Chipbond Technology: Silicon Photonics to drive revenue growth and GM uptick, raise PT to NT$225; Neutral

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Chipbond Technology: Silicon Photonics to drive revenue growth and GM uptick, raise PT to NT$225; Neutral

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qualification pipeline across multiple large SiPh customers and (2) belief in further J.P. Morgan Securities (Taiwan) Limited

GM improvement from better utilization or pricing, while key downside risk Subham Singhania

would be increased competition in this space, given Chipmos is also likely to enter (91-22) 6157-3801

this domain soon. We remain Neutral, with a revised Jun‑27 PT of NT$225 (25x subham.singhania@jpmorgan.com

12‑month forward EPS), up from our prior Dec‑25 PT of NT$55 (based on 0.9x J.P. Morgan India Private Limited

P/B). We move from a P/B-based PT to P/E, due to a stable earnings trajectory.

Key Changes (FYE Dec)

• SiPh business emerges as a major growth driver for the next few years: As Prev Cur Δ

networking switches migrate from 100G/lane to 200G/lane, gold bumping is Adj. EPS - 26E (NT$) 4.60 4.97 7.9%

becoming the preferred interconnect to shorten the signal distance to reduce

noise and signal loss, compared with wire bonding, which is widely used in Quarterly Forecasts (FYE Dec)

100G/lane solutions. Given its leading position in gold bumping, Chipbond is Adj. EPS (NT$)

developing gold-bump solutions for key components within the Silicon 2025A 2026E 2027E

Photonics chip ecosystem (e.g., TransImpedance Amplifier or TIA, driver, Q1 0.90 0.59A 1.48

Q2 0.55 1.28 1.76

Photodiode, and modulator) used in optical transceivers. We believe Q3 1.16 1.48 2.21

Chipbond’s first SiPh project—TIA for a leading U.S. Fabless customer— Q4 1.12 1.62 2.45

entered mass production in 1H26, and that the company has qualified a total of FY 3.73 4.97 7.89

four projects across different customers to date. We expect SiPh revenue Style Exposure