PDF 原檔：報告_MS_川湖2059_20260907_original.pdf
原始內容
M September 7, 2026 04:19 PM GMT
King Slide Works Co. Ltd. | Asia Pacific
August Sales +1% MoM/+344% YoY
In this report, we focus on King Slide's monthly sales, which we believe could be a catalyst for its share price movement.
Details:
- August sales were NT$6,466mn (+1% MoM/+344% YoY) - another record high.
- QTD revenue reached 66% of MSe, at NT$19,555mn (+81% QoQ/+348% YoY), and 77% of consensus, at NT$16,755mn (+55% QoQ/+284% YoY).
Our view:
- We see 3Q26 revenue tracking in line with our estimate.
- On top of the mainstream GPU/ASIC server demand from hyperscalers, we believe that King Slide is generating more revenue from various projects in different applications as well.
- We believe the company should continue to benefit from server market growth and increasing dollar content, driven by more complex designs and broader adoption of rail kits. We view it as a good proxy for the AI capex cycle, given its dominant position, strong patent portfolio, and solid execution.
- Stay OW.
Exhibit 1 : King Slide's monthly sales vs. its share price since 2015
Note: Past performance is no guarantee of future results. Results shown do not include transaction costs. Source: Company data, TEJ, Morgan Stanley Research.
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 |
| 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 | Overweight |
|---|---|
| Industry View | In-Line |
| Price target | NT$15,000.00 |
| Up/downside to price target (%) | 8 |
| Shr price, close (Sep 7, 2026) | NT$13,905.00 |
| 52-Week Range | NT$15,085.00- |
| 2,875.00 | |
| Sh out, dil, curr (mn) | 95 |
| Mkt cap, curr (mn) | NT$1,325,106 |
| EV, curr (mn) | NT$1,301,404 |
| Avg daily trading value (mn) | NT$4,033 |
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 103.23 | 382.77 | 502.77 | 559.77 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 100.25 | 343.67 | 499.35 | 574.20 |
| 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 | 36.3 | 27.7 | 24.8 |
| RNOA (%) | 216.6 | 818.3 | 534.3 | 549.4 |
| ROE (%) | 46.2 | 130.2 | 90.9 | 62.3 |
| EV/EBITDA | 26.8 | 28.3 | 20.8 | 18.1 |
| Div yld (%) | 0.9 | 0.9 | 1.1 | 1.3 |
| FCF yld ratio (%)** | 2.9 | 2.4 | 3.6 | 4.0 |
| 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.