[Alpha Biz= Paul Lee] SEOUL, October 27, 2025 — Meritz Securities Co., Ltd. has raised its target price for ISU Petasys from ₩89,000 to ₩105,000, maintaining a “Buy” recommendation, citing expectations that the Korean printed circuit board (PCB) manufacturer will benefit significantly from Google’s new agreement to supply 1 million TPU units to AI startup Anthropic.


According to analyst Yang Seung-soo, the deal could generate over ₩100 billion (US$72 million) in additional revenue for ISU Petasys. “Google’s TPUs are custom-designed AI ASIC chips originally used only for internal workloads,” Yang explained. “However, as AI inference demand grows, Google is expanding external services powered by TPUs, capitalizing on cost competitiveness.”


Meritz Securities assumes that ISU Petasys commands a 40–50% share in Google’s multilayer board (MLB) supply chain, suggesting that Anthropic’s contract alone could drive a major increase in PCB orders.


Yang added, “We expect sustained medium- to long-term demand growth as Google continues to expand its external AI infrastructure services.”


For the third quarter of 2025, Meritz projects ISU Petasys’s operating profit at ₩53.8 billion, about 14% higher than the current market consensus of ₩47 billion.


Yang also highlighted the company’s new 7th-generation MLB products for Google as a key growth driver. “Even without multilayer stacking, ASPs have risen significantly,” he noted. “Once the next-generation multilayer boards begin mass production next year, further ASP gains are expected.”

 

 

 

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