ISU Petasys

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

16 September 2026

ISU Petasys

Overweight

Attractive setup across upstream, competition and

downstream; OW

After YTD

, ISU shares have outperformed peers in the past 1M

(ISU: +11% vs peers/KOSPI: -9%/-4%) likely attributable to the better-thanfeared 2Q earnings result (released in mid-August). Heading into year-end/1H27E,

we see an attractive setup across upstream (successfully passing on the CCL costs),

the competitive landscape (stabilizing market share from multi-lam capacity

expansion), and downstream (higher lever to Zebrafish) that would allow the stock

to reclaim the previous peak in Apr-26. We believe upcoming catalysts are: 1) 3Q

earnings (mid-Nov) and Q-Q margin improvement; 2) the announcement of the

HDI dedicated fab (within this year); and 3) stabilizing market share trend tos

reverse the dampened share price sentiment. ISU currently trades at 16x 27E P/E

with +66% y-y EPS growth in 27E (vs peers 20x FY27E P/E and +63% EPS

growth), and we recommend investors accumulate. Maintain OW.

007660.KS, 007660 KS

Price (16 Sep 26):W107,500

Price Target (Dec-26):W165,000

Technology - Semiconductors

Sangsik Lee AC

(82-2) 758 5146

Jay Kwon AC

(82-2) 758-5725

J.P. Morgan Securities (Far East) Limited, Seoul

Branch

Upstream: Passing on CCL prices. Based on company disclosures, raw

material costs (mainly CCL) account for 46% of the opex in 1H26, and ISU

mainly sources its CCL through Panasonic followed by EMC and Doosan.

According to Panasonic, the company announced CCL price hikes in April by

20-30% (link), followed by sequential price hikes in September (link). We

believe the market is concerned about margin pressure from CCL price hikes,

but view the situation as manageable given ISU’s smooth progress on cost-pass

throughs, as evidenced by the 1.2%ppt Q/Q margin improvement in 2Q.

Amidst tight CCL and T-glass supply, our checks indicate ISU’s end-customer

is leading the raw material sourcing and price negotiations, which alleviates

ISU from raw material sourcing risk. We also highlight ISU’s major endcustomers adopt M8-M9 solutions for ASIC/networking switches and believe

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