Flexium Interconnect (6269.TW): No Clear Catalyst in Sight; Neutral

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Flexium Interconnect (6269.TW): No Clear Catalyst in Sight; Neutral

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30 Jun 2026 11:54:24 ET │ 14 pages

Flexium Interconnect (6269.TW)

No Clear Catalyst in Sight; Neutral

CITI'S TAKE

Despite regaining its market share in FPCB for iPhone and computers, we

think the recent decision by Apple to hike prices of its products would

negatively impact unit shipments of consumer electronics, pressuring Neutral

Flexium’s sales momentum in 2H. The company is currently making slow Price (30 Jun 26 13:30) NT$71.00

progress in AI servers with FPCB-based leakage detect sensors and even

though the progress is slow, we think it could still help Flexium to partially Target price NT$75.00↑

offset the negative impact from weak consumer electronics demand. We lift from NT$67.00

our DCF-based TP to NT$75 from NT$67 owing to earnings recovery and Expected share price return 5.6%maintain our Neutral rating.

Expected dividend yield 0.0%

Sales momentum still sluggish — Year to date, the company’s sales momentum has Expected total return 5.6%

remained weak with 5M26 sales YoY growth of +2%. We attribute the weak sales to Market Cap NT$22,992M

its higher exposure to consumer electronics demand, which currently is negatively

US$726Mimpacted by the rise in memory costs. We expect 2Q26E sales to be flat QoQ due to

continued headwinds.

Apple: recovery in market share but outlook dampened by rising memory costs —

Although the company is positive on regaining its market share in iPhone with 30% Price Performance

YoY sales growth along with growth in computer segment, we think the growth (RIC: 6269.TW, BB: 6269 TT)

might be impacted by Apple’s recent decision to raise the prices of Mac/iPad

products. We think the price hike would lead to low unit shipments and thus