Unimicron Technology (3037.TW): Product mix improvement speed to accelerate from 2H26, with sustainable demand outlook in LT

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Equity Research

29 July 2026 | 10:32PM CST

Unimicron Technology (3037.TW)

Product mix improvement speed to accelerate from 2H26, with sustainable demand

outlook in LT

3037.TW

12m Price Target: NT$1,220.00

Price: NT$688.00

Upside: 77.3%

We joined Unimicron’s 2Q26 result meeting today (July 29th).

Key takeaways include:

(1) Unimicron believes it has a high pricing power on ABF substrates,

especially for those high-end products, and believes the GM should

reach 50-60% in the mid to long term, but needs to continue to

increase its moat and capability on R&D/mass production and build

its owned supply chain.

(2) Unimicron announced the YM3 plant capacity expansion plan,

and mentioned the new capacity has been fully booked by high-end

customers. Unimicron also revised up its CAPEX in 2026E to be

NT$53.7bn from NT$34bn previously (58% upward revision and

now implying 110% YoY) and further increase its equipment budget

by NT$17.6bn.

(3) For AI exposure, the company mentioned 60% of its ABF

substrate and PCB revenue were contributed by AI related demand

in 1H26, and it expects the number to expand to 70%+ for ABF

substrate and 65-70% for PCB products in 2H26.

(4) For EMIB-T substrates, the company mentioned the mass volume

shipment could start from 2027, and it targets to reach 50% yield

rate for the products, which should be good enough to deliver a

better than company’s average GM, as customers continue to

encourage suppliers to produce the EMIB-T substrates by raising the

product pricing to protect low yield rate suppliers.

(5) For EMIB-T substrate, the substrate price will be much higher

than CoWoS substrates if we exclude the interposer used in the

packaging technology; moreover, theoretically, CoWoS substrate

BOM cost should be much higher than EMIB-T substrate (assuming

similar yield rate), making Unimicron focus more on EMIB-T

technology.

NEUTRAL

Chao Wang

Goldman Sachs (Asia) L.L.C., Taipei Branch

Allen Chang

Goldman Sachs (Asia) L.L.C.

Al Wang

Goldman Sachs (Asia) L.L.C., Taipei Branch

Key Data _____________________________________

Market cap: NT$1.0tr / $30.8bn

Enterprise value: NT$989.6bn / $30.5bn

3m ADTV: NT$25.7bn / $808.5mn

Taiwan

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