT$ 3 . 4 bn / $ 10 6. 2m | P/E (X) | 54.5 | 71.2 | 3 1.5 | 21.7 |
| Ta iw an | Ta iw an | P/B (X) | 9.0 | 26.7 | 22.6 | 18.4 |
| G reater Chi na Te ch n ology | G reater Chi na Te ch n ology | Dividend yield (%) | 1.4 | 1.1 | 2.5 | 3 .6 |
| M &A R ank: 3 : | M &A R ank: 3 : | N debt/EBITDA (ex lease,X) | (0.6) | (0.4) | (0. 3 ) | (0.5) |
| L ea s e s i n cl . i n net d ebt & EV? Y e s | L ea s e s i n cl . i n net d ebt & EV? Y e s | CROCI (%) | 21.5 | 45. 3 | 90.1 | 1 3 6.1 |
| FCF yield (%) | 0.8 | 0.8 | 1.6 | 4.5 | ||
| 3/26 | 6/26E | 9/26E | 12/26E | |||
| EPS (NT$) | 3 .69 | 3 .79 | 4.88 | 6.0 3 |
Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 16 Jul 2026 close.
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