Capacity Expansion Plans and Direct Customer Investment

Goldman Sachs maintains a Buy rating on Kinsus, driven by a long-term strategy to double capacity through customer-funded expansion and robust pricing power in the AI substrate market.

Key Takeaways

• 1.Kinsus plans to double its high-end ABF substrate capacity by 2029 through a novel customer-sponsored investment model.
• 2.The company is implementing aggressive pricing hikes, with 5% increases in 1Q/2Q and an acceleration to 7-8% in the second half of 2026.
• 3.Kinsus expects significant market share gains in the AI GPU and AI CPU substrate markets, targeting up to 100% share in some high-end segments.

Table of Contents

• Kinsus (3189.TW)
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (NT$ mn)
• Balance Sheet (NT$ mn)
• Cash Flow (NT$ mn)
• Investment Thesis - Kinsus
• Price Target Risks and Methodology - Kinsus
• Disclosure Appendix

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