# 4971.TW - IntelliEPI (IET-KY)
## Date: 2026-04-12
## Score: 64/100

### Thesis (2-3 sentences)
IntelliEPI is one of the highest-signal Taiwan additions from the COHR / LITE supplier sweep because local trade press explicitly tied it to both companies for APD-related outsourced epitaxy. That fits the existing repo view that IntelliEPI sits in the InP epi / photodetector layer feeding advanced optical modules. It is still a small-cap specialist rather than a clean chokepoint, but the customer clue is strong enough to elevate it from generic beneficiary to mapped supplier candidate.

### Source Trail
| Topic | Source | Date / Period |
|-------|--------|---------------|
| Business / products | IntelliEPI company materials and prior repo note | 2025-2026 |
| Existing repo report | IntelliEPI report in this repo | 2026-03-24 |
| Customer clue | UDN article tying U.S. customers to Lumentum and Coherent APD outsourcing | 2025-06 |

### Key Metrics
| Metric | Value | Notes |
|--------|-------|-------|
| Exchange | 4971.TW | Taiwan listing |
| Focus | InP / GaAs / GaSb epitaxial wafers | III-V specialist |
| AI-relevant product | 100G / 200G APD and PIN-related epi | Reported by Taiwan press / prior repo note |

### Value Chain Position
IntelliEPI belongs at the upstream epi layer. The new wrinkle from Taiwan press is that the company is no longer just a generic InP beneficiary in the map: it has a public breadcrumb suggesting direct APD-related outsourcing from both Lumentum and Coherent.

### Moat Analysis
**Rating: Moderate (3/5)**

- **Right technical layer**: APD / PIN receiver epi is directly relevant to high-speed optical modules.
- **Public customer clue improved**: the UDN article is the cleanest direct link I found between a Taiwan epi specialist and both COHR / LITE.
- **Still not a bottleneck**: this remains a niche supplier in a competitive III-V ecosystem.
- **Micro-cap execution risk**: the company is still small enough that customer concentration and program timing matter a lot.

### CHIPS Act Update (2026-04-12)
Status: `NONE`.

I did not identify a direct U.S. CHIPS incentives award or CHIPS-linked R&D award for IntelliEPI in the materials reviewed for this update.

### Verdict: HOLD
IntelliEPI now merits explicit inclusion in the COHR / LITE supplier map rather than just the broader Taiwan photonics bucket. The evidence is still trade-press level, but it is specific enough to raise confidence that the company participates in the receiver-side III-V layer behind those two U.S. optical leaders.

**Final Score: 64/100**

### Update 2026-08-17 — 經濟日報 InP hike

Bloomberg 17 Aug: NT$501, mcap NT$23.6bn (~$740m), TTM P/E 98x, P/S 17.6x, GM 35.7%, OM 16.1%, TTM sales NT$1.08bn / NI NT$65m. 1M +34%, 3M −29%, YTD +62%. 5 analysts, rec 3.60, BEST TP 746.

FY27E BEST: sales NT$1.42bn, EPS 8.03 → ~62x (cheapest of the three Taiwan epi names on forward). FY28E sales NT$1.84bn, EPS 11.88. Four-week revisions flat.

Texas phase-2: company language is start Jul 2025, complete late-2026 to early-2027 (MoneyDJ 27 Jul). The 經濟日報 line “今年完工” is slightly compressed. New capacity is 2027 earnings, not a 2026 print.

Verdict unchanged: HOLD. Better residual versus TP than 2455/3081, but thinner coverage and the US fab is still a construction story.