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原始內容
Taiwan
ASPEED Technology (5274TT)
Target price:
TWD26,660.00 (from TWD19,800.00)
Share price (14 Sep): TWD17,980.00 | Up/downside: +48.3%
Promising outlook on agentic AI
- Rising CPU:XPU ratio is becoming a key growth driver for Aspeed…
- … which indicates solid regular server demand despite supply hiccups
- Reaffirming our Buy (1) rating and raising 12-month TP to TWD26,660
What's new: We provide our update on Aspeed following its upbeat 4Q26 revenue guidance on 4 September. We believe the strong guidance reaffirms our positive view that agentic AI has served as a catalyst for end demand for regular servers starting early 2026. Baseboard management controller (BMC) shipments for general servers (AI and non-AI together) should grow c.50% YoY in 2026. We believe that the new 4Q26 revenue guidance implies regular server shipment volume will increase c.50% YoY in 2027, hence the 36/34% uplift in our 2027/28E earnings forecasts.
What's the impact: Solid regular server shipments ahead. Aspeed's latest guidance range for its 4Q26 sales at TWD6.6-6.8bn implies 4Q26 BMC shipments of c.12m. With this run-rate, total BMC shipments in 2027 should be near c.50m, much higher than our previous estimate of 36.1m. We attribute the ongoing strength to agentic AI and AI-related generalpurpose demand. We forecast Aspeed's BMC for general servers to increase to 27m in 2027E (from 18m in 2026E and 13m in 2025). At the same time, we expect BMC for AI servers to increase c.50% to 20m in 2027E (up from 13m in 2026E and 5m in 2025). To sum up, we now forecast BMC shipments of 32.7m in 2026 and 47.6m in 2027 (+46% YoY in 2027). Based on our AI-related general server assumptions (excluding non-AI general servers), we expect the CPU:XPU ratio to rise to 1:1.3 in 2027E (from 1:2.6 in 2026E). We expect a rising CPU:XPU ratio to become a key growth driver and share-price catalyst in the years after 2027. Due to the solid end demand, management is considering adjusting its pricing again from November to factor in the additional packaging cost, leading to our higher gross margin assumptions from 4Q26.
New growth opportunities. Following our visits to Aspeed's booth at Computex 2026 and the OCP APAC conference, we believe Aspeed will continually maximise the dollar content per server board. Compared with last year's version (embedded software-defined FPGA), Aspeed is integrating a Lattice FPGA into its next-generation Bridge IC (SMC; AST1840), which should support higher ASPs for its products.
What we recommend: We lift our 2026-28E EPS by 9-36% to factor in our higher BMC shipment assumptions. We lift our 12M TP to TWD26,660 (from TWD19,800), based on an unchanged PER of 66x (high end of its past-3-year PER range of 21-78x), applied to our 1-year forward EPS forecast. Our 2025-28E EPS CAGR of 83% makes our target PER undemanding, given the resulting PEG ratio of 0.8. Key downside risk: weak AI server demand.
How we differ: Our 2026-28E EPS are 6-26% higher than the consensus, likely due to our bullish view on Aspeed's ASP and shipment story.
14 September 2026
5
Daiwa
3
2
1
→
Buy
Sheng Cheng (886) 2 8758 6253 sheng.cheng@daiwacm-cathay.com.tw
Thomas Kim (886) 2 8758 6249 thomas.kim@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 9.3 | 33.9 | 32.7 |
| Net profit change | 9.1 | 35.7 | 34 |
| Core EPS (FD) change | 9.1 | 35.7 | 34 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 4,409.09-19,220.00 |
|---|---|
| Market cap (USDbn) | 23.61 |
| 3m avg daily turnover (USDm) | 152.47 |
| Shares outstanding (m) | 42 |
| Major shareholder | FENG HUA INVEST (13.9%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 18,268 | 35,844 | 52,117 |
| Operating profit (m) | 10,096 | 20,645 | 29,623 |
| Net profit (m) | 8,396 | 16,814 | 24,001 |
| Core EPS (fully-diluted) | 201.820 | 404.151 | 576.907 |
| EPS change (%) | 113.8 | 100.3 | 42.7 |
| Daiwa vs Cons. EPS (%) | 6.0 | 25.6 | 26.4 |
| PER (x) | 89.1 | 44.5 | 31.2 |
| Dividend yield (%) | 0.4 | 0.4 | 0.7 |
| DPS | 80.0 | 80.0 | 120.0 |
| PBR (x) | n.a. | 29.2 | 16.8 |
| EV/EBITDA (x) | 71.8 | 34.8 | 23.6 |
| ROE (%) | 85.2 | 89.0 | 68.3 |
Source: FactSet, Daiwa forecasts
Aspeed: Daiwa's revenue and earnings forecasts vs. consensus
| 2026E | 2026E | 2026E | 2027E | 2027E | 2027E | 2028E | 2028E | 2028E | |
|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | Previous | New | Consensus | Previous | New | Consensus | Previous | New | Consensus |
| Revenue | 16,714 | 18,268 | 17,337 | 26,770 | 35,844 | 28,711 | 39,275 | 52,117 | 40,293 |
| Diff (%) | 9.3% | 5.4% | 33.9% | 24.8% | 32.7% | 29.3% | |||
| Gross Margin (%) | 70.7% | 70.6% | 69.5% | 69.9% | 70.9% | 68.9% | 69.1% | 69.7% | 68.7% |
| Operating profit | 9,221 | 10,096 | 9,470 | 15,156 | 20,645 | 16,379 | 22,058 | 29,623 | 23,490 |
| Op Margin (%) | 55.2% | 55.3% | 54.6% | 56.6% | 57.6% | 57.0% | 56.2% | 56.8% | 58.3% |
| Net profit | 7,697 | 8,396 | 7,919 | 12,395 | 16,814 | 13,391 | 17,911 | 24,001 | 18,984 |
| EPS (TWD) | 185.01 | 201.82 | 190.35 | 297.93 | 404.15 | 321.88 | 430.52 | 576.91 | 456.32 |
| Diff (%) | 9.1% | 6.0% | 35.7% | 25.6% | 34.0% | 26.4% |
Source: Bloomberg, Daiwa forecasts
Aspeed: quarterly and annual P&L statement
| 2026E | 2026E | 2026E | 2026E | 2027E | 2025 | 2026E | 2027E | 2028E | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (TWDm) | 1Q | 2Q | 3QE | 4QE | 1QE | 2QE | 3QE | 4QE | ||||
| Net revenue | 3,147 | 3,871 | 4,573 | 6,676 | 6,981 | 8,041 | 9,641 | 11,182 | 9,085 | 18,268 | 35,844 | 52,117 |
| COGS | -970 | -1,084 | -1,351 | -1,962 | -2,024 | -2,330 | -2,817 | -3,264 | -2,906 | -5,366 | -10,435 | -15,767 |
| Gross profit | 2,177 | 2,788 | 3,222 | 4,715 | 4,957 | 5,711 | 6,824 | 7,917 | 6,179 | 12,902 | 25,410 | 36,350 |
| Operating expenses | -518 | -702 | -659 | -928 | -949 | -1,077 | -1,273 | -1,465 | -1,518 | -2,806 | -4,764 | -6,727 |
| Operating profit | 1,659 | 2,086 | 2,564 | 3,787 | 4,007 | 4,633 | 5,552 | 6,453 | 4,660 | 10,096 | 20,645 | 29,623 |
| Non-operating profit | 109 | 180 | 41 | 36 | 135 | 37 | 36 | 36 | 195 | 365 | 243 | 194 |
| Pre-tax profit | 1,768 | 2,265 | 2,605 | 3,822 | 4,142 | 4,670 | 5,588 | 6,488 | 4,855 | 10,461 | 20,888 | 29,817 |
| Income taxes | -354 | -424 | -521 | -764 | -808 | -911 | -1,090 | -1,265 | -928 | -2,063 | -4,073 | -5,814 |
| Net profit | 1,414 | 1,841 | 2,083 | 3,058 | 3,334 | 3,759 | 4,498 | 5,223 | 3,928 | 8,396 | 16,814 | 24,001 |
| Net EPS (TWD) | 34.01 | 44.27 | 50.10 | 73.53 | 80.18 | 90.40 | 108.16 | 125.60 | 94.4 | 201.8 | 404.2 | 576.9 |
| Operating Ratios | ||||||||||||
| Gross margin | 69.2% | 72.0% | 70.5% | 70.6% | 71.0% | 71.0% | 70.8% | 70.8% | 68.0% | 70.6% | 70.9% | 69.7% |
| Operating margin | 52.7% | 53.9% | 56.1% | 56.7% | 57.4% | 57.6% | 57.6% | 57.7% | 51.3% | 55.3% | 57.6% | 56.8% |
| Pre-tax margin | 56.2% | 58.5% | 57.0% | 57.3% | 59.3% | 58.1% | 58.0% | 58.0% | 53.4% | 57.3% | 58.3% | 57.2% |
| Net margin | 44.9% | 47.6% | 45.6% | 45.8% | 47.8% | 46.7% | 46.7% | 46.7% | 43.2% | 46.0% | 46.9% | 46.1% |
| YoY (%) | ||||||||||||
| Net revenue | 52% | 72% | 96% | 173% | 122% | 108% | 111% | 67% | 41% | 101% | 96% | 45% |
| Gross profit | 59% | 83% | 100% | 182% | 128% | 105% | 112% | 68% | 49% | 109% | 97% | 43% |
| Operating profit | 62% | 76% | 108% | 211% | 142% | 122% | 117% | 70% | 60% | 117% | 104% | 43% |
| Pre-tax profit | 60% | 188% | 73% | 162% | 134% | 106% | 115% | 70% | 53% | 115% | 100% | 43% |
| Net profit | 59% | 193% | 72% | 155% | 136% | 104% | 116% | 71% | 53% | 114% | 100% | 43% |
| QoQ (%) | ||||||||||||
| Net revenue | 29% | 23% | 18% | 46% | 5% | 15% | 20% | 16% | ||||
| Gross profit | 30% | 28% | 16% | 46% | 5% | 15% | 19% | 16% | ||||
| Operating profit | 36% | 26% | 23% | 48% | 6% | 16% | 20% | 16% | ||||
| Pre-tax profit | 21% | 28% | 15% | 47% | 8% | 13% | 20% | 16% | ||||
| Net profit | 18% | 30% | 13% | 47% | 9% | 13% | 20% | 16% |
Source: Company, Daiwa forecasts
Aspeed: BMC TAM forecast
Source: Company
ASPEED Technology (5274 TT): 14 September 2026
Aspeed: 1-year-forward PER bands
Source: Bloomberg
Daiwa
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Server BMC shipment (m) | 12.8 | 14.9 | 6.7 | 13 | 18.4 | 32.7 | 47.6 | 53.8 |
| Server BMC ASP (USD) | 9.3 | 10.7 | 12.3 | 12.6 | 13.7 | 16.1 | 21.7 | 27.2 |
| PC/AV extension IC ASP (USD) | 15.6 | 14.7 | 14.1 | 14.1 | 12.2 | 11.2 | 11.5 | 11.2 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Server BMC | 3,392 | 4,784 | 2,581 | 5,261 | 7,748 | 16,629 | 33,036 | 46,754 |
| PC/AV extension IC | 244 | 344 | 276 | 328 | 351 | 367 | 426 | 464 |
| Other Revenue | 2 | 82 | 274 | 871 | 985 | 1,271 | 2,382 | 4,899 |
| Total Revenue | 3,638 | 5,210 | 3,130 | 6,460 | 9,085 | 18,268 | 35,844 | 52,117 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (1,262) | (1,819) | (1,122) | (2,306) | (2,906) | (5,366) | (10,435) | (15,767) |
| SG&A | (217) | (314) | (295) | (407) | (476) | (945) | (1,409) | (1,910) |
| Other op.expenses | (506) | (628) | (633) | (829) | (1,042) | (1,861) | (3,356) | (4,816) |
| Operating profit | 1,652 | 2,449 | 1,080 | 2,918 | 4,660 | 10,096 | 20,645 | 29,623 |
| Net-interest inc./(exp.) | 7 | 28 | 73 | 69 | 143 | 139 | 143 | 144 |
| Assoc/forex/extraord./others | (49) | 138 | 43 | 180 | 52 | 226 | 100 | 50 |
| Pre-tax profit | 1,610 | 2,615 | 1,195 | 3,167 | 4,855 | 10,461 | 20,888 | 29,817 |
| Tax | (297) | (509) | (188) | (596) | (928) | (2,063) | (4,073) | (5,814) |
| Min. int./pref. div./others | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) |
| Net profit (reported) | 1,313 | 2,106 | 1,007 | 2,571 | 3,928 | 8,396 | 16,814 | 24,001 |
| Net profit (adjusted) | 1,313 | 2,106 | 1,007 | 2,571 | 3,928 | 8,396 | 16,814 | 24,001 |
| EPS (reported)(TWD) | 31.572 | 50.612 | 24.201 | 61.806 | 94.412 | 201.820 | 404.151 | 576.907 |
| EPS (adjusted)(TWD) | 31.572 | 50.612 | 24.201 | 61.806 | 94.412 | 201.820 | 404.151 | 576.907 |
| EPS (adjusted fully-diluted)(TWD) | 31.572 | 50.612 | 24.201 | 61.806 | 94.412 | 201.820 | 404.151 | 576.907 |
| DPS (TWD) | 21.486 | 28.915 | 40.909 | 20.000 | 52.000 | 80.000 | 80.000 | 120.000 |
| EBIT | 1,652 | 2,449 | 1,080 | 2,918 | 4,660 | 10,096 | 20,645 | 29,623 |
| EBITDA | 1,871 | 2,689 | 1,385 | 3,174 | 4,984 | 10,285 | 20,945 | 30,137 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 1,610 | 2,615 | 1,195 | 3,167 | 4,855 | 10,461 | 20,888 | 29,817 |
| Depreciation and amortisation | 219 | 240 | 306 | 256 | 324 | 190 | 299 | 514 |
| Tax paid | (297) | (509) | (188) | (596) | (928) | (2,063) | (4,073) | (5,814) |
| Change in working capital | (148) | (380) | 272 | (645) | 77 | (1,466) | (2,674) | (2,431) |
| Other operational CF items | 305 | 344 | (1,066) | 962 | 167 | 0 | 0 | 0 |
| Cash flow from operations | 1,689 | 2,310 | 519 | 3,145 | 4,496 | 7,122 | 14,441 | 22,086 |
| Capex | (93) | (120) | (83) | (25) | (274) | (365) | (717) | (1,042) |
| Net (acquisitions)/disposals | 0 | 0 | (46) | (130) | (50) | 0 | 0 | 0 |
| Other investing CF items | (281) | (55) | 128 | (191) | (71) | 0 | 0 | 0 |
| Cash flow from investing | (374) | (175) | (0) | (345) | (395) | (365) | (717) | (1,042) |
| Change in debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (892) | (1,202) | (1,702) | (756) | (1,967) | (3,328) | (3,328) | (4,992) |
| Other financing CF items | (24) | (151) | (26) | (25) | (25) | 0 | 0 | 0 |
| Cash flow from financing | (916) | (1,353) | (1,728) | (781) | (1,991) | (3,328) | (3,328) | (4,992) |
| Forex effect/others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in cash | 398 | 781 | (1,210) | 2,018 | 2,110 | 3,428 | 10,396 | 16,052 |
| Free cash flow | 1,595 | 2,189 | 436 | 3,120 | 4,222 | 6,756 | 13,724 | 21,044 |
Source: FactSet, Daiwa forecasts
ASPEED Technology (5274 TT): 14 September 2026
Daiwa
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 2,510 | 3,356 | 1,984 | 4,011 | 6,298 | 9,726 | 20,122 | 36,174 |
| Inventory | 158 | 400 | 306 | 357 | 280 | 588 | 1,143 | 1,728 |
| Accounts receivable | 831 | 995 | 728 | 1,487 | 1,642 | 3,146 | 6,172 | 8,974 |
| Other current assets | 10 | 28 | 405 | 132 | 188 | 188 | 188 | 188 |
| Total current assets | 3,509 | 4,779 | 3,423 | 5,987 | 8,408 | 13,648 | 27,626 | 47,064 |
| Fixed assets | 189 | 218 | 198 | 355 | 409 | 585 | 1,002 | 1,530 |
| Goodwill & intangibles | 650 | 757 | 620 | 705 | 608 | 608 | 608 | 608 |
| Other non-current assets | 209 | 173 | 304 | 679 | 909 | 417 | 417 | 417 |
| Total assets | 4,557 | 5,927 | 4,544 | 7,726 | 10,334 | 15,257 | 29,653 | 49,618 |
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts payable | 264 | 317 | 242 | 426 | 616 | 962 | 1,870 | 2,826 |
| Other current liabilities | 667 | 1,067 | 438 | 1,457 | 1,828 | 1,828 | 1,828 | 1,828 |
| Total current liabilities | 931 | 1,385 | 680 | 1,883 | 2,444 | 2,789 | 3,698 | 4,654 |
| Long-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current liabilities | 79 | 54 | 31 | 204 | 319 | 319 | 319 | 319 |
| Total liabilities | 1,010 | 1,439 | 710 | 2,087 | 2,763 | 3,109 | 4,017 | 4,973 |
| Share capital | 344 | 378 | 378 | 378 | 378 | 416 | 416 | 416 |
| Reserves/R.E./others | 3,203 | 4,110 | 3,456 | 5,261 | 7,193 | 11,732 | 25,219 | 44,229 |
| Shareholders' equity | 3,546 | 4,488 | 3,834 | 5,639 | 7,571 | 12,148 | 25,635 | 44,645 |
| Minority interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total equity & liabilities | 4,557 | 5,927 | 4,544 | 7,726 | 10,334 | 15,257 | 29,653 | 49,618 |
| EV | 745,508 | 744,662 | 746,033 | 744,006 | 741,720 | 738,292 | 727,896 | 711,844 |
| Net debt/(cash) | (2,510) | (3,356) | (1,984) | (4,011) | (6,298) | (9,726) | (20,122) | (36,174) |
| BVPS (TWD) | 85.275 | 107.871 | 92.162 | 135.549 | 181.978 | 292.009 | 616.194 | 1,073.135 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 18.7 | 43.2 | (39.9) | 106.4 | 40.6 | 101.1 | 96.2 | 45.4 |
| EBITDA (YoY) | 26.6 | 43.7 | (48.5) | 129.1 | 57.0 | 106.4 | 103.6 | 43.9 |
| Operating profit (YoY) | 30.0 | 48.2 | (55.9) | 170.3 | 59.7 | 116.6 | 104.5 | 43.5 |
| Net profit (YoY) | 30.7 | 60.4 | (52.2) | 155.4 | 52.8 | 113.8 | 100.3 | 42.7 |
| Core EPS (fully-diluted) (YoY) | 30.5 | 60.3 | (52.2) | 155.4 | 52.8 | 113.8 | 100.3 | 42.7 |
| Gross-profit margin | 65.3 | 65.1 | 64.1 | 64.3 | 68.0 | 70.6 | 70.9 | 69.7 |
| EBITDA margin | 51.4 | 51.6 | 44.3 | 49.1 | 54.9 | 56.3 | 58.4 | 57.8 |
| Operating-profit margin | 45.4 | 47.0 | 34.5 | 45.2 | 51.3 | 55.3 | 57.6 | 56.8 |
| Net profit margin | 36.1 | 40.4 | 32.2 | 39.8 | 43.2 | 46.0 | 46.9 | 46.1 |
| ROAE | 40.1 | 52.4 | 24.2 | 54.3 | 59.5 | 85.2 | 89.0 | 68.3 |
| ROAA | 31.8 | 40.2 | 19.2 | 41.9 | 43.5 | 65.6 | 74.9 | 60.6 |
| ROCE | 50.5 | 61.0 | 25.9 | 61.6 | 70.6 | 102.4 | 109.3 | 84.3 |
| ROIC | n.a | n.a | 61.0 | n.a | n.a | n.a | n.a | n.a |
| Net debt to equity | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Effective tax rate | 18.5 | 19.5 | 15.7 | 18.8 | 19.1 | 19.7 | 19.5 | 19.5 |
| Accounts receivable (days) | 67.7 | 64.0 | 100.4 | 62.6 | 62.9 | 47.8 | 47.4 | 53.0 |
| Current ratio (x) | 3.8 | 3.5 | 5.0 | 3.2 | 3.4 | 4.9 | 7.5 | 10.1 |
| Net interest cover (x) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 88.8 | 91.6 | 80.8 | 82.6 | 84.1 | 84.7 | 39.6 | 29.7 |
| Free cash flow yield | 0.2 | 0.3 | 0.1 | 0.4 | 0.6 | 0.9 | 1.8 | 2.8 |
Source: FactSet, Daiwa forecasts
Company profile
Established in November 2004, Aspeed is a fabless IC design company specialising in baseboard management controllers (BMCs), which are mostly used for the remote management of servers. Aspeed is a global leader in BMC, with about 70% market share. Its other products include PC/AV extension SoC, which supports the extension of digital signals of PCs or multimedia content to remote terminals; and Cupola360, which is a spherical image processor that supports 360-degree cameras.
ASPEED Technology (5274 TT): 14 September 2026
Daiwa
ESG analysis
ESG risks
| Risks | Management | Analyst comments |
|---|---|---|
| Executive/board quality | 2 | Aspeed's board consists of 9 directors, with 4 independent directors. The directors' backgrounds appear to have a high correlation to semiconductors (either education or work experience), which we see as a positive for executive quality. In 2025, Aspeed held 6 board meetings and the average attendee rate was 100%. Given Aspeed's Chairman is also the CEO, we think it is a negative factor for board/executive management as well as external shareholders. |
| G Capital | management 1 | Aspeed declared a DPS of TWD80 in 2025, representing an 77% payout ratio. Being a leading global board management controller (BMC) IC design vendor with c.70% market share globally, the company's leading position and asset-light model (major expenses are from R&D employees) allow it to maintain high ROE/ROA ratios and a high dividend payout policy. BMC IC recently penetrated new applications (such as power supply, storage, edge servers), which can improve its profitability on a higher revenue scale, in our view. |
| Related Supply chain management | party & transaction 2 | In 2025, there were no sales to or purchases from related parties. In previous years, the main purchases from related parties was from Avago. After selling its fully-owned Emulex unit to Aspeed, Avago (Broadcom) became an Aspeed's shareholder with a c.6% stake in 2016. We believe the bargaining power from its 6% shareholding was not sufficient to preload its IC products on Aspeed's products or earn unfair profits. In any case, this relationship ended in February 2021. As such, we see limited risk from related-party transactions. |
| S | 1 | Aspeed ensures that suppliers comply with social responsibility, green environmental protection, occupational safety and health, human rights and RBA, and prefer to work with ISO9001, ISO14001 and ISO45001 certified suppliers. In addition, every Aspeed supplier is required to issue a publicly disclosed sustainability management report. |
| E | Water & wastewater management 1 | Being a fabless IC design company, Aspeed's business doesn't involve a production process. According to the company's data, it produced 4,035 tonnes of wastewater in 2025. As such, we see limited risk from its water and waste water management. |
| E | Waste & hazardous materials management 1 | Being a fabless IC design company, Aspeed's business doesn't involve production processes that may produce hazardous materials. That said, the company indicated it would employ green design concepts and simplified product structures throughout its R&D process in order to reduce pollution. As such, we see limited risk from its waste and hazardous materials management. |
| E | GHG emissions 1 | Due to its fabless business model, Aspeed produces limited emissions of GHG, wastewater, and waste materials each year. According to the company's data, it produced around 273.5 tonnes of CO2 in 2025. |
Note: Management score represents a company's ability to manage/benefit from certain ESG topics. The scores range from 1 to 3, with 1 being the strongest.
Update Date: 14 Sep 2026
Source: Daiwa, Company
ASPEED Technology (5274 TT): 14 September 2026
Daiwa