PDF 原檔：報告_MS_景碩3189_8月獲利速報_20260923_original.pdf
圖片清單（已驗證 2026-09-24）
| 檔名 | size | 分類 | 親眼所見內容 |
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報告_MS_景碩3189_8月獲利速報_20260923_001.png |
49.7KB | 真資料圖 | 個股股價（藍線）與目標價階梯（紅虛線）走勢圖，橫軸 2023/09-2026/09，標記 U/I、O/I 評等變更點；階梯值 225／170／168／160／135／112／110／100／99／73／75／165／515／850／1275，終值 1550。圖上無公司名稱標籤 |
報告_MS_景碩3189_8月獲利速報_20260923_002.png |
48.4KB | 真資料圖 | 個股股價與目標價階梯走勢圖，橫軸同上，標記 U/I、E/I、O/I；階梯值 138.57／125.7／118.77／81.66／120.75／500／550／735／1225／1265，終值 1465。圖上無公司名稱標籤 |
圖片身分無法確認，不嵌入公司頁
景碩（3189.TW）本身「not covered」，MS 未對其揭露評等或目標價，故上列兩張目標價階梯圖並非景碩本身的股價圖。內文提及本次利多對 Unimicron（3037_欣興（市））與 Nan Ya PCB（8046_南電（市））為正面 read-through（兩者皆 OW），研判此兩圖應為報告附錄中 Unimicron／Nan Ya PCB 的標準評等歷史圖表（兩份報告皆附上相同的 Unimicron／Nan Ya PCB 評價方法論段落），但圖片本身無公司名稱可資確認，故不嵌入任何公司頁，僅存證於此。
⚠️ 與同日 AT&S 報告（報告_MS_ATS與Marvell擴大合作_20260923）圖片疑似交叉污染：AT&S 報告抽出的兩張圖（_001.png／_002.png）內容與本報告的 _002.png（終值 1465 版本）完全相同（bytes 級別一致），且彼此重複兩次；AT&S 報告本身應與本報告一樣附有「1550」與「1465」兩種終值的圖表各一張，但實際抽取結果只留下「1465」版本的重複拷貝，判斷為 pdf_parse 並行處理兩份報告時的附件覆寫問題（見 ingest_steps.md Step 0.5 danger callout：同時跑多份 PDF 可能重複寫 attachment）。兩份報告皆自兩張圖各自獨立存檔，未共用檔名，故未造成 Raw_data 檔案本身損毀，但代表 AT&S 報告遺失了其中一張圖的真實內容；因兩圖公司身分本就無法確認，對下游 lib 頁無影響（皆未嵌入）。
原始內容
M Update September 23, 2026 05:53 PM GMT
Greater China Technology Hardware | Asia Pacific
ABF substrates - Kinsus announces preliminary August profit
Key Takeaways
- August pre-tax margin rea hed 23.1%, vs. 14.3% in 2Q26.
- With one month's net profit equivalent to more than half of onsensus quarterly earnings, the dis losure suggests upside risk to Kinsus' 3Q onsensus estimates.
What's new? Kinsus (3189.TW, not overed) reported August 2026 profit per TWSE regulatory requirements:
- August revenue was NT$4,810M (+6% m/m, +41% y/y). July and August revenues a ounted for 68% of the onsensus 3Q revenue estimate.
- August pre-tax profit was NT$1,110M (+256% y/y), 51% of the onsensus 3Q pre-tax profit fore ast.
- August net profit was NT$817M (+354% y/y), 55% of the onsensus 3Q net profit estimate.
Our thoughts:
Kinsus is one of the leading global IC substrate suppliers, with exposure to both ABF and BT substrates and the highest BT revenue mix among Taiwanese substrate peers. We see an en ouraging read-through to Unimi ron and NYPCB, both rated OW, to the extent that the strength refle ts improving underlying substrate profitability. The results are onsistent with our onstru tive view of ABF substrate makers and ontinued margin improvement.
Exhibit 1: Kinsus' preliminary August 2026 pr fit numbers
| Kinsus - NT$ M | Aug-26 | y/y | 3Q26 - Cons | 3Q26 - % of Cons |
|---|---|---|---|---|
| Revenue | 4,810 | 41% | 13,768 | 35% |
| Pre-tax profit | 1,110 | 256% | 2,160 | 51% |
| Net profit | 817 | 354% | 1,477 | 55% |
| EPS (NT$) | 1.59 | 298% | 2.98 | 53% |
| Pre-tax margin | 23.1% | 14.0ppts | 15.7% | |
| Net margin | 17.0% | 11.7ppts | 10.7% |
S urce: C mpany data, Visible Alpha.
Morgan Stanley Taiwan Limited+
| Howard Kao Equity Analyst H ward.Ka @m rganstanley.c m | +886 2 2730-2989 |
|---|---|
| Irene Yen Equity Analyst Irene.Yen@m rganstanley.c m | +886 2 2730-2869 |
| Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@m rganstanley.c m | +852 2239-7689 |
| Greater China Technology Hardware |
|---|
| Asia Pacific Industry |
| View In-Line |
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.
M Update
AlphaSignals Catalyst Event Reaction
| Company / Catalyst | Date | Impact to thesis | Catalyst versus expectation |
|---|---|---|---|
| Unimicron 3037.TW Kinsus announces preliminary August profit | 23 ep 2026 | trengthens | Meaningful upside surprise |
| Nan Ya PCB 8046.TW | |||
| Kinsus announces preliminary August profit | 23 ep 2026 | trengthens | Meaningful upside surprise |
M Update
Valuation Methodology and Risks
Unimicron (3037.TW)
Base ase, residual in ome (RI) valuation model, whi h we think derives the most a urate value of the firm given that it takes into a ount ost of equity. We use a ost of equity of 9.2% [risk-free rate of 1% (10-year Taiwan government note yield), equity risk premium of 8.7%, and a beta of 1.0], a medium-term growth rate of 15%, and a terminal growth rate of 3%.
Risks to Upside
- n Better-than-expe ted ABF substrate demand from PC and server ustomers
- n Capex uts; halt to its apa ity expansion plan
- n Continued yield issues of alternative te hnology that doesn't require substrate (e.g., CoWoP)
Risks to Downside
- n Sudden demand shortfall
- n Te hnologi al hange that would not require ABF substrates
- n Intensifying ompetition
- n Yield issues or produ tion hi ups when ramping new apa ity
Nan Ya PCB ( 046.TW)
Base ase, residual in ome (RI) valuation model, whi h we think derives the most a urate value of the firm given that it takes into a ount ost of equity. We use a ost of equity of 9.3% [risk-free rate of 1% (10-year Taiwan government note yield), equity risk premium of 8.7%, and a beta of 1.0], a medium-term growth rate of 17%, and a terminal growth rate of 3%.
Risks to Upside
- n Better-than-expe ted ABF and BT demand
- n Faster-than-expe ted pi kup in AI and 5G demand
- n Stronger-than-expe ted ASP hike
- n Continued yield issues of alternative te hnology that doesn't require substrate (e.g. CoWoP)
Risks to Downside
- n Sudden demand shortfall, reating headwinds for ABF substrate demand and pri ing
- n Te hnologi al hange that would not require ABF substrates
- n Intensifying ompetition
M Update
INDUSTRY COVERAGE: Greater China Technology Hardware
| Company (Ticker) | Rating (As Of) | Price* (09/ 3/ 0 6) |
|---|---|---|
| Andy Meng, CFA | ||
| AAC Technologies Holdings (2018.HK) | O (01/29/2024) | HK$39.48 |
| Accelink Technologies Co. Ltd. (002281. Z) | U (05/12/2022) | Rmb190.00 |
| BYD Electronics (0285.HK) | O (04/28/2023) | HK$22.98 |
| China TransInfo Technology Co Ltd (002373. Z) | E (07/18/2023) | Rmb7.38 |
| Dahua Technology Co. Ltd. (002236. Z) | E (12/12/2024) | Rmb15.85 |
| Eoptolink Technology Inc Ltd (300502. Z) | O (02/27/2026) | Rmb451.20 |
| Genius Electronic Optical Co. Ltd. (3406.TW) | U (09/10/2026) | NT$905.00 |
| GoerTek Inc (002241. Z) | E (08/14/2026) | Rmb24.45 |
| Gosuncn Technology Group Co Ltd (300098. Z) | U (11/07/2022) | Rmb4.28 |
| HIKVision Digital Technology (002415. Z) | E (12/12/2024) | Rmb33.11 |
| Largan Precision (3008.TW) | E (09/10/2026) | NT$6,190.00 |
| LianChuang Electronic Technology Co Ltd (002036. Z) | U (06/12/2024) | Rmb6.26 |
| Lingyi Itech Guangdong Co (002600. Z) | U (04/23/2025) | Rmb12.37 |
| Lingyi Itech Guangdong Co (1688.HK) | O (08/14/2026) | HK$6.04 |
| Luxshare Precision Industry Co., Ltd. (2475.HK) | O (08/14/2026) | HK$59.25 |
| Luxshare Precision Industry Co., Ltd. (002475. Z) | O (10/24/2016) | Rmb54.37 |
| OFILM Group Co Ltd (002456. Z) | U (06/12/2024) | Rmb6.85 |
| Q Technology (Group) Company Ltd (1478.HK) | U (03/23/2026) | HK$5.16 |
| Quectel Wireless olutions Co Ltd (603236. ) | E (10/09/2024) | Rmb74.58 |
| hanghai Conant Optical Co Ltd (2276.HK) | O (04/10/2026) | HK$43.54 |
| henzhen Transsion Holdings Co Ltd (688036. ) | E (03/23/2026) | Rmb55.65 |
| unny Optical (2382.HK) | E (03/23/2026) | HK$65.00 |
| uzhou TFC Optical Communication Co Ltd. (300394. Z) | E (11/06/2025) | Rmb275.40 |
| Wingtech Technology Co Ltd (600745. ) | U (05/18/2026) | Rmb17.10 HK$26.18 |
| Xiaomi Corp (1810.HK) | O (04/14/2021) | |
| Yangtze Optical Fibre and Cable J C Ltd (601869. ) Yangtze Optical Fibre and Cable J C Ltd (6869.HK) | U (10/13/2021) | Rmb457.89 |
| Yongxin Optics Co Ltd (603297. ) | O (07/15/2026) | HK$195.70 Rmb115.58 |
| Zhejiang Crystal-Optech Co Ltd (002273. Z) | E (11/15/2022) O (11/15/2022) | Rmb26.19 |
| Zhongji Innolight Co Ltd (300308. Z) | O (09/07/2026) | Rmb922.50 |
| Zhongji Innolight Co Ltd (3308.HK) | O (09/07/2026) | HK$1,190.00 |
| ZTE Corporation (0763.HK) | O (06/04/2026) | HK$22.60 |
| ZTE Corporation (000063. Z) | E (06/04/2026) | Rmb32.28 |
| Derrick Yang | ||
| Accton Technology Corporation (2345.TW) | O (06/06/2024) | NT$1,890.00 |
| Advantech (2395.TW) | O (01/20/2021) | NT$701.00 |
| AirTAC International (1590.TW) | O (04/16/2025) | NT$1,230.00 |
| Asia Vital Components Co. Ltd. (3017.TW) | O (07/30/2024) | NT$3,470.00 |
| AU Optronics (2409.TW) | E (02/10/2026) | NT$34.70 |
| Auras Technology Co Ltd (3324.TWO) | E (05/04/2023) | NT$1,595.00 |
| Bizlink (3665.TW) | O (03/10/2025) | NT$2,340.00 |
| BOE Technology (000725. Z) | O (09/06/2019) | Rmb6.02 |
| Chenbro (8210.TW) | O (07/23/2025) | NT$892.00 |
| Chroma Ate Inc. (2360.TW) | O (10/05/2021) | NT$2,325.00 |
| Delta Electronics Inc. (2308.TW) | O (07/13/2017) | NT$1,900.00 |
| E Ink Holdings Inc. (8069.TWO) | E (08/10/2026) | NT$144.00 |
| Ennostar Inc (3714.TW) | U (09/23/2022) | NT$67.50 |
| Fositek Corp (6805.TW) | O (06/25/2025) | NT$2,600.00 |
| Hiwin Technologies Corp. (2049.TW) | O (03/30/2026) | NT$323.50 |
| Innolux (3481.TW) | E (04/07/2025) | NT$49.60 |
| King lide Works Co. Ltd. (2059.TW) | O (11/08/2023) | NT$12,390.00 |
M Update
| Lens Technology (300433. Z) | E (07/22/2020) | Rmb34.04 |
|---|---|---|
| Lite-On Technology (2301.TW) | E (01/15/2025) | NT$283.50 |
| TCL Corp. (000100. Z) | E (04/07/2025) | Rmb4.93 |
| Tianma Microelectronics (000050. Z) | U (01/24/2018) | Rmb6.59 |
| Wuhan Jingce Electronic Group Co Ltd (300567. Z) | E (11/26/2021) | Rmb210.68 |
| Howard Kao | ||
| Acer Inc. (2353.TW) | U (04/23/2025) | NT$31.55 |
| Asustek Computer Inc. (2357.TW) | U (11/16/2025) | NT$958.00 |
| Catcher Technology (2474.TW) | U (11/17/2025) | NT$209.00 |
| Compal Electronics (2324.TW) | U (04/23/2025) | NT$36.80 |
| Elite Material Co. (2383.TW) | O (09/14/2026) | NT$5,020.00 |
| FIT Hon Teng Ltd (6088.HK) | O (11/03/2025) | HK$5.60 |
| Foxconn Industrial Internet Co. Ltd. (601138. ) | O (07/10/2019) | Rmb62.98 |
| Giga-Byte Technology Co. Ltd. (2376.TW) | E (11/16/2025) | NT$365.00 |
| Gold Circuit Electronics Ltd. (2368.TW) | O (10/06/2022) | NT$1,140.00 |
| Hon Hai Precision (2317.TW) | O (03/15/2024) | NT$256.00 |
| Inspur Electronic Information (000977. Z) | E (08/28/2023) | Rmb71.27 |
| Kingboard Laminates Holdings Ltd. (1888.HK) | O (09/14/2026) | HK$51.55 |
| LandMark Optoelectronics Corporation (3081.TWO) | E (03/26/2026) | NT$2,680.00 |
| Lenovo (0992.HK) | O (07/10/2026) | HK$36.92 |
| Lotes Co. Ltd. (3533.TW) | E (05/12/2025) | NT$1,690.00 |
| Nan Ya PCB (8046.TW) | O (02/23/2026) | NT$1,210.00 |
| Pegatron Corporation (4938.TW) | E (03/25/2026) | NT$91.30 |
| Quanta Computer Inc. (2382.TW) | O (05/01/2023) | NT$341.50 |
| hengyi Technology Co Ltd. (600183. ) | E (05/26/2022) | Rmb143.56 |
| hennan Circuits Co Ltd (002916. Z) | E (08/24/2023) | Rmb414.77 |
| Unimicron (3037.TW) | O (02/23/2026) | NT$1,160.00 |
| Visual Photonics Epitaxy Co Ltd (2455.TW) | E (09/11/2023) | NT$552.00 |
| Wistron Corporation (3231.TW) | O (07/12/2023) | NT$180.00 |
| Wiwynn Corp (6669.TW) | O (11/10/2025) | NT$2,105.00 |
| Yageo Corp. (2327.TW) | O (10/28/2025) | NT$573.00 |
| Zhen Ding (4958.TW) | ++ | NT$473.00 |
| Irene Yen | ||
| Co-Tech Development Corp. (8358.TWO) | O (09/14/2026) | NT$497.00 |
| Taiwan Union Technology Corporation (6274.TWO) | O (09/14/2026) | NT$1,460.00 |
St ck Ratings are subject t change. Please see latest research f r each c mpany.
- Hist rical prices are n t split adjusted.