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External broker reports(aggregated public sources)

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Kinsus Interconnect Tech / Equity Bottom-Up

<p>With capacity expansion and rising IC substrate price, Kinsus’ sales are expected to maintain a double-digit growth in 2021. As such, we forecast FY21 sales at NT$35.2bn (up 30% YoY), GM at 26.8% (up 5ppts YoY), and maintain FY21 EPS projection at NT$6.35. For 2022, we estimate sales and GM to grow YoY, with FY22 EPS estimated at NT$8.55. In 2021-2023, growth drivers come from continual demand for ABF, expansion of production capacity by 30-40%. Additionally, the rise in ABF’s capacity and sales in the future should lead to overall better product mix and gross margin. On top of uptrend of Kinsus’ profitability, there is also further revision upside of the company’s sales given tight market supply in 2022. Therefore, we maintain BUY on Kinsus, with a TP of NT$225 (25x FY22 PER). </p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

With capacity expansion and rising IC substrate price, Kinsus’ sales are expected to maintain a double-digit growth in 2021. As such, we forecast FY21 sales at NT$35.2bn (up 30% YoY), GM at 26.8% (up 5ppts YoY), and maintain FY21 EPS projection at NT$6.35. For 2022, we estimate sales and GM to grow YoY, with FY22 EPS estimated at NT$8.55. In 2021-2023, growth drivers come from continual demand for ABF, expansion of production capacity by 30-40%. Additionally, the rise in ABF’s capacity and sales in the future should lead to overall better product mix and gross margin. On top of uptrend of Kinsus’ profitability, there is also further revision upside of the company’s sales given tight market supply in 2022. Therefore, we maintain BUY on Kinsus, with a TP of NT$225 (25x FY22 PER). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kinsus Interconnect (3189 TT) Upbeat ABF Demand & BT Order Visibility 

Taiwan

Kinsus Interconnect Technology Corp. manufactures BGA (Ball Grid Array) boards. The Company's products include PBGA (Plastic BGA), MCM (Multi Chip Module) BGA, Mini BGA, TEBGA (Thermal Enhanced BGA), and flip chip substrate boards.

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Kinsus Interconnect Tech (3189 TT)

Kinsus Interconnect (3189 TT) Upbeat ABF Demand & BT Order Visibility

With capacity expansion and rising IC substrate price, Kinsus’ sales are expected to maintain a double-digit growth in 2021. As such, we forecast...

Masterlink Securities

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