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報告_JPM_中砂1560_20260811

更新 2026-08-13
#來源/券商報告#公司/中砂

PDF 原檔：報告_JPM_中砂1560_20260811_original.pdf

圖片清單（已驗證 2026-08-13）

檔名 size 分類 親眼所見內容
260811_jp_kinik_001.png 40KB 真資料圖 Price Performance 折線圖：中砂股價 vs 對比指標，2025-10 至 2026-07，NT$250-1000 區間，藍線於 2026 年中大幅拉開
260811_jp_kinik_002.png 46KB 真資料圖 一年期遠期 P/E 估值帶圖（2018-01 至 2026）：股價線疊加 4x/12x/20x/28x/36x 倍數帶，2025 年下半年起股價突破上緣
260811_jp_kinik_003.png 45KB 真資料圖 一年期遠期 P/B 估值帶圖 + ROE 折線（右軸），2018-01 至 2026：股價線疊加 0.5x/2x/3.5x/5x P/B 倍數帶，ROE 2026 年顯著上升
260811_jp_kinik_006.png 93KB 真資料圖 Kinik 股價走勢圖 + 評等調升歷史表：2024-05-31 OW TP400 → 2026-02-13 OW TP500 → 2026-05-11 OW TP680 → 2026-07-21 OW TP800，股價圖標註各次目標價調升點

分類只有三類：真資料圖 / 裝飾·logo·banner / 文字卡。<40KB 未 Read 者免列（預設 logo，含 260811_jp_kinik_004.png 35KB、260811_jp_kinik_005.png 34KB）。

原始內容

Quant

Factors

Value

Growth

Momentum

Quality

Low Vol

Current

%Rank

98

62

37

45

64

J P M O R G A N 95 Hist %Rank (1=Top) 95 14 50 47 51 82

23

39

87

58

45

36

81

Kinik 69 83

70

18

Margin tailwind to further strengthen into 2H26; more aggressive diamond disk capacity expansion; OW

Kinik reported its 2Q26 earnings and held an investor meeting. The stronger-thanexpected 2Q GM growth (reaching 40% from 35% in 1Q) was in line with our preview (link), and we believe the margin expansion trend will strengthen into 2H26 and 2027driven by 1) ABU (grinding wheel) demand recovery plus potential price hike, 2) larger scale of DBU (diamond disk), and 3) more favorable SBU (test/reclaim wafer) product mix. In terms of the revenue outlook, we believe the more aggressive diamond disk capacity expansion plan in 2H26-2027 and even in the longer term (more than tripling in the next 8 years) suggests stronger advanced node demand from customers with continued content increase and Kinik's solid share gain. OW.

  • 2Q26 results beat on GM. Reported 2Q26 EPS of NT$3.5 was in line with JPMe, but higher than consensus estimate by 8% mainly due to stronger-thanexpected GM expansion. GM of 40% was a strong beat vs. BBGe of 37% and implied a solid growth vs. 1Q26 GM of 35% and 2Q25 GM of 31%, driven by all-business margin uptick with ABU demand recovery, larger sales scale (+9% QoQ; +36% YoY) and more favorable product mix from increasing HBM carrier wafer shipments.
  • More aggressive diamond disk capacity expansion plan backed by accelerating advanced node demand with continued content increase. The company guided for its diamond disk capacity to increase meaningfully from ~60k/month currently to 70k/month by end of 2026 and 95k/month by end of 2027. We believe the new guidance suggests an accelerating expansion schedule with more aggressive capacity increase. Longer-term, management even expects to further reach 200k/month by 2034, implying more than triple its diamond disk capacity in the next 8 years. This is driven by 1) structural advanced node and packaging technology migration with continued content increase given more CMP steps required, 2) solid market share increase in both the major Taiwan customer and US memory customer, and 3) rising demand in US IDM customer.
  • Margin upgrade to accelerate into 2H26 and 2027, with all businesses' GMs stepping up to the next level. We believe the company's 2H26 and 2027 GM will grow more meaningfully to 41-42% and 44% levels (vs consensus estimate at 38% and 40%), from 33% in 2025, 35% in 1Q26 and 40% in 2Q26E as the surge point. In our view, the GMs of Kinik's three businesses (ABU, DBU and SBU) are all upgrading to a new level given strengthening demand and mix enhancement. For ABU, we believe it will see more meaningful GM expansion (from 20% or below to 25% or above in 2Q26 and beyond), thanks to decent demand recovery along with price hikes expected from 2H26.　As for DBU, we see continued rising diamond disk demand with a more aggressive capacity expansion plan, and the enhancing rev/scale could lead to a better cost structure with lower depreciation and average labor costs, driving its DBU GM to reach >55% in 2Q26 and beyond from 50% or below　in 2025. Lastly, we think SBU's GM will see the most significant improvement to ~40% levels (from 30% in 2025), thanks to the increasing contribution from high-end carrier wafers.

Sources for: Style Exposure - J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.

See page 9 for analyst certification and important disclosures, including non-US analyst disclosures.

Overweight

1560.TW, 1560 TT Price (11 Aug 26):NT$687.00

▲Price Target (Dec-27):NT$850.00

Prior (Dec-27):NT$800.00

Technology

William Yang AC

(886-2) 2725-9899 william.yang@jpmorgan.com

Megan Hsueh (886-2) 2725-9249 megan.hsueh@jpmorgan.com J.P. Morgan Securities (Taiwan) Limited

Key Changes (FYE Dec) Key Changes (FYE Dec) Key Changes (FYE Dec) Key Changes (FYE Dec)
Prev Cur Δ
Adj. EPS - 27E (NT$) 21.18 21.83 3.1%
Quarterly Forecasts (FYE Dec) Quarterly Forecasts (FYE Dec) Quarterly Forecasts (FYE Dec) Quarterly Forecasts (FYE Dec)
Adj. EPS (NT$) 2025A 2026E 2027E
Q1 1.96 2.94A 4.57
Q2 1.82 3.49A 5.21
Q3 2.24 4.03 5.80
Q4 3.27 4.37 6.26
FY 9.29 14.84 21.83

Style Exposure

Frice Ferrormance

Ferrormance Drivers

1000

Market

Region

Idiosyn.

250

Factors

Market: MSCI Asia Pac ex JP

1 1%

Oct 25

Macro:

Quant Styles:

DivYld

Growth

Momentum

Jan 26

30%

6M Corr

0.64

Apr 26

0.26

50%

1Y Corr

0.55

Jul 26

0.13

260811_jp_kinik_001

YTD

73.3%

17.5%

Abs

Rel

— TSE (rebased)

1m

-3.1%

-2.6%

3m

9.2%

1.3%

12m

122.3%

35.4%

Company Data
Shares O/S (mn) 145
52-week range (NT$) 788.63-296.48
Market cap ($ mn) 3,091
Exchange rate 32.22
Free float (%) 75.0%
3M ADV (mn) 1.83
3M ADV ($ mn) 38.8
Volatility (90 Day) 66
Index TAIEX
BBG ANR (Buy | Hold | Sell) 14|0|0

Key Metrics (FYE Dec)

NT$ in millions FY25A FY26E FY27E FY28E
Financial Estimates
Revenue 8,149 10,292 13,004 15,293
Adj. EBITDA 1,955 3,279 4,718 5,920
Adj. EBIT 1,303 2,505 3,842 4,948
Adj. net income 1,360 2,217 3,270 4,230
Adj. EPS 9.29 14.84 21.83 28.24
BBG EPS 8.70 13.90 18.74 23.50
Cashflow from operations 1,704 3,394 3,766 4,926
FCFF (106) 1,799 2,385 3,546
Margins and Growth
Revenue Growth Y/Y (%) 16.1% 26.3% 26.3% 17.6%
EBITDA margin 24.0% 31.9% 36.3% 38.7%
EBITDA Growth Y/Y (%) 12.8% 67.7% 43.9% 25.5%
EBIT margin 16.0% 24.3% 29.5% 32.4%
Net margin 16.7% 21.5% 25.1% 27.7%
Adj. EPS growth 30.5% 59.8% 47.1% 29.3%
Ratios
Adj. tax rate 15.8% 16.9% 17.0% 17.0%
Interest cover NM NM NM NM
Net debt/Equity 0.1 0.0 NM NM
Net debt/EBITDA 0.4 0.0 NM NM
ROCE 10.8% 18.3% 24.7% 27.1%
ROE 17.1% 24.5% 30.7% 32.8%
Valuation
FCFF yield (0.1%) 1.8% 2.3% 3.4%
Dividend yield 0.6% 0.7% 1.2% 1.7%
EV/Revenue 12.3 9.7 7.6 6.3
EV/EBITDA 51.3 30.4 20.9 16.3
Adj. P/E 74.0 46.3 31.5 24.3

J.P. Morgan

750

NT$

Summary Investment Thesis and Valuation

Investment Thesis

We are OW on Kinik for its stronger-than-peers' earnings growth potential over the next few years, supported by continued share gains at existing customers, with new customer win potential and an improving product portfolio with blended ASP/GM growth.

Valuation

Our Dec-27 PT of NT$850 is based on a 30x 2028E P/E, higher than its historical average P/E, which we believe is warranted by Kinik's strong earnings potential.

Performance Drivers Performance Drivers Performance Drivers Performance Drivers
  • Implications. We keep our above-consensus 2026E EPS largely unchanged at NT$15, while we lift our 2027E/28E EPS estimates by 3%/5% to NT$22/NT$28 to factor in the stronger diamond disk capacity expansion with accelerating GM upgrades. Thus, our Dec-27 PT is revised up to NT$850 (from NT$800 previously) based on 30x 2028E P/E, which is higher than the company's historical average P/E, but should be warranted by Kinik's solid ~45% earnings growth potential in 2025-28E.

Table 1: 2Q26 results recap

2Q26 2Q26 2Q26 2Q26 2Q26 1Q26 1Q26 2Q25 2Q25
Actual JPM est. Diff.% Consensus Diff.% Actual QoQ% Actual YoY%
Revenues 2,493 2,493 0% 2,500 0% 2,293 9% 1,834 36%
Gross Profit 998 986 1% 932 7% 803 24% 566 76%
GM 40.0% 39.6% 47 bps 37.3% 274 bps 35.0% 505 bps 30.9% 916 bps
Operating Profit 604 589 3% 544 11% 444 36% 294 105%
OPM 24.2% 23.6% 59 bps 21.7% 247 bps 19.4% 484 bps 16.0% 818 bps
Pretax profit 664 649 2% 580 15% 532 25% 307 116%
Net Income 523 525 0% 483 8% 436 20% 239 119%
NM 21.0% 21.1% -8 bps 19.3% 166 bps 19.0% 197 bps 13.0% 795 bps
EPS (NT$) 3.5 3.5 -1% 3.2 8% 2.9 19% 1.6 113%

Source: Company data, J.P. Morgan estimates, Bloomberg Finance L.P.

Table 2: J.P. Morgan estimates - new vs old

NT$mn, %

Revised Revised Revised Revised Prior Prior Prior Prior Change Change Change Change
(NT$M) 3Q26E 2026E 2027E 2028E 3Q26E 2026E 2027E 2028E 3Q26E 2026E 2027E 2028E
Sales 2,683 10,292 13,004 15,293 2,706 10,294 12,564 14,551 -1% 0% 4% 5%
Gross profit 1,109 4,099 5,709 6,942 1,092 4,031 5,291 6,301 2% 2% 8% 10%
GM 41.3% 39.8% 43.9% 45.4% 40.4% 39.2% 42.1% 43.3% 98 bps 67 bps 179 bps 209 bps
Operating profit 696 2,505 3,842 4,948 681 2,448 3,553 4,452 2% 2% 8% 11%
OPM 25.9% 24.3% 29.5% 32.4% 25.2% 23.8% 28.3% 30.6% 78 bps 56 bps 127 bps 175 bps
Net Income 603 2,217 3,270 4,230 597 2,201 3,139 3,975 1% 1% 4% 6%
EPS (NT$) 4.0 14.8 21.8 28.2 4.0 14.8 21.2 26.8 0% 0% 3% 5%

Source: J.P. Morgan estimates.

Table 3: J.P. Morgan estimates vs. Bloomberg consensus

NT$mn, %

JPMe JPMe JPMe JPMe Bloomberg Bloomberg Bloomberg Bloomberg Diff Diff Diff Diff
(NT$M) 3Q26E 2026E 2027E 2028E 3Q26E 2026E 2027E 2028E 3Q26E 2026E 2027E 2028E
Sales 2,683 10,292 13,004 15,293 2,720 10,314 12,456 14,454 -1% 0% 4% 6%
Gross profit 1,109 4,099 5,709 6,942 1,041 3,882 5,026 6,033 7% 6% 14% 15%
GM 41.3% 39.8% 43.9% 45.4% 38.3% 37.6% 40.4% 41.7% 305 bps 219 bps 355 bps 366 bps
Operating profit 696 2,505 3,842 4,948 631 2,296 3,301 4,399 10% 9% 16% 12%
OPM 25.9% 24.3% 29.5% 32.4% 23.2% 22.3% 26.5% 30.4% 272 bps 208 bps 305 bps 192 bps
Net Income 603 2,217 3,270 4,230 563 2,069 2,895 3,537 7% 7% 13% 20%
EPS (NT$) 4.0 14.8 21.8 28.2 3.8 13.9 18.7 23.5 7% 7% 17% 20%

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Earnings review and estimates revisions

Valuation

Table 4: Kinik's five-year trading multiple (from January 2019 to date)

x 12M trailing P/E 12M fwd P/E 12M trailing P/B 12M fwd P/B
Standard deviation 12.7 8 2.2 1.9
Max 63.2 42.9 12.5 10.8
Minimum 10.7 8.4 1.6 1.5
Median 17.9 17.6 2.7 2.5
Average 24.3 20.4 3.6 3.3

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Figure 1: Kinik's one-year forward P/E

260811_jp_kinik_002

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Figure 3: Kinik's one-year forward P/B

260811_jp_kinik_003

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Figure 2: Kinik's one-year forward P/E vs mean

260811_jp_kinik_004

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Figure 4: Kinik's one-year forward P/B vs mean

260811_jp_kinik_005

Source: Bloomberg Finance L.P., J.P. Morgan estimates.

Table 5: Income statement

2024 2026E 2025 2027E 2028E
(NT$ in Mn, year-end December) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3QE 4QE 1QE 2QE 3QE 4QE 1QE 2QE 3QE 4QE 2025 2026E 2024 2027E 2028E
Revenue 1,595 1,731 1,859 1,834 1,772 2,115 2,091 2,172 2,293 2,493 2,683 2,823 2,885 3,169 3,379 3,572 3,536 3,764 3,923 4,071 7,019 8,149 10,292 13,004 15,293
D&A 141 143 147 146 143 154 161 194 181 192 195 207 212 215 220 229 237 239 244 253 578 774 876 972 652
COGS 1,079 1,184 1,300 1,268 1,224 1,435 1,414 1,429 1,491 1,494 1,574 1,634 1,646 1,793 1,884 1,972 1,942 2,067 2,136 4,831 2,205 5,502 6,194 7,295 8,351
Gross profit 516 547 559 566 548 680 677 742 803 998 1,109 1,189 1,239 1,376 1,494 1,600 1,594 1,696 1,786 1,866 2,188 2,647 4,099 5,709 6,942
Operating expense 255 252 253 272 266 328 344 406 358 395 413 428 433 461 478 495 484 491 504 515 1,033 1,344 1,594 1,867 1,995
Operating income 261 294 305 294 281 352 333 337 444 604 696 761 806 915 1,016 1,105 1,110 1,205 1,282 1,351 1,155 1,303 2,505 3,842 4,948
Net Interest Income -2 9 8 3 3 0 -2 2 -3 3 11 6 10 15 21 15 21 29 37 29 4 17 18 61 116
Net Other Income 62 30 13 11 31 -16 86 252 91 57 27 28 29 32 34 36 35 38 39 41 115 352 203 130 153
Non-op gain (loss) 60 39 21 13 34 -16 84 254 88 61 38 34 38 47 54 51 56 67 76 70 134 356 220 191 269
Pre-tax profit 321 333 327 307 315 336 417 590 532 664 733 796 845 962 1,071 1,156 1,166 1,271 1,359 1,421 1,659 1,289 2,725 4,033 5,217
Tax expense (credit) 52 74 42 59 27 55 87 93 90 129 116 126 144 164 182 197 198 216 231 242 227 460 686 887 262
Net profit reported 257 254 285 239 286 266 328 480 436 523 603 654 685 780 868 938 945 1,102 1,031 1,152 1,035 1,360 2,217 3,270 4,230
EPS (NT$) 1.8 1.7 2.0 1.6 2.0 1.8 2.2 3.3 2.9 3.5 4.0 4.4 4.6 5.2 5.8 6.3 6.3 6.9 7.4 7.1 7.7 9.3 14.8 21.8 28.2
Margins (%)
Gross Margin 32.4 31.6 30.1 30.9 30.9 32.1 32.4 34.2 35.0 40.0 41.3 42.1 42.9 43.4 44.2 44.8 45.1 45.1 45.5 45.8 32.5 31.2 39.8 45.4 43.9
- Opex ratio 16.0 14.6 13.6 14.8 15.0 15.5 16.5 18.7 15.6 15.8 15.4 15.2 15.0 14.6 14.2 13.9 13.7 13.1 12.9 14.7 12.7 16.5 15.5 13.0 14.4
Operating Margin 16.4 17.0 16.4 16.0 15.9 16.7 15.9 15.5 19.4 24.2 25.9 27.0 27.9 28.9 30.1 30.9 31.4 32.0 32.7 33.2 16.5 16.0 24.3 29.5 32.4
EBITDA Margin 25.2 25.3 24.3 24.0 24.0 23.9 23.6 24.4 27.3 31.9 33.2 34.3 35.3 35.7 36.6 37.4 38.1 38.4 38.9 39.4 24.0 24.7 31.9 36.3 38.7
Net Margin 16.1 14.7 15.3 13.0 16.1 12.6 15.7 22.1 19.0 21.0 22.5 23.2 23.7 24.6 25.7 26.2 26.7 27.4 28.1 28.3 14.7 16.7 21.5 25.1 27.7
Sequential Growth (%)
Revenue 0.0 8.5 7.4 -1.4 -3.4 19.4 -1.1 3.9 5.6 8.7 7.6 5.2 2.2 9.9 6.6 5.7 -1.0 6.4 4.2 3.8
Gross Profit 1.2 5.9 2.2 1.4 -3.3 24.1 -0.4 9.6 8.1 24.4 11.1 7.2 4.2 11.1 8.6 7.1 -0.4 6.4 5.3 4.4
EBIT -4.4 12.6 3.8 -3.7 -4.3 25.1 -5.4 1.0 32.1 35.8 15.3 9.4 5.9 13.5 11.1 8.8 0.4 8.6 6.4 5.3
EPS 59.7 -1.3 12.2 -16.3 19.2 -6.9 22.9 46.2 -10.0 18.7 15.2 8.5 4.6 13.9 11.3 8.0 0.8 9.1 6.9 4.6
YoY Growth (%)
Revenue 2.1 9.9 12.8 15.0 11.1 22.2 12.5 18.4 29.4 17.9 28.3 30.0 25.8 27.1 25.9 26.5 22.6 18.8 16.1 14.0 10.0 16.1 26.3 26.3 17.6
Gross Profit 17.9 17.3 5.8 11.0 6.1 24.3 21.2 31.1 46.6 46.9 63.7 60.2 54.4 37.8 34.7 34.6 28.7 23.3 19.6 16.6 12.7 21.0 54.8 39.3 21.6
EBIT 24.1 30.6 9.1 7.6 7.7 19.7 9.1 14.4 57.9 71.4 108.8 126.2 81.4 51.5 46.1 45.2 37.7 31.7 26.2 22.2 16.8 12.8 92.2 53.4 28.8
EPS 42.5 13.8 -3.1 48.1 10.5 4.2 14.1 99.3 50.5 91.9 80.0 33.5 55.3 49.0 43.9 43.3 38.0 32.2 26.9 22.9 30.5 20.4 59.8 47.1 29.3
Sales mix (%)
ABU (Abrasive) 13% 12% 11% 10% 11% 20% 19% 18% 18% 19% 18% 17% 15% 15% 15% 14% 13% 14% 14% 13% 12% 17% 18% 15% 13%
DBU (Diamond) 32% 31% 32% 34% 32% 29% 31% 31% 31% 31% 34% 35% 40% 38% 42% 45% 45% 46% 47% 48% 32% 33% 41% 31% 47%
SBU (Semiconductor) 47% 51% 52% 50% 51% 45% 45% 45% 45% 43% 44% 43% 42% 40% 39% 37% 38% 36% 36% 35% 50% 46% 44% 39% 36%
Others (mainly subsidiaries: KTC & Hongia) 7% 6% 6% 6% 6% 6% 5% 6% 5% 6% 5% 5% 4% 4% 4% 4% 4% 5% 6% 4% 4% 4% 6% 5% 4%

Source: Company reports, J.P. Morgan estimates.

Investment Thesis, Valuation and Risks

Kinik (Overweight; Price Target: NT$850.00)

Investment Thesis

We are OW on Kinik for its stronger-than-peers' earnings growth potential over the next few years, supported by continued share gains at existing customers, with new customer win potential and an improving product portfolio with blended ASP/GM growth.

Valuation

Our Dec-27 PT of NT$850 is based on a 30x 2028E P/E, higher than its historical average P/E, which we believe is warranted by Kinik's strong earnings potential.

Risks to Rating and Price Target

Key downside risks include: weaker-than-expected foundry demand, slow leading-edge uptake, market share losses, new DD competitors, and lighter ABU/SBU demand.

Kinik: Summary of Financials

Income Statement FY24A FY25A FY26E FY27E FY28E Cash Flow Statement FY24A FY25A FY26E FY27E FY28E
Revenue 7,019 8,149 10,292 13,004 15,293 Cash flow from operating activities 1,520 1,704 3,394 3,766 4,926
COGS (4,831) (5,502) (6,194) (7,295) (8,351) o/w Depreciation & amortization 578 652 774 876 972
Gross profit 2,188 2,647 4,099 5,709 6,942 o/w Changes in working capital (85) (298) 416 (366) (260)
SG&A (869) (1,153) (1,369) (1,599) (1,695)
Adj. EBITDA 1,733 1,955 3,279 4,718 5,920 Cash flow from investing activities (563) (2,604) (1,724) (1,375) (1,377)
D&A (578) (652) (774) (876) (972) o/w Capital expenditure (579) (1,810) (1,595) (1,380) (1,380)
Adj. EBIT 1,155 1,303 2,505 3,842 4,948 as % of sales 8.2% 22.2% 15.5% 10.6% 9.0%
Net Interest 18 4 17 61 116
Adj. PBT 1,289 1,659 2,725 4,033 5,217 Cash flow from financing activities 49 477 (1,097) (1,150) (1,739)
Tax (227) (262) (460) (686) (887) o/w Dividends paid (580) (584) (743) (1,211) (1,786)
Minority Interest - - - - - o/w Shares issued/(repurchased) 0 0 0 0 0
Adj. Net Income 1,035 1,360 2,217 3,270 4,230 o/w Net debt issued/(repaid) 93 288 (78) 0 0
Reported EPS 7.12 9.29 14.84 21.83 28.24 Net change in cash 1,006 (422) 573 1,240 1,810
Adj. EPS 7.12 9.29 14.84 21.83 28.24
DPS 4.00 4.00 5.04 8.13 11.99 Adj. Free cash flow to firm y/y Growth 941 (2.9%) (106) (111.2%)(1802.0%) 1,799 2,385 32.6% 3,546 48.7%
Payout ratio 56.2% 43.1% 34.0% 37.2% 42.5%
Shares outstanding 145 146 149 150 150
Balance Sheet FY24A FY25A FY26E FY27E FY28E Ratio Analysis FY24A FY25A FY26E FY27E FY28E
Cash and cash equivalents 2,001 1,578 2,152 3,392 5,202 Gross margin 31.2% 32.5% 39.8% 43.9% 45.4%
Accounts receivable 1,149 1,420 1,903 2,407 2,744 EBITDA margin 24.7% 24.0% 31.9% 36.3% 38.7%
Inventories 2,049 2,431 2,239 2,701 3,021 EBIT margin 16.5% 16.0% 24.3% 29.5% 32.4%
Other current assets 38 52 81 104 118 Net profit margin 14.7% 16.7% 21.5% 25.1% 27.7%
Current assets 5,237 5,482 6,374 8,604 11,084
PP&E 4,249 5,417 6,251 6,770 7,194 ROE 14.9% 17.1% 24.5% 30.7% 32.8%
LT investments 1,125 1,376 1,422 1,422 1,422 ROA 9.9% 11.2% 15.6% 19.8% 21.9%
Other non current assets 440 984 1,066 1,061 1,058 ROCE 10.6% 10.8% 18.3% 24.7% 27.1%
Total assets 11,051 13,258 15,112 17,856 20,758 SG&A/Sales 12.4% 14.1% 13.3% 12.3% 11.1%
Short term borrowings 75 412 776 776 776 Net debt/Equity Net debt/EBITDA 0.0 0.0 0.1 0.4 0.0 0.0 NM NM NM NM
Payables 417 490 627 756 846
Other short term liabilities 983 1,279 1,877 2,372 2,693 Sales/Assets (x) 0.7 0.7 0.7 0.8 0.8
Current liabilities 1,475 2,182 3,280 3,904 4,314 Assets/Equity (x) 1.5 1.5 1.6 1.5 1.5
Long-term debt 1,987 1,938 1,496 1,496 1,496 Interest cover (x) NM NM NM NM NM
Other long term liabilities 162 649 719 780 827 Operating leverage 167.6% 79.6% 350.7% 202.6% 163.4%
Total liabilities 3,625 4,769 5,496 6,180 6,638 Tax rate 17.6% 15.8% 16.9% 17.0% 17.0%
Shareholders' equity 7,426 8,489 9,616 11,676 14,120 Revenue y/y Growth 10.0% 16.1% 26.3% 26.3% 17.6%
- EBITDA y/y Growth 8.6% 12.8% 43.9% 25.5%
Minority interests - - - - 20.4% 30.5% 67.7%
Total liabilities & equity 11,051 13,258 15,112 17,856 20,758 EPS y/y Growth FY24A FY25A 59.8% FY26E 47.1% FY27E 29.3%
BVPS 50.88 57.63 64.57 78.40 94.81 Valuation FY28E
y/y Growth 13.9% 13.3% 12.0% 21.4% 20.9% P/E (x) 96.5 74.0 11.9 46.3 31.5 24.3 7.2
61 772 121 P/BV (x) 13.5 57.5 51.3 10.6 8.8 1.7%
Net debt/(cash) (1,120) (2,930) EV/EBITDA (x) Dividend Yield 0.6% 0.6% 30.4 0.7% 20.9 1.2% 16.3

Source: Company reports and J.P. Morgan estimates.

Note: NT$ in millions (except per-share data).Fiscal year ends Dec. o/w - out of which

request.

Kinik (1560.TW, 1560 TT) Price Chart

J.P. Morgan

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800

Price(NT$) 600

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All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe, Sector Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.

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