Compeq (2313 TT) (Buy) - Dual-engine blastoff

Research evidence excerpt

Compeq (2313 TT) (Buy) - Dual-engine blastoff

Global Markets Research

Compeq 2313.TW 2313 TT 11 June 2026

EQUITY: TECHNOLOGY

RatingDual-engine blastoff Starts at Buy

Target priceSatellite and optical modules to serve as dual growth Starts at TWD 345.00

engines; initiating coverage at Buy

Closing price

10 June 2026 TWD 259.00Initiate coverage at Buy with a TP of TWD345, implying ~33% upside

We initiate coverage of Compeq – the world’s No. 8 PCB company by revenue according to Implied upside +33.2%Prismark – with a Buy rating and a TWD345 target price, based on 30x 2027F EPS of TWD11.6.

Compeq specializes in manufacturing high-end high-layer count (HLC) PCBs (as evident from its Market Cap (USD mn) 9,768.1

leading position in space satellite PCBs) and high-end HDI/anylayer/mSAP PCBs (enjoys leading ADT (USD mn) 696.2

position in all Apple [AAPL US, Not rated] devices, and emerging position in optical modules).

Our target P/E is closer to the high end of Compeq’s historical trading range of 6-35x, which we

believe is justified as we project Compeq to deliver a 41% earnings CAGR over 2025-28F, vs a Relative performance chart

7% CAGR over 2020-25. We estimate that its high-margin satellite and emerging optical module

businesses will record 53% CAGR over 2025-28F, accounting for 25%/35%/39% of total revenue

in 2026/27/28F. The stock is currently trading at 38x 2026F EPS/22x 2027F EPS, vs PCB/IC

substrate peers’ average of 40x/26x. Major downside risks to our call include slower-than-

expected launch plan of its satellite customers, or slower market share gain in 800G+ optical

module solutions.

Satellite business driven by customers’ launch plans, content growth, rising user base

We expect a 28% revenue CAGR in Compeq’s satellite business over 2025-28F, from 12% y-y