J.P. Morgan GEMS FTM 23 Jun 26 Innostar Service; Chipbond Technology; Asia Insurance; China SMid Insurance; Randoncorp; Rumo and More

Research evidence excerpt

J.P. Morgan GEMS FTM 23 Jun 26 Innostar Service; Chipbond Technology; Asia Insurance; China SMid Insurance; Randoncorp; Rumo and More

Global Equity Research

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GEMS First To Market 23 June 2026

Top Stories

Init | Innostar Service (William Yang) (7828 TT, OW, PT NT$4,000.00), Taiwan

The next shining star driven by innovation; initiate at OW

We initiate coverage of Innostar Service at OW with a Dec-27 PT of NT$4,000, based on 25x 2028E P/E. Innostar is the leading

MEMS probe card automation equipment supplier globally, with dominance in the needle assembly market. Given the strategic

partnership/ investment by Technoprobe (TP, TPRO IM, Not Covered), one of the top-two probe card vendors worldwide,

Innostar’s probe card business outlook and exposure has been lifted to the next level, gathering steam to accelerate growth in

2026-28, with a multi-times increase of higher-spec needle assembly machine orders and TAM expansion to material kits and

OEM services of needle assembly/repair. Innostar Service’s penetration and smooth progress into the glass core substrate

(GCS) market with its TGV (Through Glass Via) copper pillar mass transfer technology/product applied in advanced packaging

should also become a new driver for the company from late 2027, followed by mass production schedule of US tier-1

networking customer’s next-gen switch ASIC. We model an EPS CAGR of 200% in 2025-28, significantly above market