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原始內容
M August 18, 2026 03:25 PM GMT
WPG Holdings | Asia Pacific
3Q slower post strong 2Q beat
AlphaSignals Earnings Reaction
Strengthens our thesis
Impact to our thesis
Source: Company data, Morgan Stanley Research
2Q EPS beat on stronger sales: Strong 2Q26 results with record net profit of NT $8.6bn and EPS of NT$5.12, beat MSe/consensus by 35%/32%. Revenue is up 44% Q/ Q and 82% Y/Y, mainly driven by strong memory revenue growth ( 54% sales mix vs. 45% in 1Q26 and 26% in 2Q25). GM is at 4.43% vs. 4.49% in 1Q. OPM came in at 2.62% vs. 2.68% in 1Q. Management also highlighted improving operating efficiency, with record ROWC and lower working capital intensity.
Slower 3Q outlook on memory and pull-in: Management maintained a positive 2H26 outlook, supported by AI demand and continued memory supply tightness, but 3Q26 revenue guidance only implies 5% Q/Q growth. We believe lower memory price increases and customer pull-ins in 2Q26 likely temper near-term upside. Nevertheless, we still expect healthy earnings growth, supported by AI demand, LaaS expansion and improving operating efficiency.
Remain OW : We believe AI-related demand, memory content growth and expanding value-added services should continue to support earnings growth.
Modest upside
Financial results versus consensus
Modest revision higher
Direction of next 12-month consensus EPS
Update
| Morgan Stanley Taiwan Limited+ 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 |
| Morgan Stanley Taiwan Limited+ 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 (Aug 18, 2026)
NT$106.50
52-Week Range
NT$130.50-56.60
Sh out, dil, curr (mn)
1,751
Mkt cap, curr (mn)
NT$186,503
Avg daily trading value (mn)
NT$1,022
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 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 | 10,105 | 22,441 | 21,914 | 23,076 |
| $ mn) |
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