亚洲科技行业：上行周期重启-2026 下半年 - 2028 年 ABF 载板短缺率将达 10-42%；上调京瓷评级至买入，维持揖斐电买入评级（对比 CL）

3 February 2026 | 7:50PM CST Equity Research ASIA TECHNOLOGY Chao Wang Given our more bullish view on the ABF S/D outlook and a more positive view on ABF/BT substrate pricing in coming quarters, we expect TW ABF companies to deliver a solid stock performance, with peak valuation anticipated within the next 12-month. As such, we upgrade Kinsus to Buy (from Neutral) and raise TP to NT$370 (from NT$125.68), and maintain Buy on NYPCB (on CL) but raise the TP to NT$655 (from NT$340). Lastly, for Unimicron we rai ...