DingZing Advanced Materials (6585 TT, NT$138.00) - FY26 operations to hit new highs

研报英文原文证据摘录

DingZing Advanced Materials (6585 TT, NT$138.00) - FY26 operations to hit new highs

Taiwan Equity | Others

Company Snapshot

Fubon Research DingZing Advanced Materials (6585 TT)

June 22, 2026

_ FY26 operations to hit new highs

Buy

Transfer coverage at Buy, target price of NT$184, 33% upside

Price Target price

NT$138 NT$184 1. Global leader in TPU film manufacturing, benefiting from successful transformation,

○Visit notes ●Transfer coverage structural industry growth

○Company update ○Earnings revision 2. Medical order visibility extends to end of this year, with strong pull-in momentum for

○Earnings preview ○Rating change

electronic films, anti-shatter glass films

Shares out. (mn) 72

3. 2Q26, 2H26 sales to remain robust, with FY26 net profit reaching new high

Mkt cap (NT$mn) 9,950

Mkt cap (US$mn) 315

FINI holding (%) 3.38 Global leader in TPU film manufacturing, benefiting from successful transformation,

Local IM holding (%) 0.00 structural industry growth

Directors holding (%) 45.24

DingZing is one of the world’s top three thermoplastic polyurethane (TPU) films

52-week high (NT$) 138.50

52-week low (NT$) 80.40 manufacturers. In FY25, high-performance film accounted for over 90% of sales. The

Day-trading % 32% company is among the few globally with integrated production from upstream TPU resin

compounding to downstream finished product manufacturing. Its clients include

ESG rating 6 Industry Rank 15/93 internationally renowned brands, with the US market accounting for over 50% of sales.

Since FY18, the company has undergone a comprehensive transformation, reducing low-

GM commodity products and focusing on high-value and niche markets. With product mix

optimization and improved operational structure, the average GM over the past three

years is about 35%.