報告_MS_金居8358_馬來西亞增資_20261016

PDF 原檔：報告_MS_金居8358_馬來西亞增資_20261016_original.pdf

原始內容

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M Update October 16, 2026 05:45 PM GMT

Co-Tech Development Corp. | Asia Pacific

Announces additional investment in Malaysia subsidiary

Key Takeaways

• We believe Co-Tech's expansion in SEA implies strong multi-year demand and close partnerships with key customers...
• ...and does not derail our expectation of a HVLP4 supply deficit from late 2026 onwards.
• Stay OW.

What's new? Co-Tech's board today approved an additional NT$1.4bn investment in its 100%-owned subsidiary CoTech Development (Penang) Sdn. Bhd. to be financed with internal funds or bank loans. This follows the company's September 14 announcement that it would establish a subsidiary in Southeast Asia (note).

Our view: Our latest checks suggest that due to strong demand from key customers the Malaysia plant will primarily produce advanced HVLP copper foil rather than the RG-series foil originally planned. The new plant is also likely to be larger than Yunlin Plant III where Co-Tech plans to add ~600 tons of HVLP3/4 capacity by end-2027. Volume production in Malaysia is unlikely to start before late 2028 so most of the ramp-up should fall in 2029 contributing to that year's earnings. On funding our checks also suggest Co-Tech will finance further investment in the new plant's construction and equipment by issuing convertible bonds.

See also our initiation report: Asia Pacific Technology: AI's Hidden Backbone (1 Sep 2026)

M Update

Valuation Methodology and Risks

Co-Tech Development Corp. (8358.TWO)

Base case derived from a residual income (RI) model. Key assumptions include a cost of equity of 9.3% (beta of 1.0 equity premium of 8.7% and risk-free rate of 1%) medium-term growth rate of 13% and terminal growth rate of 3%.

Risks to Upside

• n Stronger AI demand
• n Slower-than-expected capacity expansion by competitors
• n Faster-than-expected material upgrades
• n Slower-than-expected CPO adoption

Risks to Downside

• nWeaker AI demand
• n Faster-than-expected capacity expansion by competitors
• n Slower-than-expected material upgrades
• n Faster-than-expected CPO adoption

M Update

Disclos re Section

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