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Investing.com - Goldman Sachs has raised its price target on Unimicron Technology Corp (TPE:3037) to NT$130.00 from NT$116.00 while maintaining a Neutral rating on the stock.
The price target increase reflects improving pricing outlook for ABF and BT substrate and possible improving demand in the second half of 2026, according to Goldman Sachs.
Despite the higher price target, the investment bank cited concerns about potential market share loss in the AI PCB industry and Unimicron’s limited substrate revenue exposure to non-NVIDIA sectors as reasons for maintaining its Neutral stance.
The new 12-month target price is based on a 1.9x blended 2026 price-to-book ratio, which represents 0.5x standard deviation above the past 15+ year average P/B of 1.5x.
Goldman Sachs applies a 2.75x P/B multiple to Unimicron’s high-growth sector business, in line with average upcycle valuation, and a 1.5x P/B for low-growth sector business, compared to its previous approach of using 4.0x and 0.5x multiples for high-growth and low-growth businesses respectively.
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