Scientech Raise earnings and PT on stronger equipment; OW

研报英文原文证据摘录

Scientech Raise earnings and PT on stronger equipment; OW

J P M O R G A N Asia Pacific Equity Research

08 June 2026

Scientech Overweight

3583.TW, 3583 TT

Raise earnings and PT on stronger equipment; OW Price (08 Jun 26):NT$807.00

▲Price Target (Dec-26):NT$1,100.00

Prior (Dec-26):NT$700.00

Scientech’s equipment business prospects for 2027-28 have strengthened further

vs. our expectations when we upgraded the stock to OW in early April (note), Technology

driven by a strong, extended semiconductor capex cycle (TSMC mid-May note). Jimmy Huang AC

We project Scientech to grow revenue and EPS by 24% and 49% CAGR over 2026- (886-2) 2725-9865

28, driven mainly by the equipment manufacturing business. Our 2027/28E EPS jimmy.huang@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

are both 14% above consensus. Key catalysts for the stock include capex increases

Gokul Hariharanfrom key foundry and OSAT customers, as well as its continued earnings growth.

(852) 2800-8564

Maintain OW and raise Dec-26 PT to NT$1,100, based on 29x 2H27E-1H28E P/E. gokul.hariharan@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited• Stronger equipment manufacturing business. Key demand drivers include

CoWoS, SoIC, WMCM, FOCoS, PLP, etc. We model Scientech to grow

equipment shipments from 115 units in 2025 to 180, 230 and 280 units in 2026,

27 and 28 (a 35% CAGR in 2025-28). Accordingly, Scientech could grow Key Changes (FYE Dec)

equipment manufacturing revenue recognition from NT$4.6bn in 2025 to NT Prev Cur Δ

Adj. EPS - 26E (NT$) 20.82 20.10 -3.5%

$12.9bn in 2028 (a 41% CAGR), helped by both volume and ASP increases. Adj. EPS - 27E (NT$) 27.96 32.04 14.6%

Equipment contribution to total revenue and gross profit should rise from 33%