ChipMOS Technologies: AI initiatives to accelerate mid-term growth

研报英文原文证据摘录

ChipMOS Technologies: AI initiatives to accelerate mid-term growth

o adding new PS5000 testers for logic

From To % ch Cons.

customers. We believe this new testing platform opens the opportunity to enter AI 12/26E 3.98 4.15 4 4.13

imaging SoC, smartphone processor and ASIC applications. We estimate SiPh/optical 12/27E 5.43 6.19 14 5.64

and new logic testing business to account for 6%/10% of sales in 2027/2028, albeit a 12/28E 6.19 7.35 19 6.19

higher ~ 10%/15% of EPS, given a superior margin profile.

Jerry Su

Q226 revenue tracking in line; momentum to be sustained into H226E Analyst

jerry.su@ubs.com

ChipMOS's sales reached NT$2,538m in June, up 6.5% MoM and 37% YoY, for Q226 +886-28-722 7306

sales of NT$7,383m (6.5% QoQ growth), broadly in line with the UBS/consensus

Annie Chenestimates. We estimate driver IC and bumping had stronger QoQ growth on rush orders

Associate Analyst

and price hikes, while memory sales were temporarily impacted by lower DDR5 output annie.chen@ubs.com

on customers' product transition, despite stronger testing demand. We expect Q226 +886-2-8722 7281

GM to rise 3.4ppt QoQ to 17.2% on better pricing and a more favourable mix, with EPS

at NT$1.03 (+42% QoQ). We expect Q326 sales to grow 8% QoQ on driver IC

restocking and better DDR4/5 volume, while GM may improve another 0.7ppt QoQ to

17.9%, on greater scale, offset by higher electricity cost. We expect Q426 sales to stay

flattish, with steady memory demand, offset by a seasonal driver IC slowdown.

Valuation: Raise price target to NT$156; reiterate Buy rating

Our PT of NT$156 is based on 23x average 2027-28E PE (vs. a 5-27x historical

normalized range), in line with the average of OSAT peers. We do not believe its

improving business outlook and new opportunities from SiPh/logic testing have been