Jentech Precision Industrial Co. Raise estimates on better-than-expected 2Q26 outlook and solid content growth in Rubin Ultra; OW

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Jentech Precision Industrial Co. Raise estimates on better-than-expected 2Q26 outlook and solid content growth in Rubin Ultra; OW

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

25 June 2026

Jentech Precision Industrial Co. Overweight

3653.TW, 3653 TT

Raise estimates on better-than-expected 2Q26 outlook Price (25 Jun 26):NT$3,390.00

and solid content growth in Rubin Ultra; OW ▲Price Target (Dec-27):NT$5,650.00 Prior (Dec-27):NT$5,000.00

We revise up our 2Q26 revenue estimate to 30% QoQ growth, up from the

company’s previous guidance of ~10% QoQ and also above consensus estimates, Technology

driven mainly by the higher ASP of its Rubin GPU 1-piece lid shipped in May and William Yang AC

June given placed as rush orders. Although we think ASP will return to normal (886-2) 2725-9899

from 3Q26, we still model 10% QoQ revenue growth due to increasing shipments. william.yang@jpmorgan.com

In addition to the better-than-expected near-term outlook, we are more Megan Hsueh

constructive on the company’s 2027 and 2028 growth potential, as the heat (886-2) 2725-9249

megan.hsueh@jpmorgan.com

spreader content growth of Rubin Ultra GPU (with the potential design of stiffener J.P. Morgan Securities (Taiwan) Limited

+ disposable lid) could be >100% vs the current Rubin 1-piece lid design, even

without Micro-channel Lid (MCL) adoption. Also, we believe the continued heat

spreader spec upgrade of both AMD GPU and each CSP ASIC, along with the surge Key Changes (FYE Dec)

of general server CPU demand, will support structural growth for Jentech as well. Prev Cur Δ

In our view, the recent share price weakness (underperforming Taiex by 16% in the Adj. EPS - 27E (NT$) 107.27 121.23 13.0%

past 1 month) has fully reflected the Rubin design change impact and some market

Quarterly Forecasts (FYE Dec)