Hance public subscription draws market attention
Hance (7856), a benchmark name on Taiwan’s emerging market, is set to start its initial over-the-counter public subscription on Sept. 10. The subscription period is scheduled to run from Sept. 10 to Sept. 14, with a tentative underwriting price of TWD 2,250 per share, according to ABMedia. The figure sets a new high for Taiwan’s initial listing and OTC underwriting market.
Using an emerging-market trading price of about TWD 4,700 cited in the report, the potential spread for one standard lot exceeds TWD 2.4 million. The article also calculated a book spread of TWD 2,450 per share based on recent prices, implying a potential return of about 109%.
Peers in semiconductor inspection and test interfaces re-rated
ABMedia said the gap between Hance’s underwriting price and its market price quickly became a focal point for investors. The move also led the market to re-examine valuations across listed semiconductor testing interface and inspection equipment companies.
The report said this kind of high premium spread in new listings not only attracts public-market capital, but also pushes institutional investors to reset how they value earnings per share for stocks in the same segment. Hance’s pricing level on the emerging market has also raised the range of price-to-earnings multiples investors appear willing to accept for suppliers with similar technical barriers.
During a day when the broader index pulled back, higher-end inspection and testing interface names turned into a haven for funds, with a clear peer-comparison effect showing up in trading. Yingwei (6515), which makes advanced test sockets, closed limit-up, according to the report.
Advanced chipmaking lifts demand for inspection gear
As semiconductor manufacturing moves into the angstrom era and deeper heterogeneous integration, chip complexity is increasing, and so are the technical requirements for inspection equipment and probe cards. Hance is focused on inspection equipment for photonic integrated circuits, or PICs, tied to co-packaged optics, and has entered process standards used in advanced foundry manufacturing, ABMedia said.
The report added that higher bandwidth requirements for advanced computing chips are increasing reliance on this type of validation tool among major foundries and packaging companies. That, in turn, has improved visibility on orders for related equipment suppliers.
MPI gains attention on Samsung silicon photonics supply-chain note
The article said the core growth driver for semiconductor inspection equipment lies in the exclusivity of yield control and process certification. As chip miniaturization pushes into extreme ultraviolet lithography, or EUV, and silicon photonics, inspection becomes more difficult. To protect yields, chipmakers broadly adopt certified supply-chain testing standards, giving validated equipment suppliers higher gross margins and supporting their fundamental valuations.
MPI (6223), a semiconductor testing interface company, has also been in focus. ABMedia said Samsung Electronics, as it speeds up its silicon photonics push, is using a TSMC-certified testing equipment supply chain, and MPI is among those suppliers. The report described that industry development as a direct catalyst for buying interest and said it sharpened market attention on the company’s order visibility in higher-end inspection equipment.