Shin Zu Shing (3376 TT, NT$209) - Everything is ready except for what is critical

研报英文原文证据摘录

Shin Zu Shing (3376 TT, NT$209) - Everything is ready except for what is critical

Taiwan Equity | Technology

Company Snapshot

Fubon Research Shin Zu Shing (3376 TT)

June 18, 2026

_ Everything is ready except for what is critical

Buy

Promising foldable phone hinge outlook, maintain Buy, target price of NT$300

Price Target price

NT$209 NT$300 1. New NB, MNT, wearable shipment in 2Q26 to boost operations.

●Visit notes ○Initiating coverage 2. Shipment surge in foldable bearings to drive sales, profit growth in FY26.

●Company update ●Earnings revision 3. Effectiveness of non-IT precision machining business deployment gradually

○Earnings preview ○Rating change

emerging.

Shares out. (mn) 196

Mkt cap (NT$mn) 40,140

Mkt cap (US$mn) 1,271 New NB, MNT, wearable shipment in 2Q26 to boost operations

FINI holding (%) 19.61 During the transition period between old and new Macbook and AirPods Max products,

Local IM holding (%) 2.26 shipment was sluggish. 1Q26 sales did not reach economies of scale, resulting in a high

Directors holding (%) 8.99

expense ratio, and core profit was near breakeven. EPS was NT$0.15, lower than our

52-week high (NT$) 264.00

52-week low (NT$) 172.00 forecast of NT$0.44. New products equipped with M5 chips, including Macbook Air, the

Day-trading % 24% affordable Macbook NEO, the new Apple Studio Display, and AirPods Max 2, were

launched at the end of March. In April, major customers raised orders, but shipment

ESG rating 5 Industry Rank 108/210 momentum remained constrained. We thus forecast 2Q26 sales growth of 6.5% QoQ and

EPS of NT$0.54.

Foldable phone bearings to start shipping

At the SZS shareholders' meeting on June 9, positive news was released that the major

customer’s foldable device project is progressing as expected and mass production