TAIPEI -- A leading analyst says Zhen Ding Technology will be the "major beneficiary" of higher demand for wearable devices.

In a June 6 research note, Morgan Stanley analyst Sharon Shih said the Taiwanese flexible printed circuit board fabricator, a subsidiary of Foxconn, will leverage its relationship with Apple and its tremendous capacity to grab share of the emerging market.

"We believe it (Zhen Ding) will be the major beneficiary of the takeoff in wearable devices in 2015-2016 thanks to its superior flexible PCB production capability and scale, full-range PCB product offerings, and solid execution," Shih wrote.

Shih says flexible PCBs wil find higher adoption rates in wearables than in other handheld electronics such as smartphones, due to weight and form factor constraints.

She estimated that total PCB value in wearable devices will reach $123 million in 2015 and $310 million in 2016.