Summary of Unimicron ( – Initiate BUY, TP NT$1,820
77% EPS CAGR amid AI ABF supercycle • AI ABF substrate TAM set to hit US$13bn / $18bn in 2027E/28E (+100%/41% YoY)
• Unimicron poised to capture >30% share
• ABF capacity +18%/35% in 2026E/27E → ABF revenue +66%/90% to NT$105bn/199bn
• Supply shortage expected to persist into 2029 (18%/16% shortage in 27/28)
• Product mix shift (high-end ABF + mSAP + LPDDR) drives GPM to 28.8% / 41.7% / 44.6%
• EPS: NT$28.6 / 60.8 / 89.3 (vs consensus 25/55/80)
• TP based on 30x 2027E P/E #Unimicron# #ABF# #AI# #Semiconductors# #TaiwanTech#