Unimicron We are 25% above consensus in 2027, but still see substantial upside

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Unimicron We are 25% above consensus in 2027, but still see substantial upside

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

23 July 2026

Unimicron Overweight

3037.TW, 3037 TT

We are 25% above consensus in 2027, but still see Price (23 Jul 26):NT$896.00

substantial upside ▲Price Target (Dec-26):NT$1,150.00 Prior (Dec-26):NT$734.00

• Looking beyond like-for-like price hikes. For months, investors have

focused on the chatter of price hikes which adjust prices for ongoing products. Technology

We believe that going forward, seeking price adjustments for ongoing products Jerry Tsai AC

won’t be the priority for Unimicron, which will instead focus on securing/ (886-2) 2725-9867

solidifying market share for new leading edge substrate projects, which are jerry.tsai@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

entering new realms in terms of size and layer counts. Keep in mind, such an

Josie Yu approach could allow Unimicron to out-grow its peers which are typically

(886-2) 2725-9877

more vocal on price hikes, as the unit area ASPs for these new products are josie.yu@jpmorgan.com

rising even faster than periodical adjustments of like-for-like pricing, due to the J.P. Morgan Securities (Taiwan) Limited

rapidly rising specs that can be met by a very limited number of suppliers. We Gokul Hariharan

expect per unit area ASP to at least match that for 2022 (the peak of the last (852) 2800-8564

cycle; during which super-hot run fees were more common) with potential gokul.hariharan@jpmorgan.com

upside of 30% or even more vs. our updated assumptions, which already result J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited

in 25% higher earnings for 2027 vs. consensus.

• 2Q preview/3Q outlook. Meanwhile we expect Unimicron to deliver close to