Chipbond Technology: Q2 OP ahead on better GM; SiPh ramp should further drive earnings growth

研报英文原文证据摘录

Chipbond Technology: Q2 OP ahead on better GM; SiPh ramp should further drive earnings growth

e growing mix of better margin RF and SiPh (from 22% in Q226 to 24% in Q326E), as

12/27E 8.22 8.23 0 7.06

well as higher loading rates, we forecast its Q326E GM to improve by 0.5ppt to 30.8%. 12/28E 11.00 11.03 0 9.06

SiPh business progressing on track Jerry Su

AnalystFor SiPh, Chipbond noted it has been qualified by multiple US fabless customers for TIA,

jerry.su@ubs.com

driver, photodetector, and modulator, and will continue to work on new customer

+886-28-722 7306

programs. Our industry checks indicated Chipbond remains more ahead of its peers on

penetrating into SiPh gold bumping with a dominating position, given its superior gold Annie Chen

Associate Analystbumping know-how and more flexible capacity support (has built a site in Penang,

annie.chen@ubs.com

Malaysia). It is also on track to provide backend services (dicing and testing) from 2027E +886-2-8722 7281

alongside gold bumping, offering 50-100% additional value-add vs bumping only in the

SiPh business. We believe SiPh business remains on track to reach 6% of total sales in

2026 and 12% in 2027 as the new projects ramp.

Valuation: Lower PT to NT$290 from NT$340 on lower multiple; maintain Buy

We raise our 2026E by 3% on sales outlook and keep our 2027-28E EPS largely

unchanged as the better sales and GM assumptions are offset by higher opex and tax.

We lower our PT to NT$290 on 30x 2027-28E average PE (prior 35x) given the recent

valuation contraction for the OSAT and optical sector. We believe Chipbond's

diversification into non-DDIC (RF and SiPh) is bearing fruit with 48% sales CAGR in

2025-28, lifting non-DDIC mix to 37% of sales in 2028E (up from 20% in 2024-25).