Fiti (3413 TT, NT$326.50) - Solid demand outlook till 2029

研报英文原文证据摘录

Fiti (3413 TT, NT$326.50) - Solid demand outlook till 2029

ected to be 10.5-11.5%. Overall, we forecast FY26/FY27 revenue of NT$24.6bn (+18%

YoY)/ NT$27.0bn (+10% YoY), GM of 24.1%/25.4%, OpM of 13.5%/15.4%, and EPS of

What’s changed

NT$24.30/NT$29.94, respectively. New Old %

Rating Buy Buy

Target price (NT$) 380 360 6% New capacity ramp to meet solid demand till 2029

EPS forecast (NT$) 29.94 30.09 0% Customer demand continues to outpace the capacity additions. The management indicated

Target PE (x) 13 12 -

that order visibility has extended to 9–12 months, with certain product lines already booked

Financial summary Year-end: Dec 31 through mid- to late-2027. In addition, customers have provided long-term demand

NT$mn FY25 FY26F FY27F forecasts through 2029. The company is aggressively scaling its manufacturing footprint in

Net sales 20,842 24,653 27,000

Thailand. The Rayong fab, which commenced operations in 2025, is approaching breakeven,YoY growth (%) 26.7 18.3 9.5

Op. profit 3,110 3,331 4,154 while the Chonburi fab is scheduled to begin mass production in 3Q26 and complete Phase

YoY growth (%) 16.8 7.1 24.7 1 capacity ramp-up by 1H27. Thailand’s revenue contribution is expected to increase from

Net profit 2,336 2,945 3,629

approximately 15% currently to 20–25% by the end of FY26 and further to 30–40% in

YoY growth (%) -10.6 26.1 23.2

EPS (NT$) 21.44 24.30 29.94 FY27, making it the company’s primary growth driver in the coming years. Notably, the

DPS (NT$) 11.0 13.4 16.5 management commented that despite ongoing capacity expansion, it still “cannot see the

PE (x) 15.2 13.4 10.9 tail lights of customer demand”. The management estimates that, with all planned capacity

PB (x) 2.0 1.2 1.1

Div.