Accelerating growth; initiate with Buy: In-house MEMS needle driving value; serving nearly all AI chip customers with low concentration risks; CPO is next catalyst

Research evidence excerpt

Accelerating growth; initiate with Buy: In-house MEMS needle driving value; serving nearly all AI chip customers with low concentration risks; CPO is next catalyst

Global Markets Research

MPI Corporation 6223.TWO 6223 TT 24 July 2026

EQUITY: OSAT

RatingAccelerating growth; initiate with Buy Starts at Buy

In-house MEMS needle driving value; serving nearly all AI chip Target price Starts at TWD 8,000.00

customers with low concentration risks; CPO is next catalyst

Closing price TWD 6,000.00 22 July 2026Initiate coverage with Buy rating and TP of TWD8,000, implying 33% upside

We initiate coverage of MPI along with our AnchorReport, with a Buy rating. We expect Implied upside +33.3%MPI to be one of the key beneficiaries under the big umbrella of semiconductor testing that

is getting more and more complicated, and test interfaces need to upgrade to deal with Market Cap (USD mn) 18,184.5

challenges such as fine-pitch, higher speed/frequency, and higher current, etc. We believe ADT (USD mn) 219.7

the complexity of advanced packaging methods will come in tandem with more difficult

testing processes, from the perspective of additional test insertions beyond the current flow,

or brand-new insertions that need to be figured out, such as CPO. Test interfaces need to Relative performance chart

upgraded as well, to avoid any defects in later stages (i.e., after sending to customers). MPI

has a broad customer base spanning ASIC vendors, GPU vendors, foundries and OSATs

(we estimate the top five customers only contribute 5-15% of revenue each), and we believe

the company participates in most key AI chip projects. We also expect MPI has better

negotiating power, and may enjoy some spillover effect from its overseas peers, amid a

supply-constrained environment.