PDF 原檔：報告_GS_萬潤6187_20260811_original.pdf
圖片清單（已驗證 2026-08-11）
| 檔名 | size | 分類 | 親眼所見內容 |
|---|---|---|---|
260811_gs_allring_002.png |
43KB | 真資料圖 | Price Performance 圖：6187.TWO 股價（深藍）vs Taiwan SE Weighted Index（淺藍）走勢（2025/08–2026/08），下方附 3m/6m/12m 絕對報酬與相對指數報酬表 |
260811_gs_allring_003.png |
45KB | 真資料圖 | 營收成長展望堆疊柱狀圖（NT$mn，2022-2028E），分 Others／Passive component equipment／Semi equipment-others／Semi equipment-CoWoS／Semi equipment-CPO，另疊 YoY% 綠色曲線；對應內文 Exhibit 2「All Ring's revenue growth outlook」（trimmed 文字排序將此圖列在 Exhibit 2 標籤之前，經目視核對內容才是 Exhibit 2 本體） |
260811_gs_allring_005.png |
49KB | 真資料圖 | Taiex vs. All Ring 股價走勢圖（Aug-14 至 Aug-26），灰線為 Taiex 指數（左軸），深色線為 All Ring 股價（右軸，NT$） |
260811_gs_allring_006.png |
41KB | 真資料圖 | Forward P/E 圖：股價走勢（實線）疊多條 20x-40x 本益比虛線通道（Aug-14 至 Aug-26） |
260811_gs_allring_007.png |
43KB | 真資料圖 | Forward P/B 圖：股價走勢（實線）疊多條 8x-14x 淨值比虛線通道（Aug-14 至 Aug-26） |
260811_gs_allring_008.png |
38KB | 真資料圖 | ROE（灰色柱狀，左軸）vs Fwd P/B（深色線，右軸）雙軸圖（Aug-14 至 Aug-26），對應內文 Exhibit 9「P/B vs ROE」；雖低於 40KB 篩選門檻仍逐張核實為真資料圖 |
260811_gs_allring_009.png |
77KB | 真資料圖 | 高盛評等與目標價沿革圖：All Ring 股價走勢疊評等區間（NA／B）與歷次目標價標記（550/320/475/365/800/1650/1800），此圖僅存在於 PDF 原始解析檔（260811_gs_allring.md），trimmed 版未保留其 wikilink，圖片本身仍完整存於 attachment |
260811_gs_allring_001.png（22KB）、260811_gs_allring_004.png（28KB）低於 40KB 門檻未逐張 Read，預設裝飾/logo。
原始內容
For the exclusive use of KEVINLU@LENOVO.COM
All Ring Tech Co. (6187.TWO)
Earnings Review: 2Q26 margin beat; Multiple drivers into 2027 with potential new US customer penetration beyond; reiterate Buy
6187.TWO
12m Pri c e Target:
NT$1,450.00
Pri
c
2Q26 margin beat on better product mix
All Ring reported its 2Q26 preliminary results (see Exhibit 1) on 10 Aug. 2Q26 results beat both GSe and Bloomberg consensus due to higher GM, lower opex and higher non-op gains. GM in 2Q26 reached 54.8% (vs. 51.8% in 1Q26) and came in above GSe/cons. of 54.0%/52.5%, driven by higher mix from higher-margin CoWoS-related business. Meanwhile, 2Q26 OpM of 33.3% beat both GSe/cons. of 29.2%/29.6% thanks to better cost control and stronger operating leverage. Below the operating line, non-operating income reached NT$174mn in 2Q26, primarily attributable to much higher gains from equity investment, which led to a strong EPS (NT$8.50) beat by 36-39% vs GSe/cons.
Strong momentum into 3Q26 but 4Q26 to slow on seasonality
For 3Q26, management expects revenue to show strong momentum into 3Q26 driven by continuous CoWoS-related demand pull in. On the margin front, management expects GM to remain broadly in line with 2Q26 levels as product mix is likely similar to 2Q26. However, opex is now also guided to grow sequentially in 3Q26 as management expects higher employee bonus expenses following growth in pre-tax earnings. Looking further into 4Q26, management expects revenue to be slightly above the 2Q26 revenue level, while GM could see modest pressure from the ramp-up of new products, including panel-level packaging and CPO-related equipment. Overall, we now model 3Q26E revenue to grow by 29% QoQ but down 22% QoQ in 4Q26E, with GM of 54.9%/52.6% in
3Q26E/4Q26E.
Long-term growth outlook remains intact
Looking ahead, we remain positive on All Ring's long-term growth prospects thanks to ongoing technology migration as well as new product line ramp. We are now expecting its 2027E revenue to grow
BUY
Evelyn Yu
+886(2)2730-4187 | evelyn.yu@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Ryan Huang, CFA
+886(2)2730-4084 | ryan.huang@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Key Data _____________________________________
Market cap: NT$104.7bn / $3.2bn
Enterprise value: NT$101.5bn / $3.1bn
3m ADTV: NT$2.9bn / $90.5mn
Taiwan
Taiwan Semiconductor
M&A Rank: 3
Leases incl. in net debt & EV?: Yes
| GS Forecast | 12/25 | __________ 12/26E | 12/27E | 12/28E |
|---|---|---|---|---|
| Revenue(NT$mn) New | 5,366.2 | 9,171.9 | 13,196.9 | 16,678.9 |
| Revenue (NT$ mn) Old | 5,366.2 | 9,276.9 | 13,477.6 | 17,193.8 |
| EBITDA (NT$ mn) | 1,679.3 | 3,102.2 | 4,999.2 | 6,423.4 |
| EPS(NT$) New | 15.47 | 28.01 | 41.42 | 52.37 |
| EPS (NT$) Old | 15.47 | 28.23 | 44.30 | 59.13 |
| P/E (X) | 22.7 | 38.9 | 26.3 | 20.8 |
| P/B (X) | 4.5 | 12.7 | 10.3 | 8.6 |
| Dividend yield (%) | 3.3 | 1.9 | 2.8 | 3.6 |
| CROCI (%) | 44.2 | 36.6 | 64.9 | 66.2 |
| 6/26 | 9/26E | 12/26E | 3/27E | |
| EPS (NT$) | 8.50 | 9.43 | 6.71 | 5.76 |
Source: Company data, Goldman Sachs Research estimates. See disclosures for details.
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the fi rm may have a con fl ict of interest that could a ff ect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certi fi cation and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US a ffi liates are not registered/quali fi ed as research analysts with FINRA in the U.S.
e:
NT$1,090.00
Upside:
33.0%
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
BUY
All Ring Tech Co. (6187.TWO)
Rating since Mar 11, 2026
Ratios & Valuation __________________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| P/E (X) | 22.7 | 38.9 | 26.3 | 2 0 .8 |
| P/B (X) | 4.5 | 12.7 | 1 0 .3 | 8.6 |
| FCF yield (%) | 4.3 | 0 .2 | 2.2 | 3.7 |
| EV/EBITD A R(X) | 17.8 | 33.1 | 2 0 .5 | 15.8 |
| EV/EBITD A (excl. leases) (X) | 17.8 | 33.1 | 2 0 .5 | 15.8 |
| CROCI (%) | 44.2 | 36.6 | 64.9 | 66.2 |
| ROE (%) | 21.5 | 35.2 | 44.2 | 45.7 |
| Net debt/equity (%) | (51.3) | (37.8) | (33.9) | (35.8) |
| Net debt/equity (excl. leases) (%) | (51.3) | (37.8) | (33.9) | (35.8) |
| Inte r est c ov e r (X) | 172.6 | 435.7 | 773.9 | 99 0 .8 |
| Days in v ent or y o utst , sales | 7 0 .2 | 68.4 | 82.5 | 78.4 |
| Recei v able days | 82.1 | 43.7 | 51.8 | 53.4 |
| Days p ayable o utstandin g | 21 0 .6 | 161.3 | 2 0 1.3 | 199.3 |
| DuP o nt ROE (%) | 19.8 | 32.8 | 39.2 | 41.2 |
| Tu r n ov e r (X) | 0 .6 | 0 .8 | 0 .9 | 1. 0 |
| L e v e r a g e (X) | 1.3 | 1.4 | 1.5 | 1.4 |
| Gro ss cas h in v ested (ex cas h ) (NT $ ) | 3 , 924.6 | 5 , 477.6 | 7 , 27 0 .7 | 8 , 591.1 |
| Av e r a g e ca p ital e mp l o yed (NT $ ) | 3 , 457.9 | 4 , 398.5 | 5 , 977.2 | 7 , 371.2 |
| BVP S (NT $ ) | 77.1 0 | 85.52 | 1 0 6. 0 2 | 127.32 |
Growth & Margins (%) ______________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| Total revenue growth | (3 . 0) | 70 . 9 | 43 . 9 | 2 6 . 4 |
| EBITDA growth | 13 .2 | 84 . 7 | 61 . 1 | 2 8 . 5 |
| EPS growth | 0 . 7 | 81 . 1 | 47 . 9 | 2 6 . 4 |
| DPS growth | 0 . 7 | 81 . 1 | 47 . 9 | 2 6 . 4 |
| EBIT margin | 30 . 0 | 3 2. 7 | 36 . 8 | 37 . 4 |
| EBITDA margin | 31 . 3 | 33 . 8 | 37 . 9 | 38 . 5 |
| Net income margin | 2 7 . 7 | 2 9 . 6 | 30 . 5 | 30 . 5 |
Price Performance __________________________________________
Source: FactSet. Price as of 10 Aug 2026 close.
Income Statement (NT$ mn) ________________________________
| 12/25 | 12/26E | 12/27E | 12/28E | |
|---|---|---|---|---|
| To t a l r e v e nu e | 5,366.2 | 9,171.9 | 13,196.9 | 16,678.9 |
| Cost of goods sold | (2,452.9) | (4,238.8) | (6,044.3) | (7,526.3) |
| SG&A | (535.8) | (932.8) | (1,028.3) | (1,289.7) |
| R&D | (766.8) | (997.3) | (1,266.9) | (1,623.2) |
| Other operating inc./(exp.) | -- | -- | -- 4,999. 2 | -- 6 ,4 2 3.4 |
| E BITDA | 1 , 67 9.3 | 3, 1 0 2 . 2 | ||
| Depreciation& amortization | (68.5) | (99.2) | (141.7) | (183.7) |
| E BIT | 1 , 61 0. 8 | 3,003.0 | 4, 857 .4 | 6 , 2 39. 7 |
| Net interest inc./(exp.) Income/(loss) from associates | 40.0 (0.6) | 37.2 -- | 39.7 -- | 39.6 -- |
| Pre-tax pro fi t | 1 , 812 . 8 | 3, 25 0. 1 | 4,9 17 . 2 | 6 , 2 99.3 |
| Provision for taxes | (316.4) | (550.3) | (887.6) | (1,204.5) |
| Minority interest | (11.2) | 15.5 | -- | -- |
| Preferred dividends N et inc . ( pre-ex c ept i o n a ls) | -- 1 ,4 85 . 2 | -- 2 , 715 .3 | -- | -- 5 ,094. 7 |
| -- | -- | 4,0 2 9. 6 -- | -- | |
| Post-tax exceptionals N et inc . ( po s t-ex c ept | 1 ,4 85 . 2 | 2 , 715 .3 | 4,0 2 9. 6 | 5 ,094. 7 |
| i o n a ls) E P S(b a sic , pre-ex c ept ) (N T | 15 .4 7 | 28 .0 1 | 4 1 .4 2 | 52 .3 7 |
| $) E P S(dilu te d , pre-ex c ept ) (N T | 15 .4 7 | 28 .0 1 | 4 1 .4 2 | 52 .3 7 |
| $) E P S(b a sic , po s t-ex c ept ) (N T $) | 15 .4 7 | 28 .0 1 | 4 1 .4 2 | 52 .3 7 |
| E P S(dilu te d , po s t-ex c ept ) (N T $) | 15 .4 7 | 28 .0 1 | 4 1 .4 2 | 52 .3 7 |
| DPS (NT$) | 11.56 | 20.95 | 30.98 | 39.16 |
| Div. payout ratio (%) | 74.8 | |||
| Balance Sheet (NT$ mn) | 74.8 | 74.8 | 74.8 | ______ 12/28E |
| C a sh& c a sh equiv a lents | 12/25 4 ,182.0 | 12/26E 3,266.8 | 12/27E 3,61 4 .5 | 4 ,559.2 2, 4 75.5 |
| Accounts receiv a ble | 858.6 | 1,337.8 | 2, 4 09.2 3,6 4 0.7 | 3,527.8 |
| Inventory Other current a | 1,11 4 .0 180. 4 | 2,321.9 29 4 .5 | 29 4 .5 | 29 4 .5 |
| ssets Total current assets | 6 ,33 5 . | 7 , 221 . | 9,9 5 9.0 | 0, 857 .0 |
| 2 | 1 | 3,8 4 1. 4 | 1 4 ,8 4 9. | |
| Net PP&E Net int a ngibles | 1,878.7 31.8 | 2,798. 4 4 8.6 | 65.3 | 4 75.1 |
| Tot a l investments | 986.8 | 1,111. 4 | 1,111. 4 | 1,111. 4 |
| Other long-term a ssets | 376.9 | 4 31.0 | 4 31.0 | 4 31.0 |
| Total assets | 9, 6 09.4 | 11 , 61 0.4 | 15 ,40 8 . 1 | 17 ,3 2 3.9 |
| Accounts p a y a ble | 1,292. 4 | 2, 4 5 4 .8 | 4 ,213. 4 -- | 4 ,007.8 -- |
| Short-term debt | -- | -- | ||
| Short-term le a se li a bilities | -- | -- | -- 633.9 | -- 673.9 |
| Other current li a bilities | 3 4 8.0 | 593.9 | 4, 8 4 7 .3 | 4, 681 . 7 |
| Total current liabilities | 1 , 6 40.4 | 3,04 8 . 7 | 132.8 | |
| Long-term debt Long-term le a se li a bilities | 339.2 | 132.8 -- | 132.8 -- | -- |
| Other long-term li a bilities | -- 1 4 1.6 | 1 4 3. 4 | 1 4 3. 4 | 1 4 3. 4 |
| Total long-term liabilities | 4 8 0. 8 | 276 . 2 | 276 . 2 5 , 12 3. 5 | 276 . 2 |
| Total liabilities Preferred sh a res | 2 , 121 . 2 -- | 3,3 2 4.9 -- | -- | 4,9 58 .0 -- |
| Tot a l commonequity Minority interest | 7,299.0 18 9. 2 | 8,111.8 17 3. 7 | 10,110.9 17 3. 7 | 12,192.3 17 3. 7 |
| Total liabilities &equity | 9, 6 | 11 , 61 0.4 | 15 ,40 8 . 1 | ,3 2 3.9 |
| Net debt, a djusted | (3,8 4 2.8) | (3,13 4 .0) | (3, 4 81.7) | ( 4 , 4 26. 4 |
| 09.4 | 17 ) | |||
| (NT$ | __________ | |||
| Cash Flow mn) | 12/25 1,485.2 | 12/26E 2,721.6 | 12/27E 4,029.6 | 12/28E 5,094.7 |
| Net income D&Aadd-back Minority interest add-back | 68.5 11.2 | 99.2 (15.5) | 141.7 -- | 183.7 -- |
| Net (inc)/dec working capital Other operating cash flow | 287.1 | (524.7) | (631.6) | (158.9) -- |
| Cash flow fro m operations | 106.1 ,9 58 .0 | (1,054.7) 1 , 225 . 8 | -- 3, 5 39. | 5 , 11 9. 6 |
| 1 | ||||
| 8 | (1,161.5) | |||
| Capital expenditures | (512.9) | (1,010.0) | (1,161.5) -- | -- |
| Acquisitions Divestitures | (87.8) -- | -- -- | -- | -- -- |
| Others Cash flow fro m | (65.2) ( 665 .9) | (45.3) | . | . 5 ) |
| investing | ( 1 ,0 55 .3) | -- ( 1 , 161 5 ) | ( 1 , 161 | |
| Repayment of lease liabilities | -- | |||
| -- | -- | |||
| Dividends paid(common& pref) | (980.0) | -- (1,110.6) | (2,030.5) | (3,013.4) -- |
| Inc/(dec) in debt Other financing cash | 142.1 191.3 | (2.0) | -- 0.0 | 0.0 |
| flows Cash flow fro m finan c | 6 4 6 . 5 ) | 26.9 ( 1 ,0 85 . 7 ) | ( 2 ,030. 5 ) | 1 3.4) |
| ing | ( | 34 7 . | (3,0 944. 7 | |
| Total c ash flow | 6 4 5 . 6 | (9 15 . 2 ) | 7 | |
| Free cash flow | 1,445.2 | 215.8 | 2,378.3 | 3,958.0 |
Source: Company data, Goldman Sachs Research estimates.
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
by 44% YoY underpinned by 1) continuous ramp in CoWoS capacity, 2) gradual ramp-up in CPO, which is the whole new product line for All Ring, 3) higher content value in next-generation advanced packaging, including panel-level packaging, with new customer penetration, and 4) potentially new business opportunity into US customers.
To note, despite our previous downward revision to its CPO assumptions, we continue to view CPO as an important next phase of long term driver for All Ring and now model CPO revenue to reach NT$1,861mn/NT$9,726mn in 2027E/2028E, accounting for 14%/58% of total revenue. In advanced packaging, we expect All Ring to bene fi t from higher ASPs in panel-level packaging and see potential for the company to expand into the front-end portion of the panel-level packaging process. Overall, we now forecast All Ring's revenue to grow 71%/44%/26% YoY over 2026-28E, with GM improving to 53.8%/54.2%/54.9%.
See also: All Ring Tech Co. (6187.TWO): CPO concern likely largely priced in; building in stronger CoWoS into 2027E; reiterate Buy (9 July 2026)
Exhibit 1: 2Q26 results summary
| 2Q26 | 1Q26 | 2Q25 | %QoQ | %YoY | GS prev. | %Diff | Consensus | %Diff | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | |||||||||
| Revenue | 2,355 | 1,411 | 1,524 | 66.8% | 54.5% | 2,355 | 0.0% | 2,326 | 1.2% |
| Gross profit | 1,290 | 731 | 792 | 76.5% | 62.9% | 1,272 | 1.4% | 1,221 | 5.6% |
| Op. income | 783 | 328 | 464 | 139.0% | 68.9% | 688 | 13.8% | 689 | 13.7% |
| Net income | 827 | 325 | 399 | 154.8% | 107.0% | 602 | 37.4% | 587 | 41.0% |
| EPS (NT$) | 8.50 | 3.37 | 4.16 | 152.3% | 104.3% | 6.25 | 36.0% | 6.10 | 39.4% |
| GM | 54.8% | 51.8% | 51.9% | 3.0% | 2.8% | 54.0% | 0.8% | 52.5% | 2.3% |
| OpM | 33.3% | 23.2% | 30.4% | 10.0% | 2.8% | 29.2% | 4.0% | 29.6% | 3.6% |
| NM | 35.1% | 23.0% | 26.2% | 12.1% | 8.9% | 25.6% | 9.6% | 25.2% | 9.9% |
Source: Company data, Goldman Sachs Global Investment Research, Bloomberg
Exhibit 2: All Ring's revenue growth outlook
Source: Company data, Goldman Sachs Global Investment Research
Source: Company data, Goldman Sachs Global Investment Research
Earnings changes, valuation and risks
Forecast changes
We revise our 2026-2028E EPS by -0.8%/-6.5%/-11.4% mainly as we factor in higher operating expenses following management's updated guidance on opex.
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
Exhibit 4: Earnings revisions
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | Old | New | Diff (%) | Old | New | Diff (%) | Old | New | Diff (%) |
| Revenue | 9,277 | 9,172 | -1.1% | 13,478 | 13,197 | -2.1% | 17,194 | 16,679 | -3.0% |
| Gross profit | 4,962 | 4,933 | -0.6% | 7,322 | 7,153 | -2.3% | 9,745 | 9,153 | -6.1% |
| Op. income | 3,164 | 3,003 | -5.1% | 5,174 | 4,857 | -6.1% | 7,014 | 6,240 | -11.0% |
| Net income | 2,718 | 2,715 | -0.1% | 4,266 | 4,030 | -5.5% | 5,694 | 5,095 | -10.5% |
| EPS (NT$) | 28.23 | 28.01 | -0.8% | 44.30 | 41.42 | -6.5% | 59.13 | 52.37 | -11.4% |
| GM | 53.5% | 53.8% | 0.3% | 54.3% | 54.2% | -0.1% | 56.7% | 54.9% | -1.8% |
| OpM | 34.1% | 32.7% | -1.4% | 38.4% | 36.8% | -1.6% | 40.8% | 37.4% | -3.4% |
| NM | 29.3% | 29.6% | 0.3% | 31.7% | 30.5% | -1.1% | 33.1% | 30.5% | -2.6% |
| 3Q26E | 3Q26E | 3Q26E | 4Q26E | 4Q26E | 4Q26E | 1Q27E | 1Q27E | 1Q27E | |
|---|---|---|---|---|---|---|---|---|---|
| (NT$mn) | Old | New | Diff (%) | Old | New | Diff (%) | Old | New | Diff (%) |
| Revenue | 3,038 | 3,038 | 0.0% | 2,472 | 2,367 | -4.2% | 2,240 | 2,211 | -1.3% |
| Gross profit | 1,655 | 1,668 | 0.7% | 1,304 | 1,245 | -4.5% | 1,187 | 1,160 | -2.2% |
| Op. income | 1,250 | 1,114 | -10.8% | 899 | 778 | -13.5% | 753 | 672 | -10.8% |
| Net income | 1,042 | 917 | -12.0% | 750 | 653 | -12.9% | 626 | 560 | -10.6% |
| EPS (NT$) | 10.82 | 9.43 | -12.9% | 7.79 | 6.71 | -13.8% | 6.50 | 5.76 | -11.5% |
| GM | 54.5% | 54.9% | 0.4% | 52.7% | 52.6% | -0.1% | 53.0% | 52.5% | -0.5% |
| OpM | 41.1% | 36.7% | -4.5% | 36.3% | 32.8% | -3.5% | 33.6% | 30.4% | -3.2% |
| NM | 34.3% | 30.2% | -4.1% | 30.3% | 27.6% | -2.8% | 28.0% | 25.3% | -2.6% |
Source: Goldman Sachs Global Investment Research
Maintain Buy with 12m TP revised to NT$1,450 from NT$1,550
Alongside our earnings revisions, we revise our 12-month TP to NT$1,450 (from NT$1,550 previously). Our 12-month TP is based on a target P/E multiple of 35x (unchanged; derived by applying the implied earnings growth uplift (per GSe) to the company's historical valuation framework) applied to our FY27E (unchanged) EPS. We view CPO as an even stronger structural tailwind for All Ring than CoWoS, with the potential to drive multiple-fold earnings expansion over the next several years, further supporting both earnings visibility and scope for valuation re-rating. Our new 12m TP implies 33% upside. We maintain our Buy rating on All Ring.
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
Exhibit 5: All Ring's P&L overview
| 1Q26 | 2Q26E | 3Q26E | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2026E | 2027E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P&L | |||||||||||
| Revenue | 1,411 | 2,355 | 3,038 | 2,367 | 2,211 | 3,045 | 4,114 | 3,826 | 9,172 | 13,197 | 16,679 |
| Gross profit | 731 | 1,290 | 1,668 | 1,245 | 1,160 | 1,628 | 2,276 | 2,089 | 4,933 | 7,153 | 9,153 |
| Operating profit | 328 | 783 | 1,114 | 778 | 672 | 1,082 | 1,644 | 1,460 | 3,003 | 4,857 | 6,240 |
| Net income | 325 | 827 | 917 | 653 | 560 | 894 | 1,352 | 1,224 | 2,715 | 4,030 | 5,095 |
| EPS (NT$) | 3.37 | 8.50 | 9.43 | 6.71 | 5.76 | 9.19 | 13.90 | 12.58 | 28.01 | 41.42 | 52.37 |
| Margins (%) | |||||||||||
| GM | 51.8% | 54.8% | 54.9% | 52.6% | 52.5% | 53.4% | 55.3% | 54.6% | 53.8% | 54.2% | 54.9% |
| OpM | 23.2% | 33.3% | 36.7% | 32.8% | 30.4% | 35.5% | 40.0% | 38.2% | 32.7% | 36.8% | 37.4% |
| NM | 23.0% | 35.1% | 30.2% | 27.6% | 25.3% | 29.3% | 32.9% | 32.0% | 29.6% | 30.5% | 30.5% |
| YoY (%) | |||||||||||
| Revenue | 13.2% | 54.5% | 77.9% | 166.7% | 56.7% | 29.3% | 35.4% | 61.6% | 70.9% | 43.9% | 26.4% |
| Gross profit | -3.0% | 62.9% | 101.8% | 129.8% | 58.7% | 26.2% | 36.5% | 67.8% | 69.3% | 45.0% | 28.0% |
| Operating profit | -22.1% | 68.9% | 122.1% | 246.3% | 105.0% | 38.1% | 47.6% | 87.7% | 86.4% | 61.8% | 28.5% |
| Net income | -5.3% | 107.0% | 118.4% | 102.1% | 72.6% | 8.1% | 47.4% | 87.4% | 82.8% | 48.4% | 26.4% |
| EPS | -5.7% | 104.3% | 115.9% | 99.6% | 70.8% | 8.1% | 47.4% | 87.4% | 81.1% | 47.9% | 26.4% |
| QoQ (%) | |||||||||||
| Revenue | 59.0% | 66.8% | 29.0% | -22.1% | -6.6% | 37.7% | 35.1% | -7.0% | |||
| Gross profit | 34.9% | 76.5% | 29.3% | -25.3% | -6.8% | 40.3% | 39.9% | -8.2% | |||
| Operating profit | 45.9% | 139.0% | 42.2% | -30.2% | -13.6% | 60.9% | 52.0% | -11.2% | |||
| Net income | 0.4% | 154.8% | 10.9% | -28.8% | -14.3% | 59.6% | 51.3% | -9.5% | |||
| EPS | 0.2% | 152.3% | 10.9% | -28.8% | -14.3% | 59.6% | 51.3% | -9.5% |
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 6: Taiex vs. All Ring
Source: Bloomberg
Exhibit 7: Forward P/E
Source: Bloomberg
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
Exhibit 8: Forward P/B
Source: Bloomberg
Exhibit 9: P/B vs. ROE
Source: Bloomberg
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM
Investment Thesis, Price Target Risks and Methodology
Investment Thesis - All Ring (6187.TWO)
All Ring is one of the key suppliers of semiconductor equipment in Taiwan, primarily utilized in back-end advanced packaging processes. The company manufactures under fi ll dispenser, TIM heat sink attach equipment, and automated optical inspection equipment which are widely adopted within the CoWoS process. All Ring currently has nearly 100% of market share in WoS under fi ll dispenser and TIM heatsink attach equipment, and its main customers include leading foundries and OSATs in Taiwan.
We like All Ring as we expect its revenue/earnings CAGR to reach 46%/51% in 2025-28E, driven by 1) continued advanced packaging capacity expansion, and 2) rapid growth of its CPO business. With All Ring's unique position in CPO coupling equipment and new packaging opportunity such as PLP, we see upside potential in its revenue and earnings growth and have a Buy rating on the name.
Price Target Risks and Methodology - All Ring (6187.TWO)
Valuation: We are Buy rated on All Ring. Our 12m TP of NT$1,450 is based on a target P/E multiple of 35x (derived from growth-adjusted historical valuation) applied to our FY27E EPS.
Key risks to our views: 1) slower advanced packaging expansion, 2) delay in adoption of new packaging technologies, and 3) intensifying competition.
e92c7a75ab8b4efbba794e6b187208c8
For the exclusive use of KEVINLU@LENOVO.COM