報告_JPM_欣興3037_20260723

PDF 原檔：報告_JPM_欣興3037_20260723_original.pdf

圖片清單（已驗證 2026-07-24）

檔名	size	分類	親眼所見內容
`報告_JPM_欣興3037_20260723_005.png`	62KB	真資料圖	股價走勢圖 + 評等/目標價沿革標註（OW NT$259→NT$734，Sep-23–Jul-26）
`報告_JPM_欣興3037_20260723_004.png`	54KB	真資料圖	Table 3：I/S Highlights Annual Revised vs Previous（Revenue/GM/OPM/Net Margin/EPS，FY25-27E，Revised 對比 Previous 與差異 bps/%）
`報告_JPM_欣興3037_20260723_003.png`	26KB	真資料圖	Figure 1：ABF ASP（per ABF area size）長條圖，Unimicron/NYPCB/Kinsus，2018–2027e（Unimicron 2018=1 為基準），標註「Meaningful upside ahead for Unimicron」
`報告_JPM_欣興3037_20260723_002.png`	24KB	真資料圖	Performance Drivers 長條圖：Market 16%／Region 10%／Macro 15%／Style 2%／Idiosyncratic 58%
`報告_JPM_欣興3037_20260723_001.png`	31KB	真資料圖	Price Performance：欣興股價 vs 大盤 rebased 走勢圖（Oct-25–Jul-26）

原始內容

Quant

Factors

Value

J.P.Morgan

Growth

Current

%Rank

Hist %Rank (1=Top)

Momentum

Quality

Low Vol

ESGQ

J P M O R G A N 94 88

Unimicron

We are 25% above consensus in 2027, but still see substantial upside

Looking beyond like-for-like price hikes. For months, investors have focused on the chatter of price hikes which adjust prices for ongoing products. We believe that going forward, seeking price adjustments for ongoing products won't be the priority for Unimicron, which will instead focus on securing/ solidifying market share for new leading edge substrate projects, which are entering new realms in terms of size and layer counts. Keep in mind, such an approach could allow Unimicron to out-grow its peers which are typically more vocal on price hikes, as the unit area ASPs for these new products are rising even faster than periodical adjustments of like-for-like pricing, due to the rapidly rising specs that can be met by a very limited number of suppliers. We expect per unit area ASP to at least match that for 2022 (the peak of the last cycle; during which super-hot run fees were more common) with potential upside of 30% or even more vs. our updated assumptions, which already result in 25% higher earnings for 2027 vs. consensus.
2Q preview/3Q outlook. Meanwhile we expect Unimicron to deliver close to 24% GM (3ppt above consensus/previous JPMe) in 2Q, on better than expect rev scale (up 15% qoq vs our previous expectation of 7%). We believe substrate and optical transceiver HDIs picked up throughout the quarters (while AI HDI likely saw some product transition impacts in later 2Q). For 3Q we expect another double-digit rev growth of 17% q-o-q, with GM returning to the 30% level in 3Q. In addition to the strong substrate demand growth, we also expect the company to secure more AI HDI shares in 3Q for the upcoming AI GPU server platforms on good yield performance. Furthermore, we also expect the company to enter the ASIC AI server HDI supply chain in the next 12-18 months. We are now 18% above consensus for 2026E EPS, mainly due to our stronger GM expansion.
Raising TP to NT$1,150 on higher 2027E EPS. Our TP is based on 27.5x PER on 2027E EPS, which we believe isn't undemanding given the increasingly critical roles Unimicron plays in several products (especially for ABF). We expect the main focus of the upcoming analyst meeting (on July 29) to be on future expansions such as KF2 and YM2/3 (we believe the company is finalizing its 5-year plan for advance capacity), LTA signing outlooks (we believe there will be more opportunities ahead; keep in mind LTAs do not bind the future sales prices), future technology roadmaps (glass core, EMIB-T, CoWoP; we believe all will result in higher value-adds) and status of upcoming major substrate projects (both GPUs and ASICs; we are positive). Shares are trading at a discounted valuation to its peers, as we believe its mix/margin improvement potential isn't well understood.

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

See page 7 for analyst certification and important disclosures, including non-US analyst disclosures.

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Overweight

3037.TW, 3037 TT Price (23 Jul 26):NT$896.00

▲Price Target (Dec-26):NT$1,150.00

Prior (Dec-26):NT$734.00

Technology

Jerry Tsai AC

(886-2) 2725-9867 jerry.tsai@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

Josie Yu

(886-2) 2725-9877

josie.yu@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

Gokul Hariharan

(852) 2800-8564

gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited

Key Changes (FYE Dec)	Key Changes (FYE Dec)	Key Changes (FYE Dec)	Key Changes (FYE Dec)
	Prev	Cur	Δ
Adj. EPS - 26E (NT$)	15.02	19.01	26.6%
Adj. EPS - 27E (NT$)	26.68	41.77	56.6%

Quarterly Forecasts (FYE Dec)	Quarterly Forecasts (FYE Dec)	Quarterly Forecasts (FYE Dec)	Quarterly Forecasts (FYE Dec)
Adj. EPS (NT$)	2025A	2026E	2027E
Q1	0.60	3.28A	8.57
Q2	0.02	3.31	10.19
Q3	1.44	5.39	11.29
Q4	2.32	6.98	11.72
FY	4.38	19.01	41.77

Style Exposure

Price Pertormance

Pertormance Drivers

1500

Market

Region

J.P.Morgan

16%

1000

NT$

• 10%

Macro

Style

500

Idiosyn.

Factors

Market: MSCI Asia Pac ex JP

15%

Oct 25

Region: Taiwan

Macro:

HSI Volatility Index

JPM China A-shares Sentiment

JPM Global Equity Sentiment

Quant Styles:

Growth

DivYld

Jan 26

Apr 26

6M Corr

0.45

0.33

— TSE (rebased)

-0.46

-0.34

0.19

58%

1Y Corr

Jul 26

-0.27

-0.26

0.23

YTD	1m	3m	12m
307.3%	-8.0%	23.1%	581.4%
252.4%	-3.2%	4.2%	489.0%

Company Data

Shares O/S (mn)	1,525
52-week range (NT$)	1,130.00-127.51
Market cap ($ mn)	42,141
Exchange rate	32.43
Free float (%)	83.1%
3M ADV (mn)	27.73
3M ADV ($ mn)	789.8
Volatility (90 Day)	89
Index	TAIEX
BBG ANR (Buy \| Hold \| Sell)	22\|1\|0

Key Metrics (FYE Dec)

NT$ in millions	FY25A	FY26E	FY27E
Financial Estimates
Revenue	131,241	181,107	232,338
Adj. EBIT	6,674	34,648	84,652
Adj. EBITDA	25,447	54,677	108,652
Adj. net income	6,673	29,961	66,383
Adj. EPS	4.38	19.01	41.77
BBG EPS	3.49	16.14	33.42
Cashflow from operations	22,849	30,581	79,560
FCFF	(797)	(394)	77,060
Margins and Growth
Revenue Growth Y/Y (%)	13.8%	38.0%	28.3%
EBIT margin	5.1%	19.1%	36.4%
EBIT Growth Y/Y (%)	30.4%	419.1%	144.3%
EBITDA margin	19.4%	30.2%	46.8%
EBITDA Growth Y/Y (%)	13.9%	114.9%	98.7%
Net margin	5.1%	16.5%	28.6%
Adj. EPS growth	31.0%	334.2%	119.7%
Ratios
Adj. tax rate	14.5%	20.8%	22.4%
Interest cover	NM	NM	NM
Net debt/Equity	0.0	NM	NM
Net debt/EBITDA	0.1	NM	NM
ROE	6.9%	25.5%	41.6%
Valuation
FCFF yield	(0.1%)	(0.0%)	5.4%
Dividend yield	0.2%	0.2%	0.0%
EV/Revenue	NM	NM	NM
EV/EBITDA	NM	NM	NM
Adj. P/E	204.7	47.1	21.5

Summary Investment Thesis and Valuation

Investment Thesis

We are OW on Unimicron, given long-term positive ABF substrate demand growth and emerging technological convergence, which we think puts the company in a good position to leverage opportunities such as SLP, Rigid-flex PCBs, etc. For ABF, there is a strong content growth opportunity (~50100%) from rising layers/areas for HPC/AI/5G chips. The company has also been increasingly prudent regarding execution and capital spending, in our view.

Valuation

Our Dec-26 PT of NT$1,150 is based on an FY27E P/E of 27.5x , which is ~1.5 STD above the average multiple since 2018 (which excludes extremes). We believe this multiple is justified by the growth in key ASIC projects together with the GPU project ramp-up.

Source: J.P. Morgan Global Markets Strategy for Performance Drivers; company data, Bloomberg Finance L.P. and J.P. Morgan estimates for all other tables. Note: Price history may not be complete or exact.

J.P.Morgan

Figure 1: ABF ASP (per ABF area size) (Unimicron 2018 indexed as 1)

Source: All data is based on J.P.Morgan estimates.

Table 1: Peer valuation

x; %

Company	Ticker	Price (LCY$)	PE (x)	PE (x)	PE (x)	PB (x)	PB (x)	PB (x)	NI yoy (%)	NI yoy (%)	NI yoy (%)	ROE (%)	ROE (%)	ROE (%)
			2025	2026E	2027E	2025	2026E	2027E	2025	2026E	2027E	2025	2026E	2027E
Unimicron	3037 TT	896	205.4	47.1	21.5	13.6	10.6	7.7	31%	349%	122%	7%	26%	42%
Ibiden Co Ltd	4062 JP	18,075	79.2	62.8	48.9	9.2	8.1	7.1	89%	26%	36%	12%	14%	16%
Kinsus	3189 TT	785	235.2	75.1	31.6	11.0	9.3	7.6	3020%	270%	134%	4%	13%	24%
Nan Ya Printed	8046 TT	1,230	469.5	78.0	30.7	17.4	14.5	11.4	753%	497%	150%	4%	20%	39%
Samsung Electro	009150 KS	1,470,000	156.4	72.4	34.4	12.3	10.8	8.5	3%	116%	110%	8%	15%	26%
Lg Innotek Co Lt	011070 KS	686,000	47.6	15.8	14.0	2.8	2.4	2.0	-24%	201%	13%	6%	16%	16%
At&S	ATS AV	178	N.A.	N.A.	23.2	7.6	7.9	5.1	N.A.	N.A.	N.A.	-14%	-5%	24%
	Average			58.5	29.2		9.1	7.1		243%	94%		14%	27%

Source: J.P. Morgan estimates, Company data, and Bloomberg Finance L.P. As at 23 July 2026. For J.P.Morgan covered companies - Unimicron (3037 TT, covered by Jerry Tsai), Ibiden (4062 JP, by Akinori Kanemoto), and Samsung Electro (009150 KS, by Jay Kwon), forward financials are based on J.P.Morgan estimates. The remainder are based on Bloomberg consensus data

Table 2: I/S Highlights: Annual JPMe vs Consensus

NT$ mn except for EPS

	JPMe	JPMe	JPMe	Consensus	Consensus	Consensus	Difference	Difference	Difference
	FY25	FY26E	FY27E	FY25	FY26E	FY27E	FY25	FY26E	FY27E
Revenues	131,241	181,107	232,338	131,323	184,589	267,657	0%	-2%	-13%
Gross profit	18,292	50,114	101,663	18,256	42,413	83,495	0%	18%	22%
GM (%)	13.9%	27.7%	43.8%	13.9%	23.0%	31.2%	4bps	469bps	1,256bps
Operating profit	6,674	34,648	84,652	6,769	26,371	64,098	-1%	31%	32%
OPM (%)	5.1%	19.1%	36.4%	5.2%	14.3%	23.9%	-7bps	484bps	1,249bps
Pre-Tax profit	8,827	39,544	87,310	7,537	32,616	66,619	17%	21%	31%
Net profit	6,673	29,961	66,383	5,348	25,316	52,740	25%	18%	26%
Net Margin	5.1%	16.5%	28.6%	4.1%	13.7%	19.7%	101bps	283bps	887bps
EPS (NT$)	4.38	19.01	41.77	3.49	16.14	33.42	26%	18%	25%

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

Table 3: I/S Highlights: Annual Revised vs Previous

NT$ mn except for EPS

Source: J.P. Morgan estimates.

Table 4: JPM Quarterly and Annual Estimates

NT$mn, year-end December

	FY25	FY25	FY25	FY25	FY26E	FY26E	FY26E	FY26E					FY27E	FY27E	FY27E	FY27E
	1Q	2Q	3Q	4Q	1Q	2QE	3QE	4QE	1QE	2QE	3QE	4QE	FY24	FY25	FY26E	FY27E
Sales	30,090	32,466	33,994	34,691	37,446	42,890	49,204	51,567	54,302	57,574	59,729	60,733	115,373	131,241	181,107	232,338
qoq (%) yoy (%)	2 14	8 16	5 7	2 18	8 24	15 32	15 45	5 49	5 45	6 34	4 21	2 18	11	14	38	28
Gross profit	4,026	4,246	4,549	5,472	6,726	10,449	14,755	18,184	21,975	24,703	27,006	27,979	16,315	18,292	50,114	101,663
Operating (EBIT)	1,267	1,509	1,533	2,366	2,757	6,847	10,905	14,140	17,811	20,554	22,695	23,592	5,117	6,674	34,648	84,652
Net profit	915	30	2,194	3,535	5,043	5,259	8,563	11,096	13,627	16,187	17,935	18,634	5,082	6,673	29,961	66,383
EPS (NT$)	0.60	0.02	1.44	2.32	3.28	3.31	5.39	6.98	8.57	10.19	11.29	11.72	3.34	4.38	19.01	41.77
Revenue breakdown by application
Substrate	58%	58%	58%	59%	58%	59%	59%	61%	62%	62%	62%	63%	61%	58%	59%	62%
ABF	45%	41%	41%	46%	44%	46%	49%	52%	55%	57%	58%	59%	46%	43%	48%	57%
BT/Others	13%	17%	17%	12%	14%	13%	10%	8%	7%	5%	4%	3%	16%	15%	11%	5%
HDI	28%	28%	28%	29%	30%	30%	28%	28%	28%	29%	30%	30%	24%	28%	29%	29%
FPC	3%	3%	3%	3%	2%	2%	2%	1%	1%	1%	1%	1%	3%	3%	2%	1%
PCB	11%	11%	11%	10%	10%	9%	7%	5%	5%	4%	3%	3%	11%	11%	7%	4%
Margins (%)
Gross	13.4	13.1	13.4	15.8	18.0	24.4	30.0	35.3	40.5	42.9	45.2	46.1	14.1	13.9	27.7	43.8
Operating	4.2	4.6	4.5	6.8	7.4	16.0	22.2	27.4	32.8	35.7	38.0	38.8	4.4	5.1	19.1	36.4
EBITDA	19.5	18.8	18.3	20.9	20.8	27.6	32.3	37.1	43.8	46.1	48.0	48.7	19.4	19.4	30.2	46.8
Net	3.0	0.1	6.5	10.2	13.5	12.3	17.4	21.5	25.1	28.1	30.0	30.7	4.4	5.1	16.5	28.6

Source: J.P. Morgan estimates, Company data

Jerry Tsai AC (886-2) 2725-9867 jerry.tsai@jpmorgan.com

Investment Thesis, Valuation and Risks

Unimicron (Overweight; Price Target: NT$1,150.00)

Investment Thesis

We are OW on Unimicron, given the long-term positive ABF substrate demand growth and emerging technological convergence, which we think puts the company in a good position to leverage opportunities such as SLP, Rigid-flex PCBs, etc. For ABF, there is a strong content growth opportunity (~50-100%) from rising layers/areas for HPC/AI/5G chips. The company has also been increasingly prudent regarding execution and capital spending, in our view.

Valuation

Risks to Rating and Price Target

Downside risks to our rating and price target include:

Threats from alternative packaging technologies, such as silicon interposers and 3D ICs, which could significantly reduce the value-add of substrates.
ABF capacity expansion by Japanese/Korean peers that more than compensates for demand growth.
Macro overhang that pressures capital investments and CE/enterprise demand. A muted smartphone outlook could adversely affect demand for SLP/BT.
Delays in 5G mmWave pull-in demand, which could be negative for the contribution upside from BT.

Unimicron: Summary of Financials

Income Statement - Annual	FY24A	FY25A	FY26E	FY27E	FY28E	Income Statement - Quarterly		1Q26A	2Q26E	3Q26E	4Q26E
Revenue	115,373	131,241	181,107	232,338	-	Revenue		37,446	42,890	49,204	51,567
COGS	(81,827)	(94,176)(110,964)(106,675)			-	COGS		(25,692)	(27,440)	(29,449)	(28,383)
Gross profit	16,315	18,292	50,114	101,663	-	Gross profit		6,726	10,449	14,755	18,184
SG&A	(6,156)	(6,619)	(8,505)	(9,484)	-	SG&A		(2,382)	(1,887)	(2,066)	(2,170)
Adj. EBITDA	22,347	25,447	54,677	108,652	-	Adj. EBITDA		7,785	11,847	15,905	19,140
D&A	(17,231)	(18,773)	(20,029)	(24,000)	-	D&A		(5,029)	(5,000)	(5,000)	(5,000)
Adj. EBIT	5,117	6,674	34,648	84,652	-	Adj. EBIT		2,757	6,847	10,905	14,140
Net Interest	494	183	75	599	-	Net Interest		21	(65)	62	57
Adj. PBT	7,321	8,827	39,544	87,310	-	Adj. PBT		6,299	7,175	11,411	14,659
Tax	(1,765)	(1,277)	(8,232)	(19,576)	-	Tax		(918)	(1,578)	(2,510)	(3,225)
Minority Interest	474	877	1,351	1,351	-	Minority Interest		338	338	338	338
Adj. Net Income	5,082	6,673	29,961	66,383	-	Adj. Net Income		5,043	5,259	8,563	11,096
Reported EPS	3.34	4.38	19.01	41.77	-	Reported EPS		3.28	3.31	5.39	6.98
Adj. EPS	3.34	4.38	19.01	41.77	-	Adj. EPS		3.28	3.31	5.39	6.98
DPS	3.00	2.06	1.89	0.00	-	DPS		-	-	-	-
Payout ratio	89.8%	47.1%	9.9%	0.0%	-	Payout ratio		-	-	-	-
Shares outstanding				1,589	-	outstanding			1,589	1,589	1,589
Balance Sheet & Cash Flow Statement	1,521 FY24A	1,524 FY25A	1,576 FY26E	FY27E	FY28E	Shares Ratio Analysis	FY24A	1,537 FY25A		FY27E	FY28E
Cash and cash equivalents	43,972	55,049	120,547	179,241	-	Gross margin	14.1%	13.9%	FY26E 27.7%	43.8%	-
Accounts receivable	24,751	29,240	39,558	46,590	-	EBITDA margin	19.4%	19.4%	30.2%	46.8%	-
Inventories	14,863	17,802	29,651	34,883	-	EBIT margin	4.4%	5.1%	19.1%	36.4%	-
Other current assets	3,284	3,207	5,174	6,122	-	Net profit margin	4.4%	5.1%	16.5%	28.6%	-
Current assets	86,869	105,298	194,929	266,835	-
PP&E	121,128	126,472	86,718	70,718	-	ROE	5.5%	6.9%	25.5%	41.6%	-
LT investments	-	-	-	-	-	ROA	2.3%	2.7%	10.6%	19.7%	-
							3.0%	3.9%	15.6%	30.3%
Other non current assets	22,850	24,022	26,733	26,733	-	ROCE		5.0%	4.7%	4.1%	-
Total assets	230,847	255,792	308,380	364,286	-	SG&A/Sales	5.3% NM				-
Short term borrowings	10,871	22,206	34,950	31,587	-	Net debt/equity		0.0	NM	NM	-
Payables	15,117 32,394	17,494 35,754	19,369 51,964	18,906	-	P/E (x) P/BV (x)	268.2 14.7	204.7 13.6	47.1 10.6	21.5 7.7	- -
Other short term liabilities Current liabilities	58,382	75,455	106,283	60,848 111,341	- -	EV/EBITDA (x)	NM	NM	NM	NM	-
Long-term debt	32,905	34,873	24,346	24,346	-	Dividend Yield	0.3%		0.2%
Other long term liabilities	39,973	38,457	39,611	40,799	-			0.2%		0.0%	-
Total liabilities	131,260	148,785	170,239	176,486		Sales/Assets (x)	51.6%	53.9%	64.2%	69.1%	-
Shareholders' equity	93,265	100,569	134,572	184,231	-	Interest cover (x)	NM	NM	NM	NM	-
Minority interests	6,322	6,438	3,569	3,569	- -	Operating leverage	(391.3%)	221.4%	1103.1%	510.2%	-
Total liabilities & equity	230,847	255,792	308,380	364,286	-
						Revenue y/y Growth	10.9%	13.8%	38.0%	28.3%	-
BVPS	61.0	65.7	84.7	115.9	-	EBITDA y/y Growth	(7.0%)	13.9%	114.9%	98.7%	-
y/y Growth	2.5%	7.9%	28.8%	36.9%	-	Tax rate	24.1%	14.5%	20.8%	22.4%	-
Net debt/(cash)	(196)	2,030		(61,251)(123,308)	-	Adj. Net Income y/y Growth	(57.6%)	31.3%	349.0%	121.6%	-
Cash flow from operating activities	18,851	22,849	30,581	79,560	-	EPS y/y Growth	(57.6%)	31.0%	334.2%	119.7%	-
o/w Depreciation & amortization	17,231	18,773	20,029	24,000	-	DPS y/y Growth	(62.5%)	(31.3%)	(8.3%)	(100.0%)	-
o/w Changes in working capital	(5,436)	(4,974)	(22,260)	(13,675)	-
Cash activities	(25,049)	(23,324)	(29,360)	(1,000)	-
flow from investing			(30,860)	(2,500)	-
o/w Capital expenditure	(26,549)	(24,824)			-
as % of sales	23.0% (2,126)	18.9% 8,631	17.0% 964	1.1% (15,657)	-
Cash flow from financing activities o/w Dividends paid	(4,575)	(3,151)	(3,003)	(13,482)	-
o/w Net debt issued/(repaid)	13,095	13,303	2,217	(3,363)	-
Net change in cash	(8,324)	8,157	2,185	62,903	- -
Adj. Free cash flow to firm	(7,276)	(797)	(394)	77,060
y/y Growth	(191.4%)	(89.0%)		(50.6%)(19668.5%)	-

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.

Unimicron (3037.TW, 3037 TT) Price Chart

J.P.Morgan

1500

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Price(NT$) 750

Jerry Tsai AC (886-2) 2725-9867 jerry.tsai@jpmorgan.com

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OW NT$275

LOW NT$250 OW NTS734

OW NT$225

TOW NT$618

OW NT$252

OW NT$347

Asia Pacific Equity Research 23 July 2026

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Analyst Certification: The Research Analyst(s) denoted by an 'AC' on the cover of this report certifies (or, where multiple Research Analysts are primarily responsible for this report, the Research Analyst denoted by an 'AC' on the cover or within the document individually certifies, with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report accurately reflect the Research Analyst's personal views about any and all of the subject securities or issuers; and (2) no part of any of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the Research Analyst(s) in this report. For all Korea-based Research Analysts listed on the front cover, if applicable, they also certify, as per KOFIA requirements, that the Research Analyst's analysis was made in good faith and that the views reflect the Research Analyst's own opinion, without undue influence or intervention.

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.

報告_JPM_欣興3037_20260723

圖片清單（已驗證 2026-07-24）

原始內容

J P M O R G A N 94 88

Unimicron

Overweight

Technology

Jerry Tsai AC

Josie Yu

Gokul Hariharan

Style Exposure

Company Data

Key Metrics (FYE Dec)

Summary Investment Thesis and Valuation

Investment Thesis

Valuation

Figure 1: ABF ASP (per ABF area size) (Unimicron 2018 indexed as 1)

Table 1: Peer valuation

Table 2: I/S Highlights: Annual JPMe vs Consensus

Table 3: I/S Highlights: Annual Revised vs Previous

Table 4: JPM Quarterly and Annual Estimates

Investment Thesis, Valuation and Risks

Unimicron (Overweight; Price Target: NT$1,150.00)

Investment Thesis

Valuation

Risks to Rating and Price Target

Unimicron: Summary of Financials

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