J.P. Morgan Taiwan FTM 23 Jun 26 Innostar Service; Chipbond Technology and More

研报英文原文证据摘录

J.P. Morgan Taiwan FTM 23 Jun 26 Innostar Service; Chipbond Technology and More

Asia Pacific Equity Research

Taiwan First to Market 23 June 2026

Top Stories

Init | Innostar Service (William Yang) (7828 TT, OW)

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

expectations, as we believe the Street has underestimated the continued upward revision of probe card equipment orders from

TP and the decent content of its TGV copper pillar in glass core substrate. With an undemanding valuation, these catalysts

should continue to drive share price outperformance. Key risks include: TP’s share loss, slower chip probing spec upgrade, and

delay in GCS adoption.

Chipbond Technology (Gokul Hariharan) (6147 TT, N)