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原始內容
M July 9, 2026 10:17 PM GMT
WPG Holdings | Asia Pacific
Preliminary 2Q revenue beat
Strong 2Q26 preliminary revenue : WPG reported 2Q preliminary revenue of NT $458,278mn, +45% Q/Q, +83% Y/Y, and 29% above MSe. We believe the main revenue growth driver was component shipment growth driven by AI infrastructure build-out, including not just memory but also CPU, network communications, power, passive components.
Remain OW : We believe AI-driven demand will remain strong and will continue to lift earnings for WPG, which is more than enough to offset weakness from consumer markets. The stock is currently trading at 8.3x our 2026e EPS, which we view as attractive.
Morgan Stanley Taiwan Limited+
Update
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
WPG Holdings (3702.TW, 3702 TT)
Greater China Technology Semiconductors | Taiwan
| Stock Rating | Overweight | |||
|---|---|---|---|---|
| Industry View | Attractive | |||
| Price target | NT$160.00 | |||
| Up/downside to price target | (%) | 50 | ||
| Shr price, close (Jul 9, 2026) | NT$106.50 | |||
| 52-Week Range | NT$127.50-56.60 | |||
| Sh out, dil, curr (mn) | 1,751 | |||
| Mkt cap, curr (mn) | NT$186,503 | |||
| Avg daily trading value (mn) | NT$906 | |||
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 5.77 | 12.82 | 12.51 | 13.18 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 5.45 | 13.62 | 13.95 | 13.18 |
| Revenue, net (NT$ mn) | 999,110 | 1,343,90 | 1,405,71 | 1,551,64 |
| 9 | 4 | 5 | ||
| EBITDA (NT$ mn) | 21,077 | 35,246 | 34,283 | 35,393 |
| ModelWare net inc (NT $ mn) | 10,105 | 22,441 | 21,914 | 23,076 |
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