Taiwanese PCB maker Compeq has caught the wave of SpaceX Starlink capacity expansion, pushing its revenue to a record high — good news for shareholders and for the low-Earth-orbit satellite supply chain.

• Compeq's revenue for September and for the third quarter both hit all-time highs, driven mainly by LEO satellite boards.
• Starlink's V3 satellites begin volume shipments in the fourth quarter, and their boards use more layers and greater surface area than the previous generation, directly doubling the value of the boards in each satellite.
• Compeq has secured more than 90% of SpaceX's space board orders. The US government's easing of commercial launch restrictions, together with military orders worth over US$8 billion, effectively locks in demand for the company.
• Analysts expect EPS to roughly double to around NT$14 next year, assigning a "buy" rating with a target price of NT$320; optical modules and direct-to-cell satellite service are seen as the next growth drivers.
• Taiwan's stock index is meanwhile approaching the 50,000-point mark, but domestic investment trusts and foreign investors have turned to net selling in recent days, increasing volatility at these elevated levels.

Outlook: Rising V3 shipments from the fourth quarter onward will lift Compeq's results, and if demand for direct-to-cell satellite service takes off as expected in 2027, LEO satellite revenue will climb to another level.