PDF 原檔：報告_Daiwa_聯發科2454_20261030_original.pdf
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46KB | 真資料圖 | MTK 4-quarter forward PER band（Jul-01 至 Jul-27，5x／15x／25x／35x／45x／55x 倍數帶與股價）；估值圖 |
原始內容
MediaTek (2454 TT)
Target price: TWD5,500.00 (from TWD5,200.00)
Shareprice(30Oct):TWD3,915.00 | Up/downside:+40.5%
Firmly on track with AI ASIC transformer
- 3Q26 results and 4Q26 guidance all beat expectations
- Raise our forecasts on faster-than-expected AI ramps
- Reiterate Buy (1) rating with a higher 12M TP of TWD5,500
What's new: MediaTek (MTK) disclosed on 30 October a strong set of quarterly results and guidance both beating market expectations, thanks to a faster-than-expected ramp in its first AI accelerator project. We walked away from today's call with a firmer view on its AI business - a faster ramp for the first project and a broadened customer base for a new project. We raise our forecasts and 12M TP, reiterate our Buy (1) call and suggest that investors take advantage of the recent stock pullbacks for bargain-hunting.
What's the impact: Results and guidance all beat. MTK released 3Q26 net profit of c.TWD28bn, beating our/consensus estimates by 11%/9% thanks to a better topline, lower opex ratio and higher non-operating gains (table on p.2). 3Q26 revenue finished 6%/4% above our/consensus estimates and topped guidance (TWD152-160bn), thanks to an earlier ramp of its first AI accelerators on some easing of the substrate supply constraint. Guidance calls for 4Q26 revenue of TWD216bn, at the midpoint of the range that beat our previous/consensus forecasts by 7%/3%, driven by the stronger ramp of the AI accelerator project which will more than offset muted consumer demand weakness associated with mobile phones. We raise our 2026-28E EPS by 1-6% and expect its AI revenue to reach USD16bn in 2027 and USD26bn in 2028, from USD2.7bn this year.
AI appears to be running ahead. At today's call, management centred elaboration on its AI business progress. 1) It raised this year's initial revenue contribution of the first AI accelerators to USD2.5bn for 4Q26, above its previous target of USD2bn. 2) While management keeps its AI accelerator (ex-HBM) addressable market unchanged at USD80bn for 2027, it now aims for a 20% market share (previous: 15-20%), meaning USD16bn revenue contribution, vs. our previous forecast of USD15bn. 3) It expects revenue contribution in 2028 from the second AI customer (not from China), which supports our view depicted in our Global Tech report issued on 27 August, where we lifted MTK's 2028 forecasts on the second customer ramp. 4) MTK aims to kick off 4Q26 with a new journey for its operating margin, expanding all the way into 2027 for more than 20% on average, echoing its previous comments that, although the AI accelerator business is gross-margin dilutive, it is operating-margin accretive.
What we recommend: Given our forecast revisions, we finetune our 12M TP for MTK to TWD5,500 (previous: TWD5,200), based on our unchanged 4-quarter forward PER of 36x. We reiterate our Buy (1) rating with key downside risk of any AI accelerator ramps below our expectation.
How we differ: Our 2026-27E EPS are 6-8% above the consensus forecasts as we believe the street has yet to factor in its better AI ramp.
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Rick Hsu (886) 2 8758 6261 rick.hsu@daiwacm-cathay.com.tw
Sam Weng (886) 2 8758 6255 sam.weng@daiwacm-cathay.com.tw
Forecast revisions (%)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue change | 4.3 | 5.1 | 1.2 |
| Net profit change | 5.7 | 5.7 | 1.4 |
| Core EPS (FD) change | 5.7 | 5.7 | 1.4 |
Source: Daiwa forecasts
Share price performance
| 12-month range | 1,145.00-5,285.00 |
|---|---|
| Market cap (USDbn) | 192.71 |
| 3m avg daily turnover (USDm) | 1,141.55 |
| Shares outstanding (m) | 1,604 |
| Major shareholder | Vanguard Group Inc (3.7%) |
Financial summary (TWD)
| Year to 31 Dec | 26E | 27E | 28E |
|---|---|---|---|
| Revenue (m) | 689,851 | 1,190,453 | 1,536,793 |
| Operating profit (m) | 118,802 | 270,012 | 328,953 |
| Net profit (m) | 119,263 | 244,568 | 299,885 |
| Core EPS (fully-diluted) | 74.358 | 152.483 | 186.972 |
| EPS change (%) | 13.2 | 105.1 | 22.6 |
| Daiwa vs Cons. EPS (%) | 7.7 | 6.0 | (33.5) |
| PER (x) | 52.7 | 25.7 | 20.9 |
| Dividend yield (%) | 1.4 | 1.5 | 2.6 |
| DPS | 54.0 | 60.0 | 100.0 |
| PBR (x) | 14.2 | 10.6 | 8.6 |
| EV/EBITDA (x) | 40.5 | 18.4 | 14.5 |
| ROE (%) | 28.3 | 47.4 | 45.3 |
Source: FactSet, Daiwa forecasts
MTK: quarterly P&L estimates and forecasts
| TWDm | 1Q26 | 2Q26 | 3Q26 | 4Q26E | 1Q27E | 2Q27E | 3Q27E | 4Q27E | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total revenue | 149,151 | 152,183 | 168,058 | 220,460 | 226,268 | 247,313 | 296,765 | 420,107 | 595,966 | 689,851 | 1,190,453 | 1,536,793 |
| Total revenue (USDm) | 4,721 | 4,811 | 5,252 | 6,889 | 7,071 | 7,729 | 9,274 | 13,128 | 19,102 | 21,697 | 37,202 | 48,025 |
| COGS | -80,095 | -81,875 | -90,210 | -118,743 | -122,487 | -134,456 | -162,109 | -229,840 | -312,886 | -370,923 | -648,892 | -855,064 |
| Gross profit | 69,055 | 70,308 | 77,848 | 101,717 | 103,781 | 112,857 | 134,657 | 190,267 | 283,080 | 318,928 | 541,561 | 681,730 |
| Opex | -46,165 | -47,439 | -50,746 | -55,776 | -57,246 | -62,323 | -67,959 | -84,021 | -179,610 | -200,127 | -271,549 | -352,776 |
| Operating profit | 22,891 | 22,868 | 27,102 | 45,941 | 46,535 | 50,534 | 66,697 | 106,246 | 103,470 | 118,802 | 270,012 | 328,953 |
| EBITDA | 28,892 | 29,709 | 34,319 | 55,440 | 56,334 | 61,290 | 79,666 | 124,633 | 126,444 | 148,359 | 321,923 | 397,359 |
| Non-op gain/loss | 4,129 | 5,094 | 6,471 | 4,938 | 4,680 | 4,890 | 5,040 | 5,150 | 21,418 | 20,632 | 19,760 | 26,360 |
| Pretax profit | 27,019 | 27,962 | 33,573 | 50,879 | 51,215 | 55,424 | 71,737 | 111,396 | 124,888 | 139,433 | 289,772 | 355,313 |
| Income taxes & MI | -2,865 | -3,627 | -5,690 | -7,988 | -7,990 | -8,646 | -11,191 | -17,378 | -19,569 | -20,171 | -45,204 | -55,429 |
| Net profit | 24,154 | 24,335 | 27,882 | 42,891 | 43,225 | 46,778 | 60,546 | 94,018 | 105,319 | 119,263 | 244,568 | 299,885 |
| FD O/S (m) | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 |
| FD EPS (TWD) | 15.06 | 15.17 | 17.38 | 26.74 | 26.95 | 29.16 | 37.75 | 58.62 | 65.66 | 74.36 | 152.48 | 186.97 |
| Margin | ||||||||||||
| Gross | 46% | 46% | 46% | 46% | 46% | 46% | 45% | 45% | 47% | 46% | 45% | 44% |
| Operating | 15% | 15% | 16% | 21% | 21% | 20% | 22% | 25% | 17% | 17% | 23% | 21% |
| EBITDA | 19% | 20% | 20% | 25% | 25% | 25% | 27% | 30% | 21% | 22% | 27% | 26% |
| Net | 16% | 16% | 17% | 19% | 19% | 19% | 20% | 22% | 18% | 17% | 21% | 20% |
| Revenue mix | ||||||||||||
| Mobile phone | 50% | 42% | 37% | 29% | 27% | 27% | 26% | 17% | 55% | 38% | 23% | 20% |
| Smart edge | 45% | 53% | 57% | 67% | 68% | 68% | 70% | 80% | 40% | 56% | 73% | 77% |
| Power IC | 5% | 6% | 6% | 5% | 4% | 4% | 4% | 3% | 5% | 5% | 4% | 4% |
| Growth (QoQ) | ||||||||||||
| Total revenue | -1% | 2% | 10% | 31% | 3% | 9% | 20% | 42% | ||||
| Gross profit | 0% | 2% | 11% | 31% | 2% | 9% | 19% | 41% | ||||
| Operating profit | 5% | 0% | 19% | 70% | 1% | 9% | 32% | 59% | ||||
| Net profit | 5% | 1% | 15% | 54% | 1% | 8% | 29% | 55% | ||||
| FD EPS | 5% | 1% | 15% | 54% | 1% | 8% | 29% | 55% | ||||
| Growth (YoY) | ||||||||||||
| Total revenue | -3% | 1% | 18% | 47% | 52% | 63% | 77% | 91% | 12% | 16% | 73% | 29% |
| Gross profit | -6% | -5% | 18% | 47% | 50% | 61% | 73% | 87% | 7% | 13% | 70% | 26% |
| Operating profit | -24% | -22% | 22% | 110% | 103% | 121% | 146% | 131% | 1% | 15% | 127% | 22% |
| EBITDA | -19% | -15% | 23% | 100% | 95% | 106% | 132% | 125% | 3% | 17% | 117% | 23% |
| Net profit | -18% | -13% | 11% | 87% | 79% | 92% | 117% | 119% | -1% | 13% | 105% | 23% |
| FD EPS | -18% | -13% | 11% | 87% | 79% | 92% | 117% | 119% | -1% | 13% | 105% | 23% |
Source: Company, Daiwa estimates and forecasts
MTK: 3Q26 results and 4Q26 guidance check
| TWDm | 3Q26 Growth - Actual | 3Q26 Growth - Daiwa | 3Q26 Growth - Variance | 3Q26 Growth - QoQ | 3Q26 Growth - YoY | 4Q26E - Guidance Daiwa (previous) |
|---|---|---|---|---|---|---|
| Revenue | 168,058 | 158,928 | 6% | 10% | 18% Sales = TWD210.1-221.8bn | at FX of TWD31.7/USD TWD201bn |
| Gross profit | 77,848 | 73,511 | 6% | 11% | 18% | GM = 45% +/- 1.5pp 46.3% |
| Operating profit | 27,102 | 24,720 | 10% | 19% | 22% | Opex = 26% +/- 2pp 25.6% |
| Pretax profit | 33,573 | 29,620 | 13% | 20% | 12% | |
| Income tax & MI | 5,691 | 4,591 | 24% | 70% | 26% | |
| Net profit | 27,882 | 25,029 | 11% | 15% | 11% | |
| Adjusted EPS (TWD) | 17.38 | 15.61 | 11% | 15% | 11% | |
| Margin | ||||||
| Gross | 46.3% | 46.3% | 0.1% | |||
| Operating | 16.1% | 15.6% | 0.6% | |||
| Tax rate | 17.0% | 15.5% | 1.5% | |||
| Net | 16.6% | 15.7% | 0.8% | |||
| Revenue mix* | ||||||
| Mobile phone | 37% | 40% | below | |||
| Smart edge | 58% | 54% | above | |||
| Power IC | 5% | 6% | in | line |
Source: Company, Daiwa estimates and forecasts
Note: Mobile phone includes smartphone and tablet; Smart edge includes IoT, computing & ASIC, digital TV, monitor & optical storage; Power IC includes PMIC and power discrete that support mobile phone and smart edge products
MTK: opex ratio trend
Source: Company, Daiwa estimates and forecasts
Source: Company, TEJ, Daiwa estimates and forecasts
Financial summary
Key assumptions
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Smartphone chipset ASP (US$) | 13.91 | 16.39 | 15.99 | 16.66 | 18.29 | 18.18 | 18.05 | 17.11 |
| Smartphone chipset shipment ('000) | 647 | 588 | 439 | 545 | 555 | 438 | 463 | 530 |
| Total handset market share (%) | 50.8 | 50.2 | 41.4 | 49.9 | 50.1 | 39.1 | 40.5 | 44.5 |
Profit and loss (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Optical Storage Revenue | 12,670 | 13,662 | 14,172 | 15,201 | 15,132 | 15,519 | 15,715 | 15,784 |
| Digital Home Revenue | 38,270 | 39,307 | 40,345 | 44,076 | 47,508 | 51,118 | 52,473 | 53,294 |
| Other Revenue | 442,475 | 495,827 | 378,929 | 471,309 | 533,326 | 623,214 | 1,122,265 | 1,467,716 |
| Total Revenue | 493,415 | 548,796 | 433,446 | 530,586 | 595,966 | 689,851 | 1,190,453 | 1,536,793 |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS | (261,810) | (277,892) | (226,079) | (267,200) | (312,886) | (370,923) | (648,892) | (855,064) |
| SG&A | (27,484) | (27,242) | (24,182) | (28,980) | (31,289) | (33,887) | (46,394) | (63,402) |
| Other op.expenses | (96,081) | (116,874) | (111,385) | (131,993) | (148,321) | (166,239) | (225,155) | (289,374) |
| Operating profit | 108,040 | 126,788 | 71,800 | 102,412 | 103,470 | 118,802 | 270,012 | 328,953 |
| Net-interest inc./(exp.) | 1,458 | 2,847 | 6,908 | 10,696 | 10,167 | 10,600 | 13,760 | 19,860 |
| Assoc/forex/extraord./others | 17,354 | 5,925 | 8,074 | 6,410 | 11,251 | 10,032 | 6,000 | 6,500 |
| Pre-tax profit | 126,852 | 135,561 | 86,783 | 119,519 | 124,888 | 139,433 | 289,772 | 355,313 |
| Tax | (14,980) | (16,936) | (9,591) | (12,378) | (18,770) | (19,006) | (43,466) | (53,297) |
| Min. int./pref. div./others | (451) | (484) | (212) | (754) | (799) | (1,165) | (1,739) | (2,132) |
| Net profit (reported) | 111,421 | 118,141 | 76,979 | 106,387 | 105,319 | 119,263 | 244,568 | 299,885 |
| Net profit (adjusted) | 111,421 | 118,141 | 76,979 | 106,387 | 105,319 | 119,263 | 244,568 | 299,885 |
| EPS (reported)(TWD) | 70.561 | 74.593 | 48.509 | 66.924 | 66.157 | 74.358 | 152.483 | 186.972 |
| EPS (adjusted)(TWD) | 70.561 | 74.593 | 48.509 | 66.924 | 66.157 | 74.358 | 152.483 | 186.972 |
| EPS (adjusted fully-diluted)(TWD) | 69.687 | 73.864 | 48.122 | 66.422 | 65.664 | 74.358 | 152.483 | 186.972 |
| DPS (TWD) | 37.101 | 73.330 | 76.238 | 55.075 | 54.066 | 54.000 | 60.000 | 100.000 |
| EBIT | 108,040 | 126,788 | 71,800 | 102,412 | 103,470 | 118,802 | 270,012 | 328,953 |
| EBITDA | 118,661 | 141,768 | 90,000 | 123,348 | 126,444 | 148,359 | 321,923 | 397,359 |
Cash flow (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Profit before tax | 126,852 | 135,561 | 86,783 | 119,519 | 124,888 | 139,433 | 289,772 | 355,313 |
| Depreciation and amortisation | 10,621 | 14,980 | 18,200 | 20,936 | 22,974 | 29,557 | 51,911 | 68,405 |
| Tax paid | (14,980) | (16,936) | (9,591) | (12,378) | (18,770) | (19,006) | (43,466) | (53,297) |
| Change in working capital | (53,649) | 164 | 30,356 | (1,001) | (19,508) | (4,500) | (95,000) | 12,000 |
| Other operational CF items | (21,750) | 10,814 | 40,344 | 28,979 | 53,209 | (1,165) | (1,739) | (2,132) |
| Cash flow from operations | 47,095 | 144,583 | 166,091 | 156,055 | 162,793 | 144,320 | 201,479 | 380,290 |
| Capex | (16,985) | (13,622) | (9,325) | (13,787) | (15,059) | (17,246) | (29,761) | (38,420) |
| Net (acquisitions)/disposals | 2,170 | (19,666) | (12,042) | (14,671) | (10,649) | 0 | 0 | 0 |
| Other investing CF items | (14,109) | (4,247) | (7,379) | (7,471) | (12,046) | 0 | 0 | 0 |
| Cash flow from investing | (28,924) | (37,535) | (28,746) | (35,928) | (37,754) | (17,246) | (29,761) | (38,420) |
| Change in debt | 31,335 | (48,575) | (2,328) | (1,260) | 60 | (3,368) | (1,684) | (842) |
| Net share issues/(repurchases) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends paid | (58,585) | (116,141) | (120,981) | (87,551) | (86,070) | (86,611) | (96,234) | (160,390) |
| Other financing CF items | (701) | 8,435 | 4,740 | (1,309) | (1,665) | 0 | 0 | 0 |
| Cash flow from financing | (27,951) | (156,280) | (118,569) | (90,119) | (87,675) | (89,978) | (97,918) | (161,232) |
| Forex effect/others | (3,094) | 13,030 | (883) | 8,292 | (5,770) | 0 | 0 | 0 |
| Change in cash | (12,875) | (36,202) | 17,894 | 38,300 | 31,594 | 37,095 | 73,800 | 180,638 |
| Free cash flow | 30,109 | 130,961 | 156,767 | 142,268 | 147,734 | 127,074 | 171,718 | 341,870 |
Source: FactSet, Daiwa forecasts
Financial summary continued …
Balance sheet (TWDm)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investment | 204,764 | 164,810 | 180,673 | 219,624 | 247,709 | 284,804 | 358,604 | 539,242 |
| Inventory | 73,271 | 70,703 | 43,220 | 58,414 | 67,235 | 77,235 | 157,235 | 152,235 |
| Accounts receivable | 58,660 | 40,842 | 55,834 | 44,713 | 62,121 | 63,621 | 148,621 | 130,621 |
| Other current assets | 10,171 | 21,298 | 11,161 | 28,275 | 20,391 | 15,000 | 15,000 | 15,000 |
| Total current assets | 346,865 | 297,654 | 290,889 | 351,025 | 397,456 | 440,660 | 679,460 | 837,098 |
| Fixed assets | 49,111 | 53,862 | 53,291 | 56,917 | 60,427 | 49,063 | 37,295 | 20,991 |
| Goodwill & intangibles | 73,526 | 73,455 | 81,245 | 82,257 | 80,262 | 77,000 | 75,000 | 72,000 |
| Other non-current assets | 191,375 | 183,430 | 209,614 | 207,668 | 205,640 | 201,912 | 201,912 | 201,912 |
| Total assets | 660,877 | 608,399 | 635,038 | 697,868 | 743,785 | 768,634 | 993,666 | 1,132,000 |
| Short-term debt | 51,267 | 3,700 | 2,200 | 940 | 940 | 940 | 940 | 940 |
| Accounts payable | 96,748 | 74,028 | 130,541 | 151,181 | 156,525 | 165,710 | 235,710 | 224,710 |
| Other current liabilities | 63,091 | 63,843 | 99,258 | 114,782 | 145,885 | 123,368 | 126,684 | 130,842 |
| Total current liabilities | 211,106 | 141,570 | 231,999 | 266,902 | 303,350 | 290,018 | 363,334 | 356,492 |
| Long-term debt | 1,684 | 863 | 4,605 | 2,681 | 6,735 | 3,368 | 1,684 | 842 |
| Other non-current liabilities | 14,439 | 22,907 | 24,229 | 23,228 | 24,504 | 24,500 | 26,000 | 27,000 |
| Total liabilities | 227,229 | 165,341 | 260,833 | 292,812 | 334,590 | 317,885 | 391,018 | 384,334 |
| Share capital | 15,988 | 15,994 | 15,996 | 16,017 | 16,039 | 16,039 | 16,039 | 16,039 |
| Reserves/R.E./others | 416,027 | 424,115 | 352,209 | 380,610 | 384,562 | 424,951 | 575,112 | 717,998 |
| Shareholders' equity | 432,015 | 440,109 | 368,206 | 396,627 | 400,601 | 440,990 | 591,151 | 734,037 |
| Minority interests | 1,633 | 2,949 | 6,000 | 8,428 | 8,594 | 9,759 | 11,498 | 13,629 |
| Total equity & liabilities | 660,877 | 608,399 | 635,038 | 697,868 | 743,785 | 768,634 | 993,666 | 1,132,000 |
| EV | 6,129,088 | 6,121,971 | 6,111,400 | 6,071,694 | 6,047,829 | 6,008,531 | 5,934,786 | 5,755,438 |
| Net debt/(cash) | (151,813) | (160,246) | (173,868) | (216,002) | (240,034) | (280,497) | (355,980) | (537,460) |
| BVPS (TWD) | 273.588 | 277.882 | 232.031 | 249.503 | 251.642 | 274.949 | 368.571 | 457.657 |
Key ratios (%)
| Year to 31 Dec | 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Sales (YoY) | 53.2 | 11.2 | (21.0) | 22.4 | 12.3 | 15.8 | 72.6 | 29.1 |
| EBITDA (YoY) | 123.4 | 19.5 | (36.5) | 37.1 | 2.5 | 17.3 | 117.0 | 23.4 |
| Operating profit (YoY) | 150.0 | 17.4 | (43.4) | 42.6 | 1.0 | 14.8 | 127.3 | 21.8 |
| Net profit (YoY) | 172.3 | 6.0 | (34.8) | 38.2 | (1.0) | 13.2 | 105.1 | 22.6 |
| Core EPS (fully-diluted) (YoY) | 170.8 | 6.0 | (34.8) | 38.0 | (1.1) | 13.2 | 105.1 | 22.6 |
| Gross-profit margin | 46.9 | 49.4 | 47.8 | 49.6 | 47.5 | 46.2 | 45.5 | 44.4 |
| EBITDA margin | 24.0 | 25.8 | 20.8 | 23.2 | 21.2 | 21.5 | 27.0 | 25.9 |
| Operating-profit margin | 21.9 | 23.1 | 16.6 | 19.3 | 17.4 | 17.2 | 22.7 | 21.4 |
| Net profit margin | 22.6 | 21.5 | 17.8 | 20.1 | 17.7 | 17.3 | 20.5 | 19.5 |
| ROAE | 27.7 | 27.1 | 19.0 | 27.8 | 26.4 | 28.3 | 47.4 | 45.3 |
| ROAA | 18.7 | 18.6 | 12.4 | 16.0 | 14.6 | 15.8 | 27.8 | 28.2 |
| ROCE | 24.4 | 27.1 | 17.3 | 25.9 | 25.1 | 27.3 | 50.9 | 48.6 |
| ROIC | 40.4 | 39.3 | 26.4 | 47.2 | 49.1 | 60.5 | 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 | 11.8 | 12.5 | 11.1 | 10.4 | 15.0 | 13.6 | 15.0 | 15.0 |
| Accounts receivable (days) | 34.0 | 33.1 | 40.7 | 34.6 | 32.7 | 33.3 | 32.5 | 33.2 |
| Current ratio (x) | 1.6 | 2.1 | 1.3 | 1.3 | 1.3 | 1.5 | 1.9 | 2.3 |
| Net interest cover (x) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Net dividend payout | 142.8 | 103.8 | 102.1 | 125.6 | 80.8 | 82.2 | 80.7 | 65.6 |
| Free cash flow yield | 0.5 | 2.1 | 2.5 | 2.3 | 2.4 | 2.0 | 2.7 | 5.4 |
Source: FactSet, Daiwa forecasts
Company profile
Ranked No.5 in the world by 2023 fabless semiconductor revenue, MediaTek (MTK) offers diverse products across optical storage, digital home, smartphone, PC, ASIC, automotive and other IoT applications. MTK has successfully captured the industry demand cycles from optical disk drives to feature phones to smartphones, and now positions itself well as a platform provider to capitalise on the next demand cycle of the BigData/AI to help facilitate digital transformation in human lives.
ESG analysis
ESG risks
| Risks | Management | Analystcomments |
|---|---|---|
| Executive/board quality | 2 | MTK's Board of Directors (BoD) has 8 members with diverse backgrounds in foundry, IC design and electronics. Among its BoD, 4 members are independent directors, representing 50% of total directors. Its Chairman and CEO are not the same person, but its CEO is also one of the directors. MTK conducts internal annual performance evaluation of the BoD, individual directors and functional committees. The board currently includes only one female director out of eight members, which represents 12.5% of the total. The company recognizes this gender imbalance and is actively working toward a more inclusive and balanced board composition |
| G Capital management | 2 | MTK's dividend payout ratios in the past 5 years were above 60% with increasing cash dividend in the past 3 years in dollar amount. In addition, MTK is committed to paying a special dividend of TWD16/share over 2021-24 on top of its regular annual dividend. MTK is one of the leading fabless chipmakers in the world with continued efforts in new product development for diversified applications; therefore, it will continue to invest in its research & development. We see its dividend payout as appropriate. |
| Related party & transaction | 1 | MTK's revenue from related parties was less than 1% of its total revenue in 2024 and transaction terms were not abnormal compared to other customers. It also had related-party transactions with King Yuan Electronics Co., Ltd. and King Long Tech (Suzhou) Ltd for IC testing, experimental services, and manufacturing technology services in 2021. The purchase amount from related parties was less than 7% of its total cost of goods sold/purchases in 2024. Thus, we do not see meaningful impact on its business operation. |
| S Supplychain management | 2 | MTK has established its "Supplier Code of Conduct", which covers areas such as labour and human rights, health and safety, environmental protection, code of ethics, and management. It requires all suppliers to sign a guarantee to comply with this code of conduct. MTK implements an annual review to continuously track the actual compliance of suppliers. We believe these measures can help MTK reduce supply chain risk. |
| E Water&wastewater management | 1 | As a fabless without manufacturing plants, MTK does not produce much wastewater compared to manufacturing companies, and thus has relatively limited impact on the environment. MTK has initiated water conservation methods, including efficient enhancement of using water- saving apparatuses, installing rainwater recycling tanks and using recycled water in cooling towers. |
| E Waste & hazardous materials management | 1 | MTK prioritises waste reduction, classification for reuse, adherence to recycling, and reutilisation to manage waste efficiently and maximise the benefits of recycling. Also, it chooses only qualified partners for waste disposal and recycling, and also audits the waste processes regularly to ensure legal disposal of its waste and to fulfil its responsibility in waste management supervision. |
| E GHGemissions | 1 | The main source for MTK's GHG emissions is externally purchased electricity, which accounts for over 90% of its total emissions. To enhance energy efficiency and reduce emissions, the company implemented several measures, including ongoing improvements to data center efficiency, full adoption of LED lighting in offices, and optimized operation of chiller units. MediaTek continued advancing its renewable energy strategy and alignment with global climate initiatives such as SBT and RE100. In early 2025, the Company passed the SBTi review and set targets based on a 2020 baseline, including a 40% reduction in Scope 1 and 2 emissions by 2030, net zero by 2050, and achieving 100% renewable energy use across global offices (excluding data centers) by 2030. |
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: 4 Feb 2026
Source: Daiwa, Company