PDF 原檔：報告_MS_川湖2059_20260814_original.pdf
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原始內容
M August 14, 2026 02:21 PM GMT
King Slide Works Co. Ltd. | Asia Pacific
Preliminary Profit in July Announced
King Slide announced its preliminary profit for July, per TWSE regulation:
- Revenue was NT$6,407mn (+44% MoM/+356% YoY), 33% of our estimate at NT$19,555mn (+81% QoQ/+348% YoY) and 40% of the consensus at NT $15,883mn (+47% QoQ/+264% YoY) for 3Q26.
- Pretax income was NT$5,985mn (+321% YoY; pretax margin at 93.4%), 37% of our pretax income estimate at NT$16,377mn (margin at 83.7%) and 45% of consensus at NT$13,170mn (margin at 82.9%) for 3Q26.
- Net income was NT$4,787mn (+321% YoY; EPS NT$50.24; NPM 74.7%), 37% of our estimated net income at NT$12,938mn (EPS NT$135.76; NPM 66.2%) and 46% of consensus at NT$10,460mn (EPS NT$108.72; NPM 65.9%) for 3Q26.
Our view:
- We see upside to our estimates and consensus for 3Q26 earnings.
- There should be some regular interest income and one-off FX gains during the month, but even with that, our back-of-the-envelop calculation points to over 85% of operating margin in July vs. 82.1% in 2Q26. We believe this should strengthen the market's conviction about the sustainability of its margins in 2H26.
- We maintain our view that King Slide's competitiveness of the comprehensive patent portfolio and strong execution is entrenched and accentuated amid the fast generation migration in AI applications.
- Stay OW with PT of NT$15,000 (30x 2027 P/E)
Update
| Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com | +886 2 2730-2862 |
|---|---|
| Vivi Huang Research Associate Vivi.Huang@morganstanley.com | +886 2 2730-2860 |
| Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com | +852 2239-7689 |
King Slide Works Co. Ltd. (2059.TW, 2059 TT)
Greater China Technology Hardware | Taiwan
| Stock Rating | Stock Rating | Stock Rating | Stock Rating | Overweight |
|---|---|---|---|---|
| Industry View | Industry View | Industry View | Industry View | In-Line |
| Price target | Price target | Price target | Price target | NT$15,000.00 |
| Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | Up/downside to price target (%) | 20 |
| Shr price, close (Aug 14, 2026) | Shr price, close (Aug 14, 2026) | Shr price, close (Aug 14, 2026) | Shr price, close (Aug 14, 2026) | NT$12,500.00 |
| 52-Week Range | 52-Week Range | 52-Week Range | 52-Week Range | NT$12,670.00- |
| 2,840.00 | ||||
| Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | Sh out, dil, curr (mn) | 95 |
| Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | Mkt cap, curr (mn) | NT$1,191,214 |
| EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | EV, curr (mn) | NT$1,167,511 |
| Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | Avg daily trading value (mn) | NT$3,629 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
| EPS (NT$)** | 103.23 | 382.77 | 502.77 | 559.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 100.25 | 316.46 | 449.82 | 518.18 |
| Revenue, net (NT$ mn) | 17,501 | 55,414 | 74,250 | 82,820 |
| EBITDA (NT$ mn) | 12,449 | 45,194 | 60,021 | 67,047 |
| ModelWare net inc (NT | 9,837 | 36,477 | 47,913 | 53,345 |
| $ mn) | ||||
| P/E | 36.3 | 32.7 | 24.9 | 22.3 |
| RNOA (%) | 216.6 | 818.3 | 534.3 | 549.4 |
| ROE (%) | 46.2 | 130.2 | 90.9 | 62.3 |
| EV/EBITDA | 26.8 | 25.4 | 18.6 | 16.1 |
| Div yld (%) | 0.9 | 1.0 | 1.3 | 1.4 |
| FCF yld ratio (%)** | 2.9 | 2.7 | 4.0 | 4.4 |
| Leverage (EOP) (%) | (84.6) | (83.2) | (88.8) | (91.5) |
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework
** = Based on consensus methodology
§ = Consensus data is provided by Refinitiv Estimates e = Morgan Stanley Research estimates
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.