Eternal Precision Mechanics is likely benefiting from demand for Ajinomoto build-up film substrates, Daiwa Capital Markets analysts say in a research report. The Taiwanese company has around 95% share in the high-end vacuum laminator market, and direct exposure to the ABF substrate industry, the analysts note. Given the company's strong correlation with the industry's capital expenditure and increasing demand for high-end equipment driven by AI chip complexity, the brokerage forecasts the company's revenue CAGR at 96% over 2026-2028. Daiwa initiates coverage of the stock with a buy rating and a target price of 600.00 New Taiwan dollars. Shares are 9.9% higher at NT$506.00. (ronnie.harui@wsj.com)