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原始內容
M September 14, 2026 04:28 PM GMT
Co-Tech Development Corp. | Asia Pacific
Southeast Asia expansion points to longer-term capacity upside
What's new? Co-Tech's board approved the establishment of a subsidiary in Southeast Asia.
Our view: We expect the facility to primarily produce RG-series (advanced RTF) copper foil, mainly used in general servers, switches or LEO satellites. Volume production could begin in 2H28, with monthly capacity exceeding 500 tons. We currently model Co-Tech's RG-series capacity at 1,000 tons by end-2026 and 1,200 tons by end-2027. The Southeast Asia expansion therefore implies upside to our current capacity assumptions, assuming all else remains unchanged, with contribution likely starting in 2H28. We also believe adding RG-series capacity in Southeast Asia could free up existing Taiwan capacity for higher-end HVLP4+ copper foil production. Stay OW.
Update
| Morgan Stanley Taiwan Limited+ Howard Kao Equity Analyst Howard.Kao@morganstanley.com | +886 2 2730-2989 |
|---|---|
| Irene Yen Research Associate Irene.Yen@morganstanley.com | +886 2 2730-2869 |
| Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com | +852 2239-7689 |
| Rachel L Zhang Equity Analyst Rachel.Zhang@morganstanley.com | +852 2239-1520 |
Co-Tech Development Corp. (8358.TWO, 8358 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Stock Rating | Stock Rating | Stock Rating | Overweight |
|---|---|---|---|---|
| Industry View | Industry View | Industry View | Industry View | In-Line |
| Price target | Price target | Price target | Price target | NT$730.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 41 |
| Shr price, close (Sep 14, 2026) | Shr price, close (Sep 14, 2026) | Shr price, close (Sep 14, 2026) | NT$518.00 | |
| 52-Week Range | 52-Week Range | 52-Week Range | NT$758.00-196.50 | NT$758.00-196.50 |
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 252 | 252 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$130,317 | NT$130,317 |
| NT$129,983 | NT$129,983 | |||
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | ||
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$6,612 | NT$6,612 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 4.20 | 9.34 | 18.59 | 31.63 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | - | 10.40 | 24.99 | 42.58 |
| Revenue, net (NT$ mn) | 7,880 | 11,115 | 15,849 | 22,496 |
| EBITDA (NT$ mn) | 1,538 | 3,027 | 5,934 | 10,070 |
| ModelWare net inc (NT | 1,063 | 2,366 | 4,706 | 8,009 |
| $ mn) | ||||
| P/E | 66.0 | 55.4 | 27.9 | 16.4 |
| P/BV | 9.3 | 14.0 | 10.1 | 7.0 |
| RNOA (%) | 19.4 | 32.7 | 54.3 | 76.1 |
| ROE (%) | 16.3 | 31.5 | 50.1 | 61.7 |
| EV/EBITDA | 45.4 | 42.8 | 21.5 | 12.4 |
| Div yld (%) | 0.5 | 0.4 | 0.9 | 1.7 |
| FCF yld ratio (%)** | (0.2) | 0.7 | 2.2 | 4.2 |
| Leverage (EOP) (%) | (4.4) | (8.5) | (19.3) | (31.0) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates e = Morgan Stanley Research estimates
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.