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

We held a meeting with Eternal Precision's (7795.TW, Not Covered) management. The company is a leading global ABF vacuum laminator equipment supplier with ~95% market share in the mid-to-high end market. Key takeaways: (1) order lead time extends to 2031 (increased from 2028/29 previously), with new orders mainly from the most high-end ABF vacuum laminators (90-ton 3-stage laminators); (2) some customers (mainly China ABF customers) proactively offer a premium to shorten lead time and secure equipment supply, a trend not observed in the 2020-22 upcycle, though the company still prioritizes major customers and those with secured ABF film supply; (3) the company will begin shipping new ABF vacuum laminators for EMIB-T substrates in 1H27, initially to Japanese customers; (4) for glass core substrate, commercialization is unlikely in 2027/28 and pricing should be higher than current high-end laminators;