External broker reports(aggregated public sources), Masterlink Securities Corp

Masterlink Securities

MasterLink Securities provide brokerage, securities underwriting, and proprietary trading services in Taiwan. It offers brokerage services, including Taiwan stock exchange and OTC brokerage services, futures trading assistance, foreign securities trading, investment Banking services, and derivative products.

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External broker reports(aggregated public sources)

Equity Bottom-Up

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 