Innostar Service: The next shining star driven by innovation; initiate at OW

研报英文原文证据摘录

Innostar Service: The next shining star driven by innovation; initiate at OW

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

22 June 2026

Initiation

Innostar Service Overweight

7828.TWO, 7828 TT

The next shining star driven by innovation; initiate at Price (22 Jun 26):NT$2,040.00

OW Price Target (Dec-27):NT$4,000.00

We initiate coverage of Innostar Service at OW with a Dec-27 PT of NT$4,000, Technology

ACbased on 25x 2028E P/E. Innostar is the leading MEMS probe card automation William Yang

equipment supplier globally, with dominance in the needle assembly market. (886-2) 2725-9899

Given the strategic partnership/ investment by Technoprobe (TP, TPRO IM, Not william.yang@jpmorgan.com

Covered), one of the top-two probe card vendors worldwide, Innostar’s probe card J.P. Morgan Securities (Taiwan) Limited

business outlook and exposure has been lifted to the next level, gathering steam to Megan Hsueh

accelerate growth in 2026-28, with a multi-times increase of higher-spec needle (886-2) 2725-9249

megan.hsueh@jpmorgan.com

assembly machine orders and TAM expansion to material kits and OEM services J.P. Morgan Securities (Taiwan) Limited

of needle assembly/repair. Innostar Service’s penetration and smooth progress into

Gokul Hariharan

the glass core substrate (GCS) market with its TGV (Through Glass Via) copper (852) 2800-8564

pillar mass transfer technology/product applied in advanced packaging should also gokul.hariharan@jpmorgan.com

become a new driver for the company from late 2027, followed by mass production J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

schedule of US tier-1 networking customer’s next-gen switch ASIC. We model an Morgan Broking (Hong Kong) Limited

EPS CAGR of 200% in 2025-28, significantly above market expectations, as we