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57KB | 真資料圖（評等歷史，不嵌） | XZOPF（文曄）股價與 BofA PO 歷史圖，2024 至 2026 年；標註歷次 PO（145、140、115、100、118、135、145、165、190、225、265、310、270、320、370、310、330），最近一次 2026-08-06 PO NT$330；股價 2026 年上半年一度約 300 元後回落至約 200 元 |
原始內容
WT Microelectronics
Datacenter continues to fuel growth amid a less favorable funding surrounding
Reiterate Rating: BUY | PO: 270.00 TWD | Price: 195.00 TWD
3Q26 ahead on operating leverage
3Q26 net income NT$10.3bn was 4% ahead of BofAe/consensus, thanks mainly to a slightly stronger-than-expected operating leverage. By end markets, the sequential revenue momentum turned out to be stronger-than-expected across auto, industrial, CE (consumer electronics), PC (personal computer) and smartphone verticals in 3Q26, due partly to the earlier pull-in which also will likely lead to a QoQ revenue drop in 4Q26 for these segments.
Reaccelerating datacenter business into 4Q26 and 2027
4Q26 revenue is guided to grow by 25+% QoQ based on the mid-point of guidance range, thanks mainly to the reacceleration in datacenter-related business, which more than offset the QoQ revenue decline in the segments mentioned above. Yet we expect the firm's interest expense to notably increase in 4Q26 (vs 3Q26) to NT$3bn+, while management also attributes such increase to a higher funding cost (interest rate) environment and a bigger amount of working capital required to fuel future business growth. Looking into 2027, WT Micro expects continuous growth across datacenter, auto and industrial areas.
Lower PO on a lowered multiple given higher interest rate
We raise 2026-28E EPS by 7-11% after baking in the assumptions of stronger operating leverage post the release of 3Q26/4Q26 results/guidance, while our PO goes to NT$270 (from NT$330) now based on 7x (was 10x) 2H27-1H28E P/E, at the low-to-mid-end of its historical 2011-25 trading range of 4-15x, we believe this level of PE is warranted because of a higher funding cost (interest rate at 4+%) environment into 2027-28 balanced by a growing op margin, ROE and EPS CAGR over the forecast period. Given the still undemanding valuation at 6x/5x P/E and 11%/14% dividend yield in 2027/28E, we reiterate Buy rating on the stock, while staying confident for the company to record 20+% top-line/bottom-line CAGR during 2026-28E.
| Estimates (Dec) (NT$) | 2024A | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|
| Net Income (Adjusted - mn) | 9,112 | 13,544 | 38,316 | 47,038 | 56,590 |
| EPS | 8.38 | 11.84 | 28.48 | 34.96 | 42.06 |
| EPS Change (YoY) | 84.5% | 41.3% | 140.4% | 22.8% | 20.3% |
| Dividend / Share | 6.00 | 7.80 | 19.90 | 24.50 | 29.40 |
| Free Cash Flow / Share | 38.80 | 13.94 | 18.44 | 49.68 | 138.33 |
| Valuation (Dec) | |||||
| P/E | 23.26x | 16.46x | 6.85x | 5.58x | 4.64x |
| Dividend Yield | 3.08% | 4.00% | 10.21% | 12.56% | 15.08% |
| EV / EBITDA* | 17.18x | 12.65x | 5.11x | 3.71x | 3.11x |
| Free Cash Flow Yield* | 17.02% | 6.43% | 10.01% | 26.98% | 75.13% |
| * For full definitions of iQmethod SM measures, see page 7. |
This research report provides general information only. No part of this report may be used or reproduced or quoted in any manner whatsoever in Taiwan by the press or other persons without the express written consent of BofA Securities.
>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.
Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.
BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Refer to important disclosures on page 8 to 10. Analyst Certification on page 5. Price
05 November 2026
Equity
| Key Changes (NT$) | Previous | Current |
|---|---|---|
| Price Obj. | 330.00 | 270.00 |
| 2026E EPS | 26.62 | 28.48 |
| 2027E EPS | 31.51 | 34.96 |
| 2028E EPS | 38.65 | 42.06 |
| 2026E EBITDA (m) | 52,237.7 | 56,009.1 |
| 2027E EBITDA (m) | 66,391.6 | 77,171.0 |
| 2028E EBITDA (m) | 80,615.1 | 91,998.6 |
Mike Yang >> Research Analyst Merrill Lynch (Taiwan) +886 2 2376 3729 mike.c.yang@bofa.com
Haas Liu >> Research Analyst Merrill Lynch (Taiwan) +886 2 2376 3727 haas.liu@bofa.com
Cathy Hsu >> Research Analyst Merrill Lynch (Taiwan) +886 2 2376 3726 cathy.hsu3@bofa.com
| Stock Data | |
|---|---|
| Price | 195.00 TWD |
| Price Objective | 270.00 TWD |
| Date Established | 5-Nov-2026 |
| Investment Opinion | C-1-7 |
| 52-Week Range | 130.00 TWD-308.00 |
| TWD | |
| Mrkt Val / Shares Out (mn) | 7,537 USD / 1,270.6 |
| Market Value (mn) | 247,760 TWD |
| Average Daily Value (mn) | 42.81 USD |
| Free Float | 64.5% |
| BofA Ticker / Exchange | XZOPF / TAI |
| Bloomberg / Reuters | 3036 TT / 3036.TW |
| ROE (2026E) | 30.4% |
| Net Dbt to Eqty (Dec-2025A) | 24.4% |
iQprofile SM WT Microelectronics
| Key Income Statement Data (Dec) | 2024A | 2025A | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|
| (NT$ Millions) | |||||
| Sales | 959,432 | 1,177,949 | 2,436,116 | 3,355,926 | 4,002,419 |
| Gross Profit | 37,602 | 47,624 | 83,182 | 107,451 | 125,497 |
| Sell General & Admin Expense | (21,487) | (25,931) | (27,986) | (31,103) | (34,442) |
| Operating Profit | 15,264 | 20,882 | 54,283 | 75,431 | 90,259 |
| Net Interest & Other Income | (3,430) | (3,483) | (5,847) | (13,569) | (15,617) |
| Associates | NA | NA | NA | NA | NA |
| Pretax Income | 11,835 | 17,399 | 48,437 | 61,862 | 74,642 |
| Tax (expense) / Benefit | (2,629) | (3,833) | (10,110) | (14,764) | (17,992) |
| Net Income (Adjusted) | 9,112 | 13,544 | 38,316 | 47,038 | 56,590 |
| Average Fully Diluted Shares Outstanding | 1,087 | 1,143 | 1,346 | 1,346 | 1,346 |
| Key Cash Flow Statement Data | |||||
| Net Income | 9,112 | 13,544 | 38,316 | 47,038 | 56,590 |
| Depreciation & Amortization | 1,407 | 1,754 | 1,726 | 1,740 | 1,740 |
| Change in Working Capital | (56,884) | 3,781 | (15,561) | 19,683 | 129,747 |
| Deferred Taxation Charge | NA | NA | NA | NA | NA |
| Other Adjustments, Net | 88,793 | (1,473) | 1,288 | 60 | 60 |
| Cash Flow from Operations | 42,428 | 17,606 | 25,768 | 68,520 | 188,136 |
| Capital Expenditure | (249) | (1,668) | (957) | (1,678) | (2,001) |
| (Acquisition) / Disposal of Investments | 7,917 | (3,496) | (3,597) | 0 | 0 |
| Other Cash Inflow / (Outflow) | (116,554) | 3,402 | 3,288 | 0 | 0 |
| Cash Flow from Investing | (108,886) | (1,761) | (1,266) | (1,678) | (2,001) |
| Shares Issue / (Repurchase) | 18,759 | 12,372 | 272 | 0 | 0 |
| Cost of Dividends Paid | (2,278) | (6,997) | (10,495) | (26,821) | (32,926) |
| Cash Flow from Financing | 82,030 | (26,818) | 41,434 | (26,821) | (8,926) |
| Free Cash Flow | 42,179 | 15,938 | 24,812 | 66,842 | 186,135 |
| Net Debt | 58,738 | 28,833 | 22,442 | (17,579) | (170,788) |
| Change in Net Debt | 49,318 | (29,981) | (6,234) | (40,021) | (153,209) |
| Key Balance Sheet Data | |||||
| Property, Plant & Equipment | 3,192 | 4,719 | 4,961 | 5,421 | 6,204 |
| Other Non-Current Assets | 57,313 | 58,764 | 61,780 | 61,258 | 60,737 |
| Trade Receivables | 142,094 | 170,018 | 362,797 | 425,419 | 468,148 |
| Cash & Equivalents | 40,115 | 28,450 | 95,483 | 135,504 | 312,713 |
| Other Current Assets | 169,778 | 265,610 | 477,341 | 568,306 | 655,822 |
| Total Assets | 412,490 | 527,560 | 1,002,362 | 1,195,908 | 1,503,623 |
| Long-Term Debt | 63,366 | 23,681 | 64,400 | 64,400 | 88,400 |
| Other Non-Current Liabilities | 4,926 | 15,964 | 15,952 | 15,952 | 15,952 |
| Short-Term Debt | 35,486 | 33,601 | 53,526 | 53,526 | 53,526 |
| Other Current Liabilities | 204,849 | 336,376 | 732,698 | 905,968 | 1,165,959 |
| Total Liabilities | 308,627 | 409,622 | 866,576 | 1,039,845 | 1,323,837 |
| Total Equity | 103,863 | 117,938 | 135,786 | 156,063 | 179,787 |
| Total Equity & Liabilities | 412,490 | 527,560 | 1,002,362 | 1,195,908 | 1,503,623 |
| iQmethod SM - Bus Performance* | |||||
| Return On Capital Employed | 8.0% | 8.5% | 19.0% | 20.8% | 22.0% |
| Return On Equity | 10.6% | 12.4% | 30.4% | 32.3% | 33.8% |
| Operating Margin | 1.6% | 1.8% | 2.2% | 2.2% | 2.3% |
| EBITDA Margin | 1.7% | 1.9% | 2.3% | 2.3% | 2.3% |
| iQmethod SM - Quality of Earnings* | |||||
| Cash Realization Ratio | 4.7x | 1.3x | 0.7x | 1.5x | 3.3x |
| Asset Replacement Ratio | 0.2x | 1.4x | 0.8x | 1.4x | 1.6x |
| Tax Rate (Reported) | 22.2% | 22.0% | 20.9% | 23.9% | 24.1% |
| Net Debt-to-Equity Ratio | 56.6% | 24.4% | 16.5% | -11.3% | -95.0% |
| Interest Cover | 3.0x | 4.1x | 6.2x | 5.0x | 5.4x |
Key Metrics
- For full definitions of iQmethod SM measures, see page 7.
Company Sector
Semiconductors
Company Description
WT Microelectronics was founded in 1993 and went listed in 2002. The firm is the biggest distributor for semiconductor and technology hardware components globally with 10+% market share, and with more than 25k customers and over 400 suppliers. WT Micro operates in dual-headquarter business model, after acquiring Future Electronics in 2024, and now it has over eight thousand employees with over 160 sales branches.
Investment Rationale
We have a Buy rating on WT Micro, as we like the structural growth in datacenter business mainly driven by TPU, as well as the emerging benefits/synergies from the cross-selling with Future Electronics.
Stock Data
Price to Book Value
1.8x
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Exhibit 1: 3Q26 result review
3Q26 net income was 4% ahead of BofAe/consensus thanks to slightly stronger-than-expected operating leverage
| (NT$mn) | 3Q25A | 2Q26A | 3Q26A | QoQ % | YoY % | BofAe | Diff (%) | Consensus | Diff (%) |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 328,934 | 590,694 | 597,282 | 1.1% | 81.6% | 590,288 | 1.2% | 594,338 | 0.5% |
| Gross profit | 12,292 | 20,142 | 21,495 | 6.7% | 74.9% | 21,250 | 1.2% | 21,357 | 0.6% |
| Gross margin (%) | 3.7% | 3.4% | 3.6% | 0.2 ppt | -0.1 ppt | 3.6% | 0.0 ppt | 3.6% | 0.0 ppt |
| Operating Income | 5,660 | 12,994 | 14,233 | 9.5% | 151.5% | 13,842 | 2.8% | 13,973 | 1.9% |
| Operating margin (%) | 1.7% | 2.2% | 2.4% | 0.2 ppt | 0.7 ppt | 2.3% | 0.0 ppt | 2.4% | 0.0 ppt |
| Pre-tax Income | 4,798 | 12,227 | 12,871 | 5.3% | 168.2% | 12,430 | 3.6% | 12,668 | 1.6% |
| Pre-tax margin (%) | 1.5% | 2.1% | 2.2% | 0.1 ppt | 0.7 ppt | 2.1% | 0.0 ppt | 2.1% | 0.0 ppt |
| Net Income | 3,816 | 9,713 | 10,298 | 6.0% | 169.9% | 9,914 | 3.9% | 9,950 | 3.5% |
| Net margin (%) | 1.2% | 1.6% | 1.7% | 0.1 ppt | 0.6 ppt | 1.7% | 0.0 ppt | 1.7% | 0.1 ppt |
| EPS (NT$) | 3.40 | 7.68 | 8.14 | 6.0% | 139.3% | 7.27 | 11.9% | 7.86 | 3.5% |
Source: BofA Global Research estimates, company data, Bloomberg
Exhibit 2: Earnings estimate change
We raise 2026-28E EPS by 7-11% after baking in the assumptions of stronger revenue growth and operating leverage
| (NT$mn) | BofA 26 (E) - New | BofA 26 (E) - Old | BofA 26 (E) - Diff (%) | BofA 27 (E) - New | BofA 27 (E) - Old | BofA 27 (E) - Diff (%) | BofA 28 (E) - New | BofA 28 (E) - Old | BofA 28 (E) - Diff (%) |
|---|---|---|---|---|---|---|---|---|---|
| Total sales | 2,436,116 | 2,288,784 | 6.4 | 3,355,926 | 2,949,964 | 13.8 | 4,002,419 | 3,661,798 | 9.3 |
| Gross profit | 83,182 | 80,217 | 3.7 | 107,451 | 100,500 | 6.9 | 125,497 | 120,259 | 4.4 |
| Gross margin | 3.4% | 3.5% | -0.1 ppt | 3.2% | 3.4% | -0.2 ppt | 3.1% | 3.3% | -0.1 ppt |
| Operating profit | 54,283 | 50,554 | 7.4 | 75,431 | 64,708 | 16.6 | 90,259 | 78,931 | 14.4 |
| Operating margin | 2.2% | 2.2% | 0.0 ppt | 2.2% | 2.2% | 0.1 ppt | 2.3% | 2.2% | 0.1 ppt |
| Pretax income | 48,437 | 45,952 | 5.4 | 61,862 | 56,576 | 9.3 | 74,642 | 69,618 | 7.2 |
| Pretax margin | 2.0% | 2.0% | 0.0 ppt | 1.8% | 1.9% | -0.1 ppt | 1.9% | 1.9% | 0.0 ppt |
| Net income | 38,316 | 36,302 | 5.5 | 47,038 | 42,962 | 9.5 | 56,590 | 52,706 | 7.4 |
| Net margin | 1.6% | 1.6% | 0.0 ppt | 1.4% | 1.5% | -0.1 ppt | 1.4% | 1.4% | 0.0 ppt |
| EPS (NT$) | 28.48 | 26.62 | 7.0 | 34.96 | 31.51 | 10.9 | 42.06 | 38.65 | 8.8 |
Source: BofA Global Research estimates
Exhibit 3: BofAe vs consensus
We are 7-11% above consensus for 2026-28E EPS, given the assumption of stronger operating leverage
| (NT$mn) | 2026E - BofAe | 2026E - Consensus | 2026E - Diff (%) | 2027E - BofAe | 2027E - Consensus | 2027E - Diff (%) | 2028E - BofAe | 2028E - Consensus | 2028E - Diff (%) |
|---|---|---|---|---|---|---|---|---|---|
| Total sales | 2,436,116 | 2,353,252 | 3.5 | 3,355,926 | 3,024,245 | 11.0 | 4,002,419 | 3,841,858 | 4.2 |
| Gross profit | 83,182 | 82,364 | 1.0 | 107,451 | 102,824 | 4.5 | 125,497 | 130,623 | -3.9 |
| Gross margin | 3.4% | 3.5% | -0.1 ppt | 3.2% | 3.4% | -0.2 ppt | 3.1% | 3.4% | -0.3 ppt |
| Operating profit | 54,283 | 49,768 | 9.1 | 75,431 | 60,724 | 24.2 | 90,259 | 75,082 | 20.2 |
| Operating margin | 2.2% | 2.1% | 0.1 ppt | 2.2% | 2.0% | 0.2 ppt | 2.3% | 2.0% | 0.3 ppt |
| Pretax income | 48,437 | 45,309 | 6.9 | 61,862 | 54,611 | 13.3 | 74,642 | 67,500 | 10.6 |
| Pretax margin | 2.0% | 1.9% | 0.1 ppt | 1.8% | 1.8% | 0.0 ppt | 1.9% | 1.8% | 0.1 ppt |
| Net income | 38,316 | 35,646 | 7.5 | 47,038 | 42,486 | 10.7 | 56,590 | 52,740 | 7.3 |
| Net margin | 1.6% | 1.5% | 0.1 ppt | 1.4% | 1.4% | 0.0 ppt | 1.4% | 1.4% | 0.0 ppt |
| EPS (NT$) | 28.48 | 26.49 | 7.5 | 34.96 | 31.57 | 10.7 | 42.06 | 39.20 | 7.3 |
Source: BofA Global Research estimates, Bloomberg
BofA GLOBAL RESEARCH
BofA GLOBAL RESEARCH
BofA GLOBAL RESEARCH
Exhibit 4: Income statement
We expect the company to record 20+% revenue CAGR during 2026-28
| NT$mn; % | 1Q26 | 2Q26 | 3Q26 | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 494,273 | 590,694 | 597,282 | 753,868 | 725,653 | 812,317 | 891,113 | 926,844 | 1,177,949 | 2,436,116 | 3,355,926 | 4,002,419 |
| Cost of Revenue | -477,229 | -570,551 | -575,787 | -729,367 | -701,888 | -786,120 | -862,820 | -897,648 | -1,130,325 | -2,352,934 | -3,248,476 | -3,876,923 |
| Gross profit | 17,044 | 20,142 | 21,495 | 24,501 | 23,765 | 26,197 | 28,293 | 29,196 | 47,624 | 83,182 | 107,451 | 125,497 |
| Operating exp | -7,100 | -7,149 | -7,262 | -7,388 | -7,474 | -7,961 | -8,243 | -8,342 | -26,742 | -28,899 | -32,019 | -35,238 |
| Operating income | 9,944 | 12,994 | 14,233 | 17,113 | 16,291 | 18,237 | 20,050 | 20,854 | 20,882 | 54,283 | 75,431 | 90,259 |
| Non-opt net | -921 | -766 | -1,363 | -2,796 | -3,255 | -3,244 | -3,606 | -3,464 | -3,483 | -5,847 | -13,569 | -15,617 |
| Income before tax | 9,022 | 12,227 | 12,871 | 14,317 | 13,036 | 14,992 | 16,444 | 17,390 | 17,399 | 48,437 | 61,862 | 74,642 |
| Income Tax | -2,027 | -2,502 | -2,574 | -3,006 | -2,998 | -3,298 | -3,946 | -4,521 | -3,833 | -10,110 | -14,764 | -17,992 |
| Net income | 6,995 | 9,725 | 10,296 | 11,310 | 10,038 | 11,694 | 12,497 | 12,868 | 13,566 | 38,327 | 47,098 | 56,650 |
| EPS (NT$) | 5.5 | 7.7 | 7.7 | 8.4 | 7.4 | 8.7 | 9.3 | 9.6 | 12.0 | 29.3 | 35.0 | 42.1 |
| Margin % | ||||||||||||
| Gross margin | 3.4% | 3.4% | 3.6% | 3.3% | 3.3% | 3.2% | 3.2% | 3.2% | 4.0% | 3.4% | 3.2% | 3.1% |
| Operating expenses | 1.4% | 1.2% | 1.2% | 1.0% | 1.0% | 1.0% | 0.9% | 0.9% | 2.3% | 1.2% | 1.0% | 0.9% |
| Operating margin | 2.0% | 2.2% | 2.4% | 2.3% | 2.2% | 2.2% | 2.3% | 2.3% | 1.8% | 2.2% | 2.2% | 2.3% |
| Pretax margin | 1.8% | 2.1% | 2.2% | 1.9% | 1.8% | 1.8% | 1.8% | 1.9% | 1.5% | 2.0% | 1.8% | 1.9% |
| Net margin | 1.4% | 1.6% | 1.7% | 1.5% | 1.4% | 1.4% | 1.4% | 1.4% | 1.2% | 1.6% | 1.4% | 1.4% |
| Sequential growth % | ||||||||||||
| Revenue | 44.5% | 19.5% | 1.1% | 26.2% | -3.7% | 11.9% | 9.7% | 4.0% | 22.8% | 106.8% | 37.8% | 19.3% |
| Gross profit | 33.2% | 18.2% | 6.7% | 14.0% | -3.0% | 10.2% | 8.0% | 3.2% | 26.7% | 74.7% | 29.2% | 16.8% |
| Operating exp | 4.4% | 0.7% | 1.6% | 1.7% | 1.2% | 6.5% | 3.5% | 1.2% | 19.7% | 8.1% | 10.8% | 10.1% |
| Operating income | 66.0% | 30.7% | 9.5% | 20.2% | -4.8% | 11.9% | 9.9% | 4.0% | 36.8% | 160.0% | 39.0% | 19.7% |
| Net income | 66.6% | 39.0% | 5.9% | 9.8% | -11.2% | 16.5% | 6.9% | 3.0% | 47.4% | 182.5% | 22.9% | 20.3% |
Source: BofA Global Research estimates, company data
BofA GLOBAL RESEARCH
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Price objective basis & risk
WT Microelectronics (XZOPF)
We base our PO NT$270 on 7x 2H27-1H28E P/E, which is at the low-to-mid-end of its historical 2011-25 trading range of 4-15x. This is justified in our view, given the higher interest rate balanced by the support from: 1) an operating margin of 2.2-2.3% in 202728E, 2) improving ROE toward 33% in 2027-28E (vs 12% in 2024-25), and 3) 22% EPS CAGR during 2026-28E.
Upside risks to our PO are:
- 1) faster-than-expected demand recovery in auto/industrial verticals, especially from US/Europe market
- 2) a lower interest rate that could alleviate the company's financial burden at nonoperating level.
Downside risks to our PO are:
- 1) a revenue decline in datacenter/server related business, which has been the key growth driver during 2021-24
- 2) market share loss as suppliers or customers seek other distributors' help after WT Micro consolidates Future Electronics.
- 3) Potential overhang from share dilution.