Taiwan ABF: Eternal Precision visit: Order lead time extends to 2031, customers offering premium to secure supply; Buy NYPCB and Kinsus

We hosted a meeting with Eternal Precision's (7795.TW, Not Covered) management. The company is a leading global ABF vacuum laminator supplier with ~95% share in the mid-to-high end market. Key takeaways: (1) order lead time extends to 2031 (from 2028/29), with new orders mainly for the most high-end 90-ton 3-stage laminators as major ABF customers keep expanding capacity; (2) some customers (mainly China ABF customers) are proactively offering a premium to shorten lead time and secure equipment supply, a trend not seen in the 2020-22 upcycle, though the company still prioritizes major, longer-standing customers and those with secured ABF film supply; (3) new laminators for EMIB-T substrates will start shipping in 1H27, initially to Japanese customers; (4) commercialization of glass core substrate laminators is unlikely before 2029; (5) August revenue hit its second historical high at NT$360mn (+101% YoY), with contract liabilities at ~NT$800mn;