PDF 原檔：報告_大和_邁科6831_20260717_original.pdf
短訊（quick note），無抽圖，正文僅約 40 行。
原始內容
Taiwan Microloops (6831 TT)
Share price (16 Jul): TWD680.00
12-mth rating: Buy (1)
A brighter 2H26 outlook vs. 1H26; accumulate on weakness
Helen Chien
(886) 2 8758 6254 helen.chien@daiwacm-cathay.com.tw
Neil Teng, CFA
(886) 2 8758 6256
neil.teng@daiwacm-cathay.com.tw
Summary: Microloops's share price has corrected by 22% MTD, which we attribute to profit taking and the concerns of falling into the category of a 'disposition stock' (ie, a stock whose trading is closely monitored by the TAIEX). However, based on our market research, we believe the fundamentals remain strong.
We have a Buy (1) rating and 12-month TP of TWD1,150, based on a target PER of 40x applied to our one-year-forward EPS estimate. For more information on the company, please refer to our recent initiation report, Initiation: ASIC thermal solutions share heating up , published on 18 June 2026.
What's the impact
- On track 2Q26 results and 3Q26 outlook. We forecast its 2Q26E EPS to hit TWD1.08 and for 3Q26 revenue to reach TWD2.9bn, which would be up by 177.0% QoQ and 151.2% YoY. We expect its monthly revenue momentum to accelerate in the following months.
- Rising liquid cooling penetration rate since 2026. We expect Microloops to benefit from the transition of air cooling to liquid cooling trend from ASIC projects since 2026. We forecast Microloops' revenue to rise at a 100.0% CAGR over 2026-28E, with margin expansion driven by: 1) rising operating leverage - Microloops' opex ratio has been falling as revenue scales, a trend that we expect will continue given strong order visibility and growing demand for thermal efficiency AI servers; 2) improving product mix - a move to higher-margin segments; and 3) spec upgrades - rising thermal performance requirements in upcoming ASIC generations to lift Microloops' ASPs.
What we recommend
We have a Buy (1) rating and 12-month TP of TWD1,150, based on a target PER of 40x applied to our 1-year forward EPS forecast. Based on our 2026/27E EPS, the stock is currently trading at PERs of 43.2x/16.4x, vs. its past-3-year trading range of 7-39x. Key downside risks: weaker-than-expected global AI server demand; and slower-than expected progress in ASIC AI server development.
In the interests of timeliness, this document has not been edited.
17 July 2026
Industrials: Taiwan