MPI Corp. (6223)

Equity Research 14 August 2026 | 8:35PM CST

MPI Corp. (6223.TWO) Robust growth momentum sustaining into 2027 driven by AI demand and potential CPO upside; reiterate Buy with TP at NT$8,500

6223.TWO 12m Price Target: NT$8,500.00 Price: NT$6,440.00 Upside: 32.0% BUY Evelyn Yu MPI hosted its 2Q26 analyst meeting on 14 August, post the release | Goldman Sachs (Asia) L.L.C., Taipei Branch of results (see note) on 12 August. Management provided its latest Ryan Huang, CFA near-term guidance, preliminary 2027 outlook, capacity expansion | Goldman Sachs (Asia) L.L.C., Taipei Branch planning, and update on CPO progress. While there’s no numeric guidance provided for 2027, Management sees 2027 as another strong year of growth, supported by sustained strength across existing probe card customers and new customer penetration. Management also indicated that they are seeing significant growing Key Data _____________________________________ Market cap: NT$606.8bn / $18.9bn pin count trend especially within AI/HPC customers with pin count Enterprise value: NT$604.2bn / $18.8bn 3m ADTV: NT$6.5bn / $204.5mn per card rising to 30k+ in 2027, vs. mainstream around 20-30k in Taiwan 2026, with one customer adopting an even more advanced solution Taiwan Semiconductor M&A Rank: 3 for micro-bump that requires probe card with pin count exceeding Leases incl. in net debt & EV?: Yes

40k. Overall, we remain positive on both MPI’s revenue growth and GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E GM into 2027, underpinned by significant market share gains with a Revenue (NT$ mn) 13,371.2 21,581.1 44,335.6 64,887.7 new US CPU customer, much stronger MEMS revenue contribution, EBITDA (NT$ mn) 4,566.2 8,684.5 20,163.0 30,655.1 EPS (NT$) in-house PCB production ramp, and emerging CPO contribution. We P/E (X) maintain our 12m TP at NT$8,500, and with c.32% implied upside, P/B (X) Dividend yield (%) 1.8 0.7 1.6 2.5 we reiterate our Buy rating on MPI. N debt/EBITDA (ex lease,X) (0.6) (0.3) (0.3) (0.5) CROCI (%) FCF yield (%) (1.6) 0.4 1.2 3.0

Revenue and GM set to rise on new product ramp in 2H26 6/26 9/26E 12/26E 3/27E Management is now guiding 3Q/4Q26 revenue to grow EPS (NT$)

0-5%/5-10% QoQ, off a high base in 2Q26 (2Q26 revenue +33.1% GS Factor Profile ______________________________ QoQ vs. guidance of +10-20% QoQ). We believe the sequential Growth

growth into 4Q26 should be largely driven by sustained AI/HPC Financial Returns

demand across both VPC and MEMS, particularly as a newly Multiple penetrated US CPU customer begins to ramp in 4Q26. On margins, management expects 3Q26 GM to recover toward 1Q26 levels Integrated

(59.4%), with 4Q26 GM flat to potentially higher vs. 3Q26, which we Percentile 20th 40th 60th 80th 100th attribute to stronger revenue contribution from MEMS-related solutions and price hikes. Notably, MPI said they have already raised 6223.TWO relative to Asia ex. Japan Coverage 6223.TWO relative to Taiwan Semiconductor their CPC pricing by 20% to reflect higher material costs, while we Source: Company data, Goldman Sachs Research estimates. note that MPI already removed the 10% pricing rebate for both VPC See disclosures for details. and MEMS products, with further potential price hikes depending on

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Goldman Sachs MPI Corp. (6223.TWO)

MPI Corp. (6223.TWO) Income Statement (NT$ mn) ________________________________ BUY Rating since May 25, 2025 12/25 12/26E 12/27E 12/28E Total revenue 13,371.2 21,581.1 44,335.6 64,887.7 Cost of goods sold (5,943.4) (8,722.4) (16,758.5) (23,569.7) SG&A (2,384.5) (3,380.7) (5,666.4) (8,049.3) Ratios & Valuation __________________________________________ R&D (1,276.2)…