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Taiwanese maker of IC substrates used to package memory, RF and logic chips.
Taiwanese maker of IC substrates used to package memory, RF and logic chips.
Makes substrates, the small boards that connect a chip to the system board, to order for each chip package, so it earns per unit once its design is accepted by a chip designer or packaging house. Plants are costly to build and yield, how many boards pass inspection, largely decides returns.
Moat: narrow (process know-how, customer qualification). Substrate designs qualified per chip package; substrate manufacturing is capital- and yield-intensive.
Headquarters: Taoyuan, Taiwan · Founded: 1990
Size Kinsus Interconnect Technology (3189.TW) is a Taiwan Information Technology company (Electronic Components) with a market value of $10.7B, the 53rd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$671.00 on 6 Nov 2026.
Performance Over six months the shares gained 27.3%, against -24.6% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 33.8% over the last twelve months (peer median +33.1%); the operating margin is 13.7% (peer median 14.8%).
Valuation It trades at 29.4× forward earnings against a peer median of 22.4× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 41% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +33 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.1 points below its cost of capital (12.5% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$49.0B | NT$39.4B | NT$30.5B | NT$26.8B | NT$42.4B |
| Revenue growth | — | +29% | +14% | -37% | — |
| Gross profit | NT$18.9B | NT$8.24B | NT$8.60B | NT$6.69B | NT$15.6B |
| EBITDA | n/a | NT$9.91B | NT$7.23B | NT$6.39B | NT$14.7B |
| Net income | NT$5.26B | NT$1.60B | NT$48.9M | NT$47.5M | NT$6.98B |
| Free cash flow | n/a | NT$2.16B | -NT$4.81B | -NT$1.95B | -NT$530M |
| Capital expenditure | n/a | NT$6.38B | NT$10.6B | NT$10.4B | NT$17.2B |
| Total debt | n/a | NT$18.6B | NT$19.4B | NT$18.8B | NT$12.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kinsus Interconnect Technology 3189.TW | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
| Nan Ya Printed Circuit Board 8046.TW | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% |
| Ibiden 4062.T | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% |
| Kyocera 6971.T | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3189.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.7% | -35.9% | 10th lowest of 21 |
| 6-month return | +27.3% | -24.6% | 4th highest of 21 |
| Distance from 52-week high | -41.6% | -52.1% | 4th highest of 21 |
| Revenue growth (TTM) | +33.8% | +33.1% | 10th highest of 21 |
| Operating margin | 13.7% | 14.8% | 11th highest of 21 |
| Forward P/E | 29.4× | 22.4× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 41.2% | 24.1% | 4th most demanding of 10 |
| Growth delivered (Del g) | +7.7% | +6.6% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | +33.4 pp | +17.3 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -1.1 pp | +2.9 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Victory Giant Technology (HuiZhou) 2476.HK | Hong Kong | $13.6B | -67% | +45% | 26% | 12.4× | n/a | n/a |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |
| Shengyi Electronics 688183.SS | China | $7.95B | -44% | +46% | 21% | 19.4× | n/a | n/a |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| TTM Technologies TTMI | United States | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% | +6.7% |
| VICR VICR | United States | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% | +6.6% |
| Orbbec 688322.SS | China | $6.73B | +37% | +1% | 0% | 202.4× | n/a | n/a |
| Jiangxi Redboard Technology 603459.SS | China | $6.70B | -4% | +36% | 17% | n/a | 53.4% | +36.1% |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Tripod Technology 3044.TW | Taiwan | $6.57B | -15% | +21% | 19% | 10.7× | n/a | n/a |
| Shenzhen Fastprint Circuit Tech 002436.SZ | China | $6.54B | -7% | +26% | 6% | 57.3× | n/a | n/a |
| Advanced Fiber Resources Zhuhai 300620.SZ | China | $6.50B | -27% | +86% | 18% | 107.0× | n/a | n/a |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |